GR Infraprojects Emerges As L-1 Bidder For Rs 1,947 Crore Pune Ring Road Project

GR Infraprojects Ltd. emerged as L-1 bidder for an engineering, procurement and construction project worth Rs 1,947 crore, the company said on Monday. The project by the state government of Maharashtra is to be completed in 1,095 days.

The project includes construction of access-controlled Pune Ring Road, the company said in an exchange filing on Monday. The construction will begin from 81+900 km Sonori to 97+900 Garade, Taluka Purandar in Pune district.

The company on Sunday announced the completion of the project of Rs 2,187 crore Vadodara-Mumbai Expressway. The project included construction of eight lane Vadodara Kim expressway in Gujarat. The construction work had begun on Dec. 11, 2021.

GR Infraprojects in October won a contract from Maharashtra Metro Rail Corp. Ltd., Nagpur, for the construction of a metro project worth Rs 904 crore.

The company's consolidated net profit saw a 11% fall to Rs 193.28 crore on a 25.94% fall in revenue from operations to Rs 1,394.33 crore in Q2 FY25 over Q2 FY24.

The shares of GR Infraprojects fell as much as 4.11% to Rs 1,267.70 apiece. The stock later pared losses to trade 3.56% lower at Rs 1,275 apiece, as of 1:46 p.m. This compares to a 1.18% decline in the NSE Nifty 50 Index.

It has risen 14.22% in the last 12 months. Total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 19, indicating it was oversold.

Out of 13 analysts tracking the company, five maintain a 'buy' rating, two recommend a 'hold,' and six suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.1%.