Welspun Enterprises (WEL), part of the USD 3 billion Welspun Group, reported more than doubling of its consolidated net profit to Rs 304.7 million for the quarter ended Sep.30, 2020. The company had clocked a net profit of Rs 144.7 million for the year-ago quarter.

Total income during the quarter grew 12.63% to Rs 3,836. 3 million from Rs 3,406.1  million in the previous year period.

Total expenses were up 15.05% to Rs 3,423.8 million from Rs 2,976 million in the year-ago period.

The company has received Provisional Commercial Operation Date (PCOD), from Oct. 31, 2020 in respect of project for 4-Laning of Gagalheri-Saharanpur-Yamunanagar (UP/Haryana Border) section of NH-73under Hybrid Annuity Model ('HAM') executed for National Highways Authority of India ('NHAI'). The project completion cost is around Rs. 13.54 billion. With this event, the Company is entitled to receive annuity payment from NHAI every six months in accordance with the provisions of HAM Concession.This is the third HAM project completed by the Company, the first project also being the country's first HAM project - Delhi-Meerut Expressway Package-1. The Total project value which has now received COD/PCOD stands at approximately Rs. 33.16 billion.

Currently, there are around 34 HAM projects of NHAI, with a total project cost of Rs. 320 billion, whose bids have been announced. The Company is selectively targeting to participate in bidding of few projects, while preserving its threshold return expectations, the company said.

Apart from NHAI, WEL is also evaluating road HAM projects of State and Municipal agencies.

On the water segment, the Jal Shakti Ministry’s ‘Har Ghar Nal se Jal’ scheme of providing drinking water access to all by 2024, is expected to result in a potential opportunity of more than Rs. 6 trillion over the next five years. WEL shall actively focus on these projects.

The Company will continue to explore inorganic growth opportunities, through a measured evaluation of risk-return parameters.

The Company will continue to pursue an asset-light model, while focussing on operational excellence and prudent risk management.