IRB Infra gains on bagging LoA for Rs 2,132 cr project

IRB Infrastructure Developers rallied 3.21% to Rs 28.95 after the company announced that it has received letter of award (LoA) from National Highways Authority of India (NHAI) for a project worth Rs 2,132 crore in Gujarat.

The scope of the project entails upgradation to six lane with paved shoulder of NH-27 from Samakhiyali to Santalpur section in the state of Gujarat on build operate transfer (BOT) (Toll) mode.

The total cost of the project is Rs 2,132 crore and the concession period for the project is 20 years from the appointed date including 2 years of construction period.

The civil construction company said that its order book revised to approximately Rs 20,892 crore (excluding GST), which includes construction order book of Rs 9,714 crore providing strong visibility for next around 2.5 years.

IRB Infrastructure Developers (IRB) is India's first Multinational Infrastructure player in Highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, with this win, IRB group's asset base will swell to over Rs 62,000 crore spread in 10 States across the parent company and two InvITs.

The company's consolidated net profit increased by 94.50% to Rs 141.36 crore on a 18.37% rise in sales in Q3 FY23 over Q3 FY22.

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