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India

Sadbhav Engineering bags Rs 780 crore project from Gujarat Metro Rail Corporation

Updated : January 12, 2021 03:11 PM IST

Sadbhav Engineering has bagged a Rs 780 crore project from Gujarat Metro Rail Corporation (GMRC) to construct 11.6 kilometres of elevated viaduct for Surat metro.

Nitin Patel, Executive Director at Sadbhav Engineering said, “Gujarat Metro projects is a third win in this particular quarter. Letter of acceptance (LoA) has been received so we are expecting to start the construction by end of February. In Q4 itself we will see some topline, obviously next year full year there will be revenue from the same.”

“On a project level we are expecting to make 12-14 percent of EBITDA- that is basically the target, it has been priced and worked out.”

On debt Patel said, “Currently our debt is at around Rs 1,172-1,180 crore as against the total net worth of almost around Rs 2,300 crore. So this is basically at the Sadbhav Engineering level. As of now we are targeting to complete the transaction of Ahmedabad Ring Road stake sale because out of the 9, 8 has already been transferred so Ahmedabad Ring Road is in process. Once this is completed we are expecting debt to further go down by almost Rs 80-90 crore.”

“We don’t see any further incremental increase, all these current projects itself will take care of the requirement of the working capital for these two new projects.”

On topline Patel said, “Not Much topline will come in the current quarter but all put together we can say that this year itself we should see almost around Rs 2,200 crore of the topline for the year. Q3 and Q4 we will have the decent upsize as compared to the Q3 and Q4 of the last year.”

To know more, watch this video

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