Bangladesh awards $80 mn road development contract to Ashoka Buildcon

01 Mar 2023 CW Team

Ashoka Buildcon declared that the Ministry of Road Transport and Bridges (MORTB), Government of Bangladesh, gave them a Notification of Award (NoA) for an order worth $80.2 million. The contract is for enhancing the Baraiyerhat-Heanko-Ramgarh Road (R151 and R152) and includes widening and rebuilding the road's current pavements.

For the National Roads Authority of India's (NHAI) project in Telangana under the Bharatmala Pariyojna, the company received a provisional certificate recently. The company will be involved in all aspects of the project's planning, development, funding, procurement, construction, commissioning, operation, and maintenance. Out of the overall project highway length of 39.980 km, the business acquired a provisional certificate for 37.92 km.

Ashoka Buildcon released their December quarter earnings at the start of the month. In comparison to the same quarter previous year, the company's net profit decreased by approximately 65% to Rs 1.36 billion from Rs 2.93 billion. Also, the company experienced a decline in its margin, which dropped to 25.1% from 27.7% in the same period last year. Nonetheless, the EBITDA increased 23% to Rs 4.9 billion from Rs 3.98 billion in the corresponding quarter last year.

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