IRB Infrastructure shares jump over 7% as firm bags project worth ₹9,270 crore from NHAI

IRB Infrastructure Trust has received a Letter of Award from NHAI for a bundle covering 366 km of the Lucknow-Ayodhya-Gorakhpur corridor on NH-27 and part of the Lucknow-Varanasi corridor on NH-731 for a revenue-linked concession period of 20 years, IRB Infrastructure Developers, the manager for the project, said.

IRB Infrastructure Trust is the private InvIT (infrastructure investment trust) sponsored by IRB Infrastructure Developers.

“The TOT 17 project is a pivotal accomplishment for us given the importance of this religious tourism corridor. With this award, the IRB platform now commands a riveting 42% market share in the TOT space,” said Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers.

As the largest integrated private toll road and highway infrastructure developer in India, IRB has an asset base of over ₹80,000 crore in 12 states across the parent company and two InvITs.

Shares of IRB Infrastructure were trading at ₹45.26 apiece on NSE at 10:07 AM, surging 5.35%.

Over the last five trading days, the stock has gained 4%, while for a six-month period, it has tumbled 11%. IRB Infrastructure's stock has dropped more than 24% since the year started.

IRB Infrastructure Developers Q2 earnings

The construction firm had reported a 41% rise in consolidated net profit at ₹141 crore for the September quarter. The company had clocked a net profit of ₹100 crore in the year-ago period.

Its total income during the second quarter of the current fiscal year rose to ₹1,800 crore from ₹1,752 crore a year ago.

The company had also declared an interim dividend of 7%.

IRB Infrastructure Developers said during the quarter under review, the toll revenue registered a growth of about 11%, i.e., ₹1,667 crore during the quarter under review as against ₹1,503 crore a year earlier.