MEP Infra plunges 5 per cent despite commencing tolling operations at Badarpur & Pithai Fee Plaza

MEP Infrastructure Developers Limited (MEP) have commenced the tolling operations from February 16, 2021 (8.00 hrs) for the project of collection of user fee for Badarpur Elevated Fee Plaza at 18.700 km and 20.200 km on section from 16.100 km to 20.500 km of NH-2 in the state of Delhi & Haryana. 

The period of the said contract is three months i.e. from February 16, 2021 (8.00 hrs) to May 16, 2021 (8.00 hrs). The company had intimated the bourses about the work order win from National Highways Authority of India (NHAI) on February 5, 2021. The contractual amount for the said project is Rs 9.72 crore. 

Also, it has commenced the tolling operations for the project of collection of user fee for Pithai Fee Plaza at km 37.300 for 4 laning of Ahmedabad - Godhra Section of NH-59 from km 4.200 to km 122.420 in the state of Gujarat under NHDP Phase-III on DBFOT pattern. The contractual amount for this project is Rs 30.69 crore.

On the financial front, its consolidated revenue for the quarter Q3FY21 came in at Rs 282.43 crore as against Rs 480.31 crore in the corresponding quarter last year, registering a 41.2 per cent YoY decline. EBITDA for the quarter grew by 95.7 per cent YoY to Rs 101.25 crore with a corresponding margin expansion of 2,508 bps. EBITDA margin for the quarter stood at 35.8 per cent. It generated a net profit of Rs 82.09 crore as against the net loss of Rs 71.87 crore in Q3FY20. 

On Tuesday, the stock of MEP Infra was trading 4.8 per cent lower at Rs 16.60 from its previous close of Rs 17.45 on BSE.