PNC Infratech Wins Rs 2,091-Crore Project Near Navi Mumbai International Airport

PNC Infratech Ltd. on Thursday said it has emerged as the "lowest bidder" for a Rs 2,091 crore infrastructure project near the upcoming Navi Mumbai Airport.

The bids for the project were invited by the City & Industrial Development Corporation of Maharashtra Ltd. (CIDCO), which is the town planning authority of Navi Mumbai.

The contract, which is to be executed over a four-year period, involves the construction of roads, flyovers, minor bridges, and allied electrical works, according to an exchange filing.

This infrastructure project will be issued under CIDCO's Navi Mumbai Airport Influence Notified Area (NAINA) project.

"Our company has been declared L1 (first lowest) bidder in an EPC project on item rate percentage, namely 'Integrated Infrastructure Development of 20M & above wide roads, construction of various major and minor structures (viz. flyover, minor bridges, VUPS, PUPS, etc.) and allied electrical works (street light) in TPS-8, 9, and TPS-12 under the NAINA project' on Sept. 9 for a quoted price of Rs 2,090.59 crore," the filing stated.

PNC Infratech was also in the news in August after it was declared the lowest bidder for a highway and bridge construction project worth Rs 380 crore in Uttar Pradesh and Bihar.

In the quarter ended June 2024, the company logged a 168% year-on-year jump in net profit to Rs 421 crore. Its revenue from operations slipped to Rs 1,744 crore from Rs 1,861 crore in the year-ago period.

Shares of PNC Infratech on Tuesday closed 0.41% higher at Rs 428.65 apiece on the NSE, compared to a 0.12% decline in the benchmark Nifty 50. Year-to-date, the stock is up 22%.

Out of 19 analysts tracking the company, 15 have a "buy" rating, two suggest a "hold," and two recommend a "buy," according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 27.8%.