The company's wholly-owned subsidiary, PNC Bithur Kanpur Highways, has achieved financial closure for one of highway projects on hybrid annuity mode.
PNC Bithur Kanpur Highways has received communication from National Highways Authority of India (NHAI) on 14 January 2021 confirming the achievement of financial closure of project on 31 December 2020.The order comprises four laning of Aligarh-Kanpur section of NH-91 in Uttar Pradesh. The bid project cost is Rs 2052 crore. The construction period is 910 days and the concession period (including construction period) is 17.5 years.
PNC Infratech's net profit tanked 63.5% to Rs 77.79 crore in Q2 September 2020 from Rs 213.30 crore in Q2 September 2019. Net sales fell 6.9% year-on-year to Rs 1,248.46 crore in Q2 September 2020.
Shares of PNC Infratech fell 1.09% to Rs 189.85. PNC Infratech is engaged in infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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