Shares of Dilip Buildcon Ltd rose nearly 4 per cent to hit an intraday high of Rs 484.80 on December 22 after the company announced it had emerged as the lowest bidder for a large solar project awarded by Madhya Pradesh Urja Vikas Nigam Ltd. Under the contract, Dilip Buildcon will set up 1,363.55 MW (AC) of grid-connected solar power capacity under the PM KUSUM–C feeder solarisation scheme. The project will be executed through multiple special purpose vehicles, translating into an engineering, procurement and construction opportunity valued at around Rs 49 billion. The project is expected to be completed over the next 18 months. The company said the project falls under the non-DCR category and involves the installation of solar photovoltaic power plants. Electricity generated will be sold to Madhya Pradesh Power Management Company Ltd under a 25-year power purchase agreement. Dilip Buildcon will be responsible for the entire scope of work, including development, design, engineering, supply, construction, testing, commissioning, and operations and maintenance, in line with MNRE guidelines and MPERC regulations. The PM KUSUM–C feeder solarisation scheme is aimed at reducing power losses and improving the financial health of distribution companies by replacing conventional agricultural power supply with decentralised solar generation. Separately, the company received a Letter of Acceptance from the National Highways Authority of India last month for a road project in Tamil Nadu valued at Rs 8.79 billion. The project involves four-laning the 46.67 km Paramakudi–Ramanathapuram stretch of NH-49 (new NH-87), with a construction period of 24 months followed by a 15-year operations and maintenance phase. On the financial front, Dilip Buildcon reported a weak performance in the September quarter. Net profit declined 22.8 per cent year-on-year to Rs 1.82 billion, while revenue fell 21.8 per cent to Rs 19.25 billion due to slower project execution. EBITDA slipped 5.8 per cent to Rs 4.71 billion, although margins improved to 24.5 per cent from 20.3 per cent a year earlier. At 2:10 pm, shares of Dilip Buildcon were trading 3.22 per cent higher at Rs 474.05 on the NSE.