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Hot Pursuit 02-Apr-22

H G Infra Engineering subsidiary achieves financial closure for road project in Odisha

H G Infra Engineering on Saturday announced that its wholly owned subsidiary “H.G. Raipur Visakhapatnam OD-5” received a letter from National Highways Authority of India for noting of financial close w.e.f. 25 March 2022 for the road project.

The scope of the project entails, the development of six lane Kaliagura-Baunsaguar section of NH- 130-CD road from km 249+000 to km 293+000 under Raipur- Visakhapatnam Economic Corridor in Odisha on Hybrid Annuity Mode.

The bid project cost for the 44 km lengh project is Rs 1338.27 crore while the H G Infra's bid price is Rs 1492.11 crore. The estimated completion period is 730days.

H.G. Infra Engineering provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, rehabilitation, and upgradation services.

The company's consolidated net profit surged 48.4% to Rs 100.56 crore on 26.7% increase in sales to Rs 951.44 crore in Q3 FY22 over Q3 FY21.

Shares of H.G. Infra Engineering jumped 3.39% to close at Rs 575.45 on BSE yesterday, 1 April 2022.

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