GR Infra gains 3% on subsidiary gets appointed date for ₹1,227 cr NHAI project in UP

G R Infraprojects Limited, in a stock exchange filing, said that GR Devinagar Kasganj Highway Private Limited, a wholly-owned subsidiary of the company, has been officially assigned the start date for its latest project by the NHAI. In a letter on Thursday, the NHAI confirmed that the appointed date for the highway project has been set for June 6, 2024, G R Infraprojects informed the bourses.

The project involves the four-laning of NH 530B, stretching from the Devinagar Bypass to the Kasganj Bypass in Uttar Pradesh. This development is part of the Bharatmala Pariyojana initiative and will be executed on a Hybrid Annuity Model. The cost of the project is ₹1,226.87 crore.

The completion period for the project has been set at 730 days from the appointed date. Following completion, the operation period will span 15 years from the commercial operation date, G R Infraprojects informed the bourses.

GR Infraprojects reported a 41.93% year-on-year (YoY) increase in consolidated net profit, reaching ₹553.09 crore for Q4FY24, up from ₹389.68 crore in Q4FY23. The company’s revenue from operations saw a modest increase of around 1%, climbing to ₹2,485.11 crore compared to ₹2,461.12 crore in the same period last fiscal year.

The company’s EBITDA dropped to ₹540.29 crore in the fourth quarter of this fiscal year from ₹670.46 crore in Q4FY23. The EBITDA margin decreased to 21.74% in Q4FY24, down from 27.24% in the corresponding period of the previous fiscal year.

Shares of G R Infra closed 0.44% lower at ₹1,534 apiece on the NSE.