Ashoka Buildcon rose 3.71% to Rs 89.35 after receiving a letter of interest (LoI) for two projects from Dakshinanchal Vidyut Vitran Nigam. It also emerged as the lowest bidder (L-1) for a project at NHAI.

The company has received a Letter of Intent (LoI) for the Development of Distribution Infrastructure in the Aligarh-2 District of Uttar Pradesh with Improvements under Reform Based Distribution Sector Plan – GPS Survey, Supply, Design, GIS, Testing, Engineering Commissioning, Asset Mapping, Installation Related Basis Revamped Distribution Sector Scheme (RDSS) for loss reduction in a turnkey manner.

Next LoI comprises distribution infrastructure development in Uttar Pradesh at Agra-1 Zone, District Agra, Mainpuri & Firozabad under revamped reforms-based and results-linked distribution sector schemes.

The project’s expected cost is the aggregate value of Rs 807.64 crore per civil construction.

The company has been constructing infrastructure facilities on a procurement, engineering and construction basis (EPC). Build, operate, and transfer (BOT) basis and sell ready mix concrete.

On a consolidated basis, the net profit of Ashoka Buildcon slipped by 20.4% to Rs 63.66 crore on a 42.9% increase in net sales to Rs 1,807 crore in the July-September quarter of FY23 over the July-September quarter of FY22.