Dilip Buildcon surges on getting completion certificate for highway project

Infrastructure developer, Dilip Buildcon, today informed the bourses that it has received a completion certificate for the highway project in Maharashtra from National Highways Authority of India (NHAI).

The completed project includes a highway project of rehabilitation and up-gradation of Majalgaon to Kaij (Section-III) of Mantha Taluka Border to Barshi National Highway to Two Lane on Engineering, Procurement and Construction (EPC) basis contract.

The project has been declared fit for entry with effect from November 22, 2018 and consequently, the company is entitled to a maximum bonus of Rs 14.40 crore in lieu of the earlier completion (280 days prior to the schedule completion date) of the said project.

As on September 30, 2019, the company’s order book stood strong at Rs 20,292.60 crore, which translates into a book-to-bill of 2.2x, giving a revenue visibility for the next two years. Of this order book, the road segment contributes nearly 63 per cent, followed by mining and irrigation, which accounts 21.4 per cent and approximately 7 per cent, respectively.

With this positive development, the stock of Dilip Buildcon surge nearly 3 per cent on the bourses to touch an intra-day high of Rs 426.20 apiece.