EBITDA declined 5.9 per cent to Rs 2.06 billion, while margins fell to 22.8 per cent from 24.3 per cent, reflecting cost pressures during the quarter.
In a key development, the company’s wholly owned subsidiary, HG Varanasi-Kolkata PKG-13 Pvt, recently received the appointed date from the National Highways Authority of India for its highway project in Jharkhand. The project involves constructing a six-lane greenfield stretch of the Varanasi–Ranchi–Kolkata Highway, spanning 28.7 km between Lepo village and Kamlapur village on the Jharkhand–West Bengal border. Valued at Rs 9.25 billion, it has been awarded under the hybrid annuity mode and comes with a completion period of 730 days.
Part of the Bharatmala Pariyojana, the project is expected to strengthen connectivity and spur economic development across eastern India.
Shares of HG Infra Engineering closed 1.57 per cent higher at Rs 906.75 on the NSE on 12 November.
