PNC Infratech rallied 2.92% to Rs 291 after the company said that it has received provisional completion certificate for an Uttar Pradesh-based national highway project awarded by NHAI on hybrid annuity mode effective from 1 March 2023.The project is implemented by a subsidiary of the company namely PNC Triveni Sangam Highways.
The project involves six laning of Chakeri to Allahabad section of NH-2. The project’s appointed date was 12 January 2019 with 910 days scheduled construction period and 15 years operation period, post completion. The independent engineer recommended the required extension of time for completion of the project.
PNC Infratech is engaged in India’s infrastructure development through the construction of highways including BOT (built, operate and transfer projects), HAM (Hybrid Annuity Model), airport runways, bridges, flyovers and power transmission projects, among others.
The company consolidated net profit jumped 68.3% to Rs 139.69 crore on 4.7% rise in net sales to Rs 1,803.28 crore in Q3 FY23 over Q3 FY22.