BackMultibagger stock announces record date for interim dividend for FY 2022-23
IRB Infrastructure Developers Ltd. is a mid-cap company in the infrastructure industry with a market valuation of Rs. 15,142.79 crore.
PremiumIRB Infrastructure Developers Ltd. is a mid-cap company in the infrastructure industry with a market valuation of Rs. 15,142.79 crore. IRB Infrastructure Developers Ltd. is one of India's top integrated roads and highways infrastructure developers today, with a significant presence in the Build-Operate-Transfer (BOT) sector. The company is India's first Multinational Infrastructure player in the highway segment. For the fiscal year 2022–2023, the Board of Directors has approved the payment of an interim dividend of Rs. 1.25 per share with a face value of Rs. 10 each. This yields a dividend of 0.50 per cent at the current market price of ₹250.00. For the purpose of the same, the Board of Directors has announced a record date in order to determine the eligibility of the shareholders for dividend payment.
The company has said in a regulatory filing that “Board of Directors has approved payment of Interim dividend of Rs. 1.25/- per share of face value of Rs. 10/- each (@12.5% of face value of share) for financial year 2022-23. The record date for the purpose of payment of dividend is Wednesday, August 17, 2022. The Interim dividend shall be paid within stipulated timelines as prescribed under law."
IRB Infrastructure Developers (IRB) said on Friday that its first-quarter profit after tax (PAT) increased by an astounding 404 per cent to Rs363 crore for Q1FY23 from Rs71.91 crore during the same period of the previous fiscal year. In the June quarter, the company's expenditures fell to ₹1,452 crore from ₹1,529.73 crore in the corresponding period the year prior, a drop of 5.08 per cent YoY, while its total income increased to ₹1,995 crore, up 19 per cent from ₹1,670 crore in Q1FY22. The company's EBITDA reached ₹1131 Cr in Q1FY23 which was ₹745 Cr in Q1FY22, and profit before tax (PBT) reached ₹543 Cr which was ₹141 Cr in the same quarter of the last year.
While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Limited said, “The quarter marks a resounding start to FY23, as we move back to normal business routine. Leaving pandemic impact behind, we have successfully completed all nine assets transferred to Pvt InvIT as well as the first HAM project in IRB’s fold. Further, we have realised a robust 75% YoY growth in toll collections across project portfolio, achieved financial closures for all new wins and started construction thereof." He added, “We have also set in motion the asset monetisation strategy of our business model and offered Vadodara Kim HAM project to public InvIT. Now our focus is on timely construction completion of the new projects with high safety and quality standards, while effectively exploring upcoming opportunities in the Sector in collaboration with our global partners."
The company has said in its earning statement that “Board of Directors of the Company, at its meeting held on August 5, 2022, approved transfer of the Vadodara Kim HAM project in the State of Gujarat at enterprise value of Rs.1,297 crores to IRB InvIT Fund. Provisional COD for the project was received in Apr 2022. Post transfer of the project, debt to the extent of INR 955 crores will be reduced from consolidated debt of IRB. Further, IRB will receive INR Rs.342 crores, subject to necessary approvals. Company received Rs.308 Crs towards 75% of the total Arbitration Award (Compensation) of Rs.419 Crs from the NHAI for its Pathankot Amritsar BOT project, which is part of the Public InvIT and Company was an EPC contractor for the project."
On Friday, the shares of IRB Infrastructure Developers Ltd closed at ₹250.00 apiece on the NSE, up by 2.44% from the previous close. In the last 3 years, the stock has given a multibagger return of 187.89% and in the last 1 year, the stock has gained 48.85%. On a YTD basis, the stock has gained 12.74% so far in 2022. In the last 6 months, the stock has fallen 13.13% but has gained by 19.19% in the last 1 month. On the NSE, the stock had touched a 52-week-high of ₹345.85 on 25-October-2021 and a 52-week-low of ₹148.05 on 11-August-2021 which indicates that at the current price level of ₹250.00 the stock is trading 27.71% below the 52-week-high and 68.86% above the 52-week-low.
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