Shares of this infra stock under the ‘small-cap’ category jumped up to 4 percent in Wednesday’s trading session after the company’s subsidiary executed an agreement for Passenger Ropeway worth Rs 200 crores. Moreover, the company executed a Share Purchase Agreement (SPA) for the sale of seven wholly-owned subsidiary companies.
With a market capitalization of Rs 11,462 crores, the stocks of G R Infraprojects Limited opened their trading hour on Wednesday at Rs 1,204.40 and closed the session at Rs 1,185.45. The company’s scrip witnessed an intra-day high of Rs 1,231 exhibiting a gain of around 4 percent compared to the previous close of Rs 1,183.35 apiece.
In a recent regulatory filing with the Bombay Stock Exchange (BSE), the company intimated that “GR Tarakote Sanjichhat Ropeway Private Limited”, a wholly-owned subsidiary, has executed a concession agreement with “Shri Mata Vaishno Devi Shrine Board”, Katra, Jammu & Kashmir on 20th February 2024 worth Rs 200 crores.
The order pertains to the design, engineering, construction, development, finance, operation & maintenance of ‘Passenger Ropeway’ between Tarakote & Sanjichhat on a Build, Own, Operate, and Transfer (BOOT) basis. The total duration of the project is 33 years consisting of 3 years of construction period and the remaining for maintenance of the same.
In another filing, the infra company informed that it has entered into a share purchase agreement and other relevant transaction documents for the sale of entire investment in 7 wholly-owned subsidiary companies to “Bharat Highways InvIT”.
During the recent financial quarters, the company’s prime indicators of business, such as operating revenues as well as after-tax profits, showed stellar performance with the former taking an upward shift from Rs 1,882 crores during Q2FY24 to Rs 2,134 crores during Q3FY24 and the latter, during the same period, rising from Rs 217 crores to Rs 242 crores.
As per the recent presentations, the company’s order book as of 31st December 2023 stands at Rs 19,253 crores, and the same consisting majorly, i.e., 83 percent, of road projects and the remaining 17 percent towards transmission, railways, tunnel works, and many other sectors.
G R Infraprojects Limited is an integrated road engineering, procurement, and construction (EPC) company dividing its operations into three broad categories, viz, Engineering
Procurement and Construction, Build, Operate & Transfer (BOT)/Annuity Projects, maintenance of roads under the concession agreement, etc.
Written by Amit Madnani
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