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PNC Infratech receives bonus for early completion of road projects
25 Apr 2022 CW Team
PNC Infratech increased 11.46% to Rs 271.85 after the Engineering, Procurement, and Construction (EPC) company announced the receipt of Rs 37.02 crore towards a bonus for the early completion of one of its EPC projects from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) of Government of India (GoI).
The project involved the Purvanchal Expressway development in Uttar Pradesh. On 30 November 2021, the project was completed, which is 97 days ahead of the scheduled completion date. Accordingly, the bonus of Rs 37 crore, figured at 0.04% of the contract cost of Rs 954 crore, for each day of early completion has been received by the company. PNC Infratech is engaged in infrastructure development via the construction of highways, including build, operate and transfer projects (BOT), bridges, airport runways, flyovers, and power transmission projects among others. The company's consolidated net profit dropped 52.89% to Rs 82.98 crore despite an 8.84% increase in sales to Rs 1721.82 crore in Q3 FY22 over Q3 FY21. Image SourceAlso read: PNC Infratech sole DBFOT bidder for Haridwar personal rapid transit
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