IRB Infrastructure shares gain over 4% as Q4 profit jumps 45%, dividend declared

Shares of IRB Infrastructure Developers Ltd, a leading company in the roads and highways sector, jumped over 4% in trade on May 8 (Wednesday) after the company announced earnings for the fourth quarter ended March 2024.

IRB Infra’s Q4 FY24 net profit stood at ₹189 crore, up 45% against ₹130 crore in the corresponding quarter of FY23.

The company’s consolidated revenue from operations grew by 27.2% YoY to ₹2,061.2 crore for the quarter.

Operating profit, or EBITDA (earnings before interest, tax, depreciation and amortisation), jumped 59% to ₹1,333 crore in Q4 FY24 compared with ₹838 crore in the year-ago quarter.

For full fiscal 2023-24, IRB Infrastructure’s PAT jumped 37% to ₹606 crore compared with ₹441 crore in FY23. Consolidated income, meanwhile, jumped 22% to ₹8,202 crore in FY24 from ₹6,703 crore in FY23.

Shares of IRB Infra jumped as much as 4.3% to hit an intra-day high of ₹68.85 on the National Stock Exchange of India (NSE) on Wednesday. The stock has been a consistent outperformer, gaining 95% in the past six months and 143% in the past year.

IRB Infrastructure also declared a third Interim dividend of ₹0.10 per equity share of the face value of ₹1 each (10% of the face value of the share) for the financial year 2023-24. The record date for the purpose of payment of dividend has been fixed as May 15, 2024.

This translated into a total aggregate payout of ₹181 crore as dividend for FY24.

Earlier this week, IRB Infrastructure informed exchanges that the company along with its associate IRB Infrastructure Trust (InvIT) had witnessed 29% year-on-year growth in toll revenue collection in April 2024.

Toll collections of both entities aggregated ₹503 crore for April compared with ₹388 crore in the same month a year ago.