PNC Infratech on Thursday informed that it has received a Letter of Award (LoA) from the National National Highways Authority of India ( NHAI ) for a hybrid annuity mode (HAM) project worth Rs 1,412 crore in Uttar Pradesh.
The project under Bharatmala Pariyojna will be executed on hybrid annuity mode (HAM).
The company in its filing to the BSE said, “PNC Infratech Limited announces receipt Letter of Award (LOA) on June 24, 2020, for an NHAI Project of 53.95 km long four-laning of Meerut-Nazibabad section of NH-119 (New NH-34) from design chainage Km 11+500 (Meerut) to 39.250 (Behsuma) and from km 79.500 (Bijnor) to 105.700 (Jalalabad), in the state of Uttar Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) for Rs 1412.0 crore.” It added, “The price bids were opened on Wednesday, May 13, 2020, with PNC’s bid being the lowest (L1).”
The project is to be constructed in 24 months and operated for 15 years post-construction. This is the eleventh hybrid annuity highway project secured by the company so far, it added.
PNC Infratech earlier on June 24, 2020, announced its quarterly results for the quarter that ended in March 2020. It reported a 45.63 per cent decline in its standalone net profit at Rs 76.08 crore. It posted a net profit of Rs 139.93 crore in the corresponding quarter in the previous financial year. It reported a 10.7% YoY growth in revenues to Rs 1,157.94 crore for Q4FY20 against revenue of Rs 1,075.70 crore posted a year ago.