Atlantaa Limited , a prominent infrastructure company, has entered into a significant agreement with IRCON International Limited (IRCON) for the construction of a major expressway project in Maharashtra. The contract, valued at ₹2,485.00 crore plus applicable GST, marks a substantial development for the company in the infrastructure sector.

Project Details

The project involves the construction of the Bhandara-Gadchiroli Access Controlled Expressway in Maharashtra. Specifically, Atlantaa Limited will be responsible for Package BG-03, which covers a 34.786 km stretch from Sarandi Bk in Lakhandur Taluka, Bhandara district to Kinhi in Bramhapuri Taluka, Chandrapur district.

Contract Specifics

The agreement between Atlantaa Limited and IRCON is for a sub-contract of the project originally invited by the Maharashtra State Road Development Corporation (MSRDC). IRCON had submitted the bid for this contract and was declared the lowest bidder (L-1) for the package.

Project Significance

This expressway project is expected to enhance connectivity between Bhandara and Gadchiroli districts, potentially boosting economic development in the region. The access-controlled nature of the expressway suggests it will be designed for high-speed travel with limited entry and exit points, improving transportation efficiency.

Company Statement

In a regulatory filing, Atlantaa Limited stated, "The Agreement is entered between the company and IRCON in anticipation of the award of the said project by Maharashtra State Road Development Corporation (MSRDC) to IRCON." The company has committed to making further disclosures upon the official award of the project to IRCON by MSRDC.

Financial Implications

The ₹2,485.00 crore contract represents a significant addition to Atlantaa Limited's order book. This large-scale project is likely to have a positive impact on the company's revenue and profitability in the coming years, subject to timely execution and cost management.

Conclusion

The agreement for the Bhandara-Gadchiroli Expressway project underscores Atlantaa Limited's growing presence in the infrastructure sector. As the project progresses, it will be crucial to monitor its execution and the potential impact on the company's financial performance and market position in the infrastructure development space.

Investors and stakeholders will be keenly watching for further updates on the official award of the project and the commencement of construction activities.

Atlantaa , a prominent player in India's infrastructure development sector, has announced its unaudited financial results for the first quarter of the fiscal year 2023, ended June 30, 2022. The company's performance shows mixed signals, with a widening standalone net loss but a significant increase in revenue.

Standalone Performance

Atlantaa reported a standalone net loss of Rs 167.88 lakh for Q1 FY23, compared to a loss of Rs 56.20 lakh in the corresponding quarter of the previous year. This represents a substantial increase in losses year-over-year.

However, the company's revenue from operations saw a remarkable improvement. It surged to Rs 452.28 lakh in Q1 FY23, up from Rs 98.70 lakh in the same period last year, marking a significant growth of approximately 358.24%.

Consolidated Results

On a consolidated basis, Atlantaa's financial performance showed signs of improvement:

• Net loss decreased to Rs 262.23 lakh, compared to a loss of Rs 1,459.50 lakh in Q1 FY22.
• Consolidated revenue from operations rose to Rs 1,221.50 lakh from Rs 642.40 lakh year-over-year, indicating a growth of about 90.14%.

Board Approval and Annual General Meeting

The Board of Directors approved both standalone and consolidated results at a meeting held on August 12, 2022. Additionally, the company announced that its 39th Annual General Meeting is scheduled for September 28, 2022.

Company Overview

Atlantaa operates in the construction and development of infrastructure in India. The company's operations are carried out through its subsidiaries, including Atlanta Infra Assets Ltd., Atlanta Ropar Tollways Private Ltd., and MORA Tollways Ltd.

Financial Analysis

While the company's standalone net loss has widened, the substantial increase in revenue suggests potential growth in operations. The consolidated results paint a more positive picture, with a significant reduction in net loss and a notable increase in revenue.

The infrastructure sector in India has been facing challenges, and Atlantaa's mixed results reflect the complexities of operating in this environment. The company's ability to grow its revenue significantly, both on a standalone and consolidated basis, indicates potential resilience and adaptability in a challenging market.

Investors and stakeholders will likely be watching closely to see if Atlantaa can translate its revenue growth into profitability in the coming quarters. The upcoming Annual General Meeting may provide further insights into the company's strategies for addressing the current losses and capitalizing on the revenue growth momentum.