IRB Infra advances after good Q1 numbers

IRB Infrastructure Developers rose 2.84% to Rs 220.90 at 14:49 IST on BSE after consolidated net profit rose 30.81% to Rs 237.86 crore on 20.82% increase in total income to Rs 1870.41 crore in Q1 June 2017 over Q1 June 2016.

The result was announced during market hours today, 24 July 2017.

Meanwhile, the S&P BSE Sensex was up 204.08 points, or 0.64% at 32,232.97. The S&P BSE Mid-Cap index was up 29.28 points, or 0.19% at 15,214.81.

On the BSE, 5.69 lakh shares were traded on the counter so far as against the average daily volumes of 2.39 lakh shares in the past one quarter. The stock had hit a high of Rs 225.55 and a low of Rs 215.65 so far during the day. The stock had hit a 52-week high of Rs 272.40 on 3 May 2017 and a 52-weeek low of Rs 177.50 on 23 November 2016.

The stock had underperformed the market over the past one month till 21 July 2017, declining 4.09% compared with the Sensex's 2.38% rise. The scrip had also underperformed the market over the past one quarter sliding 12.68% as against the Sensex's 9.07% rise. The scrip had also underperformed the market over the past one year sliding 0.39% as against the Sensex's 15.58% rise.

The mid-cap company has equity capital of Rs 351.45 crore. Face value per share is Rs 10.

Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said, Q1 June results are portraying its capabilities and efficiency levels in managing large projects portfolios. The company continues to perform well and grow in the best interests of the company's stakeholders, he said.

IRB Infrastructure Developers' board recommended interim dividend of Rs 2.50 per share for the financial year 2017-18.

IRB Infrastructure Developers is one of the largest private roads and highways infrastructure developers in India.

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