PNC InfraTech Bags an EPC Project Worth Rs.2,090.6 Crore

PNC Infratech Ltd has emerged as the lowest bidder for a Rs.2,090.6 crore engineering, procurement, and construction (EPC) project awarded by the City & Industrial Development Corporation of Maharashtra Ltd (CIDCO). This contract is part of the Navi Mumbai Airport Influence Notified Area (NAINA) project, designed to improve infrastructure around the upcoming Navi Mumbai Airport.

What’s the Project About?

The project covers the development of roads that are at least 20 meters wide, as well as the construction of other structures, including flyovers, minor bridges, and underpasses for both vehicles and pedestrians. Street lighting and other electrical works are also part of the project. The construction will span TPS-8, TPS-9, and TPS-12 areas under the NAINA project, with a scheduled completion time of 1,460 days, factoring in the delays typically caused by the monsoon season.

Developments & Financials

This project adds to PNC Infratech’s ongoing infrastructure portfolio. In May 2024, the company settled a long-standing contractual dispute with the National Highways Authority of India (NHAI), resulting in a net receipt of Rs.390.62 crore under the Vivad Se Vishwas II (Contractual Disputes) Scheme. This settlement was finalized through PNC Infratech’s subsidiary, PNC Kanpur Highways Ltd.

In its financial results for Q1FY25, the company reported a 168% year-on-year increase in net profit, amounting to Rs.421 crore, though its revenue from operations saw a slight decline to Rs.1,744 crore from Rs.1,861 crore in the same period last year. Analysts remain optimistic about the company, with 15 out of 19 recommending a “buy” rating.

Conclusion: With the Rs. 2,090.6 crore NAINA project now in its portfolio, PNC Infratech continues to strengthen its position in India’s infrastructure sector. Despite some fluctuations in revenue, the company’s project wins shows a pipeline of opportunities. As Navi Mumbai’s infrastructure development picks up pace, PNC Infratech’s role in shaping the region’s connectivity could be significant, with the NAINA project acting as one of the drivers.

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