Dilip Buildcon bags road project worth Rs. 380 crore from NHAI

The shares of Dilip Buildcon shot up by over 2 per cent on the bourses on Wednesday as the company announced that it has been declared as the lowest bidder for an EPC road construction project worth Rs. 380.07 crore by the National Highways Authority of India (NHAI) in Karnataka.

The company had posted a hike of over 51 per cent in its adjusted PAT to Rs. 164.7 crore in the third quarter of FY18 as compared to Rs. 108.64 crore in the same quarter of the previous fiscal year. The company’s order book stood at Rs. 12,357.1 crore for the third quarter of FY18, with a contribution of about 80 per cent from its road bridges and highways business segment. The company’s revenues from roads and bridges grew by 34 per cent on a yearly basis for the corresponding fiscal.

Post bagging the road project, the company’s share price hit an intraday high of Rs. 957.55 per share and an intraday low of Rs. 929 per share on BSE, respectively. The company had touched its 52-week high of Rs. 1,059 per share on December 27, 2017 and its 52-week low of Rs. 254 per share on March 9, 2017 on BSE, respectively.

At 11:24 hours IST, the stock was trading at Rs. 933.60 per share, up by 1.76 per cent on BSE on Wednesday.