G R Infraprojects surges 5% on Rs 587.59 crore-order win from East Coast Railway

The project is for construction of tunnel work between Adenigarh-Purunakatak consisting of Tunnel T4, T5, T6 and T7, the length of which is approximately 7.49 km and allied works of Khurda-Bolangir new rail-line project in east coast railway, G R Infraprojects said.

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Shares of G R Infraprojects surged five percent on March 29 after the company bagged an order from East Coast Railway for Rs 587.59 crore.

At 9:55 am, shares of the company were trading 3.8 percent at Rs 982.45 on the BSE.

The project is for construction of tunnel work between Adenigarh-Purunakatak consisting of Tunnel T4, T5, T6 and T7, the length of which is approximately 7.49 km, and allied works of Khurda-Bolangir new rail-line project in the east coast railway.

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The company’s order book remains robust at Rs 14,000 crore, giving revenue visibility for the next 1.5-2 years, Axis Securities pointed out. With a healthy NHAI pipeline, it expects GR Infraprojects to receive better order intake which shall drive its revenue growth moving forward.

However, the brokerage firm had pointed out that a slower order win is a concern. But the company has maintained its guidance of Rs 15,000 crore order intake in FY23.

The company is looking to diversify to other segments such as Railways, Ropeways, and Metros to keep the revenue stream unaffected apart from the road segment. With newer opportunities emerging in various infra-related sectors, further diversification strategy bodes well for the company.

The scrip has fallen 16 percent in the past three months despite winning several orders during the period.