- 08 Jun 2022
- ICICIdirect Research
HG INFRA SECURES LOA FOR GANGA EXPRESSWAY PROJECT
News: HG Infra Engineering has received the letter of award from Adani Road Transport for the project "Execution of civil & associated works on EPC basis for development of an access - controlled six lane greenfield Ganga Expressway (Group-II) in Uttar Pradesh". The EPC value of the project was at | 4,970.9 crore (including GST) while total completion period is 820 days from the date of appointed date to be declared by the authority
Views: HG Infra had indicated towards “notice to proceed” for the recently secured Ganga Expressway project during the Q4FY22 conference call. For this project, the company expects appointed date by August 2022 and have margin expectation at ~15%. Overall, its order book as on March 31, 2022 was at | 7,972.9 crore (~2.2x book to TTM revenues). The recent order win is likely to strengthen its overall order book further
Impact: Positive