Ashoka Buildcon Stock Sees Growth in Q1 Results
Ashoka Buildcon's stock price experienced a surge on Wednesday, reaching a high of Rs 244 during intra-day trading. This 4.2% increase followed the company's announcement of its Q1 results. However, the stock price later stabilized, settling at Rs 235.50 by 11 AM.
The company's Q1 performance demonstrated significant growth compared to the same period last year. Ashoka Buildcon reported a 148% increase in standalone net profit, reaching Rs 40.80 crore compared to Rs 16.40 crore in Q1 2023. Additionally, total income increased by 22% year-on-year, reaching Rs 1,900.80 crore compared to Rs 1,557.20 crore in the previous year's corresponding quarter.
The company's order book, excluding an L1 project of Rs 3,434 crore, stood at Rs 10,356 crore at the end of June 2024. Road EPC projects and Power T&D projects accounted for nearly 78% of the order book.
Ashoka Buildcon is a leading highway developer in India and has been recognized as a Fortune India 500 company. The company boasts over 28 years of experience in construction and infrastructure development. It has executed or is currently executing 41 PPP projects and has a presence in over 20 states across the country.
In August 2024, Ashoka Buildcon emerged as the lowest bidder for two projects by the Mumbai Metropolitan Region Development Authority (MMRDA). These projects involve the design and construction of two creek bridges, one from Kolshet to Kalher for Rs 289.60 crore and another from Gaimukh to Payegaon for Rs 991.20 crore.
The company's stock price is currently trading close to its 50-day daily moving average of Rs 233.