Shares of Ashoka Buildcon surged 8 percent to Rs 240 per share on November 13 after it reported robust July-September quarter results.
The highway developer reported a four-fold year-on-year (YoY) jump in net profit to Rs 462 crore in Q2FY25 from Rs 106 crore in the year-ago period. The company's revenue from operations also increased by 15.5 percent YoY to Rs 2,489 crore in Q2FY25.
At the operating level, Ashoka Buildcon's EBITDA jumped over 65 percent YoY to Rs 905 crore in Q2FY25, while EBITDA margins expanded to 36.4 percent in Q2FY25.
Around 9 brokerages cover Ashoka Buildcon stock, with 6 suggesting a strong "buy" while 2 recommended "hold" and 1 shared "sell" rating. So far this year, shares of Ashoka Buildcon surged over 60 percent, beating benchmark Nifty 50's 9 percent rise.
Recently, the company was declared the lowest bidder for a project worth Rs 312.13 crore from Maharashtra State Electricity Transmission Co. The said contract is for the establishment of a 400/220 kV substation at Nandgaon Peth Dist., Amravati along with associated transmission lines under Amravati Zone MSETCL, Maharashtra and to be completed in 18 months.
Last month, the company announced its acquisition of an additional 34 percent stake in Ashoka Concessions (ACL) for Rs 1,526 crore. This acquisition will make ACL a wholly-owned subsidiary of Ashoka Buildcon.
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