Ashoka Buildcon rises on winning Rs 366.67 crore-order

Ashoka Buildcon has secured an order from North Bihar Power Distribution Company Ltd for the development of distribution infrastructure at Muzaffarpur Electric Supply Circle of Bihar

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Shares of Ashoka Buildcon rose over three percent in the morning trade of March 8 after the company announced bagging a Rs 366.67-crore order in Bihar.

At 10.16 am, shares of the highway developer were trading 2.8 percent higher at Rs 80.05 on BSE.

The company secured an order from North Bihar Power Distribution Company Ltd for the development of distribution infrastructure at Muzaffarpur Electric Supply Circle, Ashoka Buildcon said in a regulatory filing.

The contract value of the project is Rs 366.67 crore, the company added.

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The company has bagged orders worth Rs 8,050 crore in the first nine months of FY23, taking the order book to Rs 16,140 crore. With a strong order book position and healthy execution, the management has maintained its revenue guidance of 20-25 percent growth in FY24.

During its latest earnings call, the company said it was targeting an order inflow of Rs 5,000 crore in the second half of FY23. Around 64 percent of the orders have been awarded in the third quarter.

The company would also focus on road hybrid annuity mode projects, the railways and power transmission and distribution (T&D).

The order book stands comfortable at Rs 16100 crore, translating to order book to sales ratio of 2.1 times trailing twelve month revenues, it said.

Of the order book, roads comprise 65 percent (EPC-40 percent, HAM-15 percent), power T&D 18 percent, buildings 19 percent and railways 9 percent.

Yes Securities remains positive on the company owing to Ashoka Buildcon’s excellent blend of diversified Engineering, Procurement and Construction (EPC) orders and assets, stable EPC margins and healthy order book, and foray into new verticals like Railways which is 9 percent of order book, Power Transmission & Distribution (T&D) and EPC buildings.