G R Infraprojects witnessed a dip in shares to a 52-week low intraday on March 28, despite being declared the L-1 (lowest) bidder for two projects by the National Highways Authority of India (NHAI). Nonetheless, the two projects won by G R Infraprojects in Karnataka will contribute significantly to the country’s infrastructure development.

The stock hit a fresh low of Rs 930 apiece and was seen trading at Rs 942 per share on the BSE, down Rs 43.6 or 4.33% at 3:23 pm. In contrast, the benchmark Sensex was 31.45 down points or 0.055% at 57,622.41 simultaneously.

The two projects are worth Rs 1,613.8 crore and will be constructed under the Hybrid Annuity Mode (HAM).

The first project is the construction of a 4/6 lane bypass for Belagavi City in the state of Karnataka on HAM Package 1. The project cost is Rs 897.37 crore, and the completion period is 912 days from the date of appointment, with an operation period of 15 years from the commercial operation date.

The second project undertaken by G R Infraprojects is the construction of a 4 Lane with Paved Shoulders in the State of Karnataka on HAM Package-5 under the NH(O). The project costs Rs 716.47 crore and is expected to be completed within 730 days from the appointed date. The operation period for the project is set to last 15 years from the commercial operation date.

G R Infraprojects is an EPC company specialising in road engineering and construction. However, the company has recently expanded its operations to include railway projects.

In Q3FY23, G R Infraprojects saw a significant increase in its consolidated net profit, which rose from Rs 145.48 crore in the previous quarter to Rs 323.65 crore. The company’s net sales increased by 12.10% YoY, reaching Rs 2,191.88 crore in Q3FY23.