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Business News/ Markets / Stock Markets/  IRB Infrastructure share price jumps over 5% on 4,428 crore project win, strong Q2 results
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IRB Infrastructure share price jumps over 5% on ₹4,428 crore project win, strong Q2 results

IRB Infrastructure share price rises 5.6% after securing significant project in Madhya Pradesh and reporting strong Q2 earnings. IRB Infrastructure share price opens at ₹33.94 per share on BSE. Shares rise 39.98% in past year.

IRB Infrastructure shares rose 39.98% and underperformed its sector by 3.48% in the past year, as per trendlyne data. Premium
IRB Infrastructure shares rose 39.98% and underperformed its sector by 3.48% in the past year, as per trendlyne data.

IRB Infrastructure Developers share price rose for second consecutive session and surged 5.6% on Monday's trade after the company secured a significant project in Madhya Pradesh and reported strong Q2 earnings. IRB Infrastructure share price opened at 33.94 per share on BSE. IRB Infrastructure shares rose 39.98% and underperformed its sector by 3.48% in the past year, as per trendlyne data. 

According to technical analysts, there's no major view on this counter, and IRB Infrastructure stock prices are trading within the range of big black body candle formed on October 23. Next directional move only be seen on this range of big body candle is broken i.e. below 32 or above 36.

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The National Highways Authority of India (NHAI) has issued a letter of award for the 4,428 crore Lalitpur Lakhnadon NH44 TOT 12 Project to IRB Infrastructure Developers, the Private InvIT of IRB, according to an exchange filing released on Sunday. With the project SPV formed, the Trust will now be able to execute the concession agreement and go forward with the financial close within the allotted period.

The project's award would add 3,900 crore to IRB's order book, of which 3,300 crore will go towards O&M activities and 600 crore will go towards EPC.

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"The Trust had recently emerged as a Preferred bidder for about 316 Kms (around 1,264 lane kms) long stretch under Toll-Operate-Transfer (TOT) model for the revenue linked Concession of 20 years; thus, marking entry in the State of Madhya Pradesh – 12th Indian State for IRB Group.

“We are proud to take our footprint to the State of Madhya Pradesh, the 12th one for us by adding this prestigious project to our portfolio. This has taken our asset base to 75,000 Crs in Amrit Kaal and share in TOT space to 42%, the largest by any private player in India," said Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. 

He added, “We express our sincere gratitude towards all authorities and stakeholders for high trust and confidence shown in our rich domain knowledge, expertise, and execution capacities. We are committed to bring the World Class commuting experience to the people of Madhya Pradesh."

Along with this accomplishment, IRB Infrastructure Developers also released strong financial results for Q2FY24, indicating a 12% rise in net profit to 96 crores from 85 crores in the same period the previous year. 

The announcement by IRB Infrastructure Trust of its maiden payout of 155 crores, which will be included in IRB's cash flow in Q3FY24, further highlights the company's outstanding success. The toll revenue generated by IRB and its affiliates has also grown impressively, rising by 20% in the first half of the fiscal year and by 22% in the second quarter compared to the previous year.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

 

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Published: 30 Oct 2023, 10:33 AM IST
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