KNR Constructions' subsidiary wins Karnataka road project

04 Jul 2023 CW Team

The news reported that the shares of KNR Constructions had risen by almost 1.5 percent in early trade on June 30. This was due to an agreement made by its subsidiary, KNR Kaveri Infra, with the National Highways Authority of India (NHAI) for a road project in Karnataka.

KNR Construction stated that KNR Kaveri Infra had signed a concession agreement for the four-laning, with paved shoulder, of the Mysore to Kushal Nagara section on hybrid annuity mode.

During April and May, the road construction sector experienced a slowdown. The NHAI temporarily halted road project awards during this period, which led to no acceptance of Letter of Offers (LOAs), as mentioned in a report by Nuvama Institutional Equities.

However, this situation is not expected to significantly impact the long-term project pipeline, as there was a significant surge in road awards in March. During that month, a total of 4,878 kilometres of work was awarded, with the NHAI granting contracts for 2,627 kilometres. In contrast, the awarding of road projects in April and May was minimal, with only approximately 100 kilometres being awarded by the Ministry of Road Transport and Highways.

Despite the temporary slowdown, analysts maintain a positive outlook on the infrastructure sector. Axis Securities mentioned that the NHAI plans to award multiple projects under the Bharatmala Pariyojana, which is the government's flagship program aimed at constructing highways and expressways. This is expected to drive the momentum of road construction. Axis Securities predicts an increase in awarding activities in FY23, as it is a pre-election year.

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