Dilip Buildcon bags two projects across business worth ₹1,840 crore; Stock falls 2%

Shares of Dilip Buildcon Ltd. fell more than 2% on Monday, September 28, even as it secured two projects in Maharashtra with a combined EPC value of ₹1,839.70 crore, excluding GST.

According to exchange filings, the Highways Authority of India (NHAI) has declared the company the L-1 bidder for the construction of a four-lane elevated corridor from Old Pune Naka to Boramani Naka on NH-65 in Solapur City.

The project is worth ₹688.23 crore, excluding GST, and will be executed under the Hybrid Annuity Mode.

The 9.66-km project is scheduled to be completed in 24 months, followed by an operation period of 15 years from the commercial operation date.

Separately, Dilip Buildcon has been selected as the successful bidder by REC Power Development and Consultancy Ltd. (RECPDCL), acting as bid process coordinator on behalf of Maharashtra State Transmission Utility, for the development and operation of a 400 KV AIS Yavatmal (Babhulgaon) transmission system in Maharashtra.

The project will be developed on a Build, Own, Operate and Transfer (BOOT) basis under the tariff-based competitive bidding route. Construction and commissioning are to be completed within 24 months, while the project has a 35-year tenure from the commercial operation date. The EPC value for Dilip Buildcon is ₹1,151.47 crore, excluding GST.

The two wins come shortly after Dilip Buildcon was declared the successful bidder for a ₹1,265 crore Maharashtra transmission project last week, taking the company's recent transmission order wins higher.

The company is also making efforts to build an asset-light infrastructure platform. Last Monday, Dilip Buildcon said it signed agreements to divest its stake in 10 special-purpose vehicles developing a 1,363-megawatt solar portfolio in Madhya Pradesh to Alpha Alternatives and its affiliates.

The portfolio has an estimated project cost of ₹6,263 crore and an enterprise value of about ₹6,829 crore. Dilip Buildcon said the transaction will help recycle capital into new opportunities and strengthen its balance sheet.

Shares of Dilip Buildcon are trading 1.9% lower on Monday despite the two project wins at ₹404.75. The stock is down 15% so far this year.

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