IRB Infra firms up after decent Q1 numbers

IRB Infrastructure Developers rose 2.29% to Rs 198.85 at 10:39 IST on BSE after consolidated net profit rose 5.15% to Rs 250.10 crore on 15.35% decline in net sales to Rs 1537.95 crore in Q1 June 2018 over Q1 June 2017.

The result was announced after market hours yesterday, 25 July 2018.

Meanwhile, the S&P BSE Sensex was up 107.06 points, or 0.29% to 36,965.29.

On the BSE, 82,000 shares were traded in the counter so far compared with average daily volumes of 2.58 lakh shares in the past two weeks. The stock had hit a high of Rs 200.80 and a low of Rs 193.15 so far during the day. The stock hit a 52-week high of Rs 286 on 30 April 2018. The stock hit a 52-week low of Rs 184.05 on 19 July 2018.

The company said its net revenues declined due to completion of Solapur Yedeshi, and Kaithal Rajasthan projects. Revenue from new projects will commence from H2FY19.

Virendra D. Mhaiskar, chairman & managing director, IRB Infrastructure Developers said that the company had stupendous performance in FY 2018 which it is taking forward in FY 2019 too. Q1 results as well as the progress made for projects under development and implementation is promising - boosting the firm's confidence towards achieving targeted growth over the next 6 - 7 quarters.

Meanwhile, IRB Infrastructure Developers said that its board approved enabling resolution for raising upto Rs 1500 crore by issuing securities including but not limited to equity shares, American depository receipts/global depository receipts / foreign currency convertible bonds (FCCBs) and/or non-convertible debentures along with warrants (''NCDs and warrants") and/or any securities convertible into equity shares through public and/or rights issue and/or private offerings and/or on preferential allotment basis, including to qualified institutional buyers by way of qualified institutions placement (QIP), in one or more tranches or any combination thereof subject to the approval of members in the ensuing annual general meeting and all the requisite approvals as may be required from regulatory authorities and in accordance with the provisions of the applicable laws.

IRB Infrastructure Developers (IRB) is India's leading and one of the largest private roads and highways infrastructure developers, with presence in BOT and HAM space.

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