Gayatri Projects bags 4 orders aggregating to Rs 192 cr

Mumbai, Mar 14 (UNI) Gayatri Projects Ltd (GPL), a Hyderabad based company, engaged in execution of major civil works, has bagged four prestigious projects amounting to a total worth of Rs 192.09 crore.

T V Sandeep Reddy, Managing Director of the company said through a release here that major project among the four is the Asian Development Bank (ADB) projects worth Rs 118.07 crore in the State of Chattisgarh. The project includes rehabilitation and upgrading of the State 10A highways covering Kapsara-Hathidad, Rajkheta-Dhanwar and Ramanuganji-Wadrafnagar linkages, he added.

The other projects involved are flood control measures at Visakhapatnam Airport (Rs 51.19 crore), construction of internal road at Jindal Steel plant in Orissa (Rs 15 crore) and development of roads, drains and culverts at Bongaigaon Refinery in Assam (7.63 crore), the release said.

GPL is currently executing projects amounted about Rs 1,112 crore of public works and irrigation projects in Andhra Pradesh, Madhya Pradesh, Chattisgarh and Gujarat. It was also executing projects through various joint ventures/SPV's in which the company's share of contract value was more than Rs 1,353 crore, the release added.

GPL reported Rs 153.1 crore turnover in the third quarter, growing by 53.3 per cent year-to-year which is a significantly large figure, not only when compared to Rs 99.8 crore during the same period last year but also against Rs 183 crore posted during first half. Though the operating profit margin fell slightly, the net profit growth of 117.9 per cent y-o-y during the quarter, outpacing the topline growth.

Meanwhile, Mr Reddy clarified that there would not be any impact on the net worth and also cash flow of the company following the Finance Minister's budget announcement that the exemption under section 80IA is not application to a person who executes a works contract entered into with any undertaking or enterprises.

Gayatri Projects had not claimed the above exemption in any of the earlier years and provided full tax liability without claiming deduction under the section 80 IA, he added. Therefore the networth and cash flow of Gayatri Projects are not going to be affected in any manner, he said.

UNI