Ashoka Buildcon’s shares traded 5% lower on the National Stock Exchange (NSE) today despite winning a Letter of Award (LoA) worth Rs 520 crore from the National Highways Authority of India (NHAI) for a project in Bihar, as per its latest exchange filings.

The company received the Letter of Award for the six-laning of a section of NH-2 from Aurangabad to the Jharkhand border. The project will be executed under the Bharatmala programme in an engineering, procurement and construction mode.

Another company filing also posted a 36% year-on-year increase in the revenue of the December quarter of FY24. Profit after Tax (PAT) decreased by 26% in the nine-month period ending December 31, 2023, against the corresponding period of the previous financial year.

The positive Financials included the following –

• Total Income of Rs 2,162 crores in Q3 FY24 as compared to Rs 1,590 crores in Q3 FY23,
• Total Income of Rs. 5,309 Crores in 9M FY24 as compared to Rs. 4,410 Crores in 9M FY23 

Ashoka Buildcon is a Fortune India 500 company and one of the leading highway developers in India. It has over 28 years of experience executing 41 PPP Projects. Further, it has a presence in over 20 states in India.

At 12.40 pm, the shares of the company were trading at Rs. 182.20, 5.60% lower than the previous close on the NSE.