PNC Infratech rose 2.06% to Rs 442.85 after its subsidiary, PNC Raebareli Highways received Rs 114.81 crore (net of TDS) from NHAI as one-time settlement for contractual disputes.

The company informed that PNC Raebareli had submitted Eligible Disputes to National Highways Authority of India (NHAI) under the Vivad Se Vishwas II (Contractual Disputes) Scheme for Rs 107.16 crore (excluding future simple interest of 9% p.a.).

The order was for the project two laning with paved shoulders of 166.44 km long Raebareli to Jaunpur section of NH-231 project in Uttar Pradesh under NHDP IVA on BOT (annuity) basis of NHAI as the Concessionaire, seeking ‘one-time settlement’ under the Scheme.

The amount was later revised to Rs 114.58 crore on 30 September 2023 (excluding interest). Lastly, a settlement agreement for an amount of Rs 117.15 crore (net of TDS) had been executed between NHAI and the PRHPL on 2 April 2024.

In terms of the aforementioned settlement agreement, PRHPL received Rs 114.81 crore (net of TDS) on 15 April 2024.

PNC Infratech is engaged in India’s infrastructure development through the construction of highways including BOT (built, operate and transfer projects), HAM (Hybrid Annuity Model), airport runways, bridges, flyovers and power transmission projects, among others.

The companys consolidated net profit jumped 32.4% to Rs 185 crore on 13.5% increase in net sales to Rs 2046.64 crore in Q3 FY24 over Q3 FY23.

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First Published: Apr 16 2024 | 11:57 AM IST