ASHOKA BUILDCON
Ashoka Buildcon was up in the green yesterday, reacting to the Press Release it issued on 24th Sept, of having received four orders valued at Rs 494.50 crore for turnkey contracts for electrification work for Mahavitaran Infrastructure plan Phase-II floated by Maharashtra State Electricity Distribution Company (MSEDCL). The company had earlier announced that it had emerged as the lowest bidder. There is another order, which if based on lowest bidder, could come to Ashoka- it is the lowest bidder for a Rs.610 crore order from Tamilnadu Generation and Distribution Co. Ltd. (TANGEDCO). That order if it comes through could be the next big trigger.
The company had a muted Q1FY14 performance with flat consolidated net revenue at Rs.473 crore and net profit coming in at Rs.30 crore, down 27% (YoY). EBITDA was at Rs.98 crore, down 12%. Its EPC division which accounts for 85% over its total revenue, showed a flat growth while BOT was down 9%. The BOT division essentially collects toll and it recorded a total toll collection of Rs.187 crore of which Rs.73 crore was recognized as toll revenue and Rs.67 crore was adjusted against Capital WIP in Belgaum and Dhanuki projects and Rs.47 crore from associates. Its total EPC order backlog at end of Q1 stood at Rs.3206 crore of which Rs.2981 crore was in highway segment and Rs.225 crore in power T&D. SBI Macquaire had committed a total of Rs.800 crore as PE investment in the company of which it has received Rs.380 crore and balance will come before end of Sept’14.