HG Infra Engineering Ltd. received letter of acceptance from the Union Ministry of Road Transport and Highways to improve and upgrade a two-lane road along National Highway 227B in Uttar Pradesh, according to an exchange filing on Tuesday.
HG Infra's bid project cost stood at Rs 763.11 crore, whereas the MoRTH's estimated cost for the project was stated as Rs 898.5 crore.
The project is for the" improvement and upgradation in two lanes with paved shoulders configuration of newly declared NH227B Bahuvan Madar Majha to Jagarnathpur", the filing said.
The project is to be executed under the hybrid annuity mode, and the construction is to be completed in two years, it added.
In the quarter ended Sept. 30, HG Infra reported a profit of Rs 80.7 crore, which was down 16% as compared to Rs 96.1 crore in the year-ago period. The firm's revenue also fell 5.5% year-on-year from Rs 902.4 crore to Rs 954.5 crore.
The company's earnings before interest, taxes, depreciation, and amortisation declined to Rs 219.5 crore from the Rs 220.1 crore in the previous fiscal, showing a 0.3% decline. The EBITDA margin for the quarter was 24.3%, up from 23% in the same period last year.
Also Read: AGI Infra Announces Stock Split In 1:2 Ratio
Shares of HG Infra closed 0.47% lower at Rs 1,454.15 apiece on the NSE, compared to a 0.04% decrease in the benchmark Nifty 50.
The stock has risen by 71.57% on a year-to-date basis and by 72.85% over the past 12 months.
Out of the 16 analysts tracking the company, 15 have a 'buy' rating on the stock, and one suggests a 'hold', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 19.6%.
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