Ashoka Buildcon Subsidiary Sells Pune Land for ₹453 Crore, Boosting Stock Price
Ashoka Buildcon's subsidiary, Viva Highways Limited, sells land in Hinjewadi, Pune for ₹453 crore, leading to a 6% rise in stock price.
Ashoka BuildconPuneLand SaleReal EstateInfrastructure DevelopmentReal Estate PuneSep 06, 2024
The company's wholly-owned subsidiary, Viva Highways Limited (VHL), sold its land in Hinjewadi, Pune, as part of its real estate portfolio. The land parcel was sold for a total consideration of ₹453 crore.
Earlier, on August 24, the company secured an order from the Mumbai Metropolitan Region Development Authority (MMRDA). As part of the order, Ashoka Buildcon will undertake the design and construction of an elevated road and slip road from Kalyan Murbad Road (Palms Water Resort) to Badlapur Road (Jagdish Dughdhalaya) to Pune Link Road over Karjat-Kasara Railway Line in Maharashtra.
The project has been awarded on an Engineering Procurement and Construction (EPC) basis, with an order value of ₹478 crore plus applicable GST. The project is to be executed in 36 months, including the monsoon period.
Ashoka Buildcon's consolidated revenue from operations for the June quarter of FY25 increased by over 27% to ₹2,465.39 crore, compared to ₹1,935.16 crore in the year-ago period. However, the company's revenue from operations decreased by over 19% sequentially from ₹3,051.86 crore in the March quarter of FY24.
In Q1FY25, the company's consolidated profit-after-tax increased by more than 156% to ₹157.93 crore, compared to ₹61.62 crore in the corresponding quarter of the preceding fiscal. However, the company's profit-after-tax for Q1FY25 declined by nearly 38% from ₹254.3 crore in Q4FY24.
About Ashoka Buildcon Ltd
Ashoka Buildcon Ltd is a leading Indian infrastructure development company, engaged in the construction of roads, highways, and other infrastructure projects.
Frequently Asked Questions
What is the value of the land parcel sold by Ashoka Buildcon's subsidiary in Pune?
The land parcel was sold for a total consideration of ₹453 crore.
What is the order value of the project awarded to Ashoka Buildcon by MMRDA?
The order value is ₹478 crore plus applicable GST.
What is the percentage increase in Ashoka Buildcon's consolidated revenue from operations for Q1FY25?
The revenue increased by over 27% to ₹2,465.39 crore.
What is the percentage decrease in Ashoka Buildcon's profit-after-tax for Q1FY25 compared to Q4FY24?
The profit-after-tax declined by nearly 38% from ₹254.3 crore.
What is the current stock price of Ashoka Buildcon Ltd?
The stock price is trading at ₹269.15 apiece on the NSE.
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