Construction engineering company, HG Infra Engineering Ltdon Friday (November 21), said it has been declared the L1 bidder jointly with Kalpataru Projects International Ltd by the Maharashtra Metro Rail Corporation Limited (MMRCL) for a major metro infrastructure project in Thane.
The companies participated as a joint venture, with HG Infra Engineering holding a 40% share and Kalpataru Projects International holding a 60% share. The project involves the design and construction of an elevated metro viaduct spanning 20.527 km between UG ramp and Balkum naka. It also includes the depot approach viaduct and three special spans for the Thane Integral Ring Metro Project.
The estimated project cost stands at ₹1,424 crore, while the bid project cost submitted by the joint venture is ₹1,415 crore, inclusive of all applicable taxes. The project will be executed in engineering, procurement and construction (EPC) mode.
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The construction period for the project is set at 36 months. MMRCL, a domestic entity, awarded the project, and no promoter or promoter group interest is linked to the awarding authority.
Second Quarter Results
HG Infra Engineering reported a 16% year-on-year (YoY) dip in net profit at ₹80.7 crore for the second quarter that ended September 30, 2024. It posted a net profit of ₹96.1 crore in the year-ago quarter.
Revenue from operations fell 5.5% YoY to ₹902.4 crore from ₹954.5 crore. EBITDA slipped 0.3% to ₹219.5 crore in the second quarter of this fiscal over ₹220.1 crore in Q2 of FY24.
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The EBITDA margin stood at 24.3% in the reporting quarter compared to 23% in the prior-year period.
Shares of HG Infra Engineering Ltd ended at ₹863, down by ₹0.50, or 0.058%, on the BSE today, November 21.
