IRB Infra gains after bagging two projects in Tamil Nadu

IRB Infrastructure Developers rose 1.50% to Rs 219.20 at 12:35 IST on BSE after the company said it emerged as preferred bidder for two projects in Tamil Nadu.

The announcement was made after trading hours yesterday, 13 March 2018.

Meanwhile, the S&P BSE Sensex was down 252.26 points, or 0.75% to 33,604.52.

On the BSE, 1.28 lakh shares were traded in the counter so far compared with average daily volumes of 55,000 shares in the past two weeks. The stock had hit a high of Rs 222.20 and a low of Rs 217.45 so far during the day. The stock hit a 52-week high of Rs 272.40 on 3 May 2017. The stock hit a 52-week low of Rs 193.80 on 13 December 2017.

IRB Infrastructure Developers, in consortium with Modern Road Makers (wholly-owned subsidiary of the company), has emerged as a preferred bidder for two hybrid annuity projects under NHDP Phase IV in Tamil Nadu.

The projects include four laning of Puducherry to Poondiyankuppam at a cost of Rs 1296 crore and four laning of Poondiyankuppam to Sattanathapuram at a cost of Rs 2169 crore of NH-45A. The construction period is 730 days and operation period is 15 years for the said projects.

With addition of these projects, the company's construction orderbook stands at Rs 10000 crore to be executed in three years.

On a consolidated basis, net profit of IRB Infrastructure Developers rose 12.53% to Rs 207.30 crore on 8.13% decline in net sales to Rs 1296.19 crore in Q3 December 2017 over Q3 December 2016.

IRB Infrastructure Developers is India's leading and one of the largest infrastructure developing company in build-operate-transfer (BOT) space, committed to the roads & highway sector.

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