Ashoka Buildcon has emerged as the lowest bidder for a significant Mumbai Metropolitan Region Development Authority (MMRDA) project, with a bid valued at ₹478 crore plus applicable GST.
The project entails designing and constructing an elevated road connecting Kalyan-Murbad road to Badlapur road and Pune link road. The company is required to complete the work within 36 months. Following the announcement, Ashoka Buildcon’s shares saw an uptick of 1.7% on Monday. This development highlights the firm’s growing prominence in the infrastructure sector, as evidenced by its competitive bidding success.
In addition to this recent achievement, Ashoka Buildcon has reported a robust financial performance for the first quarter of fiscal year 2025. The company’s standalone total revenue surged 22% year-on-year (YoY) to ₹1,900.80 crore. Its earnings before interest, tax, depreciation, and amortisation (EBITDA) witnessed a notable 52% YoY increase, reaching ₹145.10 crore, with the EBITDA margin improving to 7.6% from 6.1% in the previous year. Net profit saw a dramatic rise of 148% YoY, amounting to ₹40.8 crore.
The company’s consolidated debt stands at ₹7,183 crore, with standalone debt at ₹1,410 crore, encompassing ₹114 crore in equipment/term loans and ₹1,296 crore in working capital loans. The firm’s build-operate-transfer (BOT) division reported a toll collection of ₹322 crore for Q1FY25, reflecting a 4.8% YoY growth. Ashoka Buildcon has also recently received completion certificates for two key hybrid annuity mode (HAM) projects. These include the eight-lane Vadodara Kim expressway and the four-laning of NH-161 from Kandi to Ramsanpalle in Telangana.
In June 2024 and August 2024, Ashoka Buildcon emerged as the lowest bidder for additional projects from the Maharashtra State Road Development Corporation and MMRDA, respectively. The company’s stock has surged approximately 73% since the start of the year and over 136% in the past year, underscoring its strong market performance and investor confidence.
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