IRB Infra soars on strong order book position

IRB Infrastructure Developers jumped 6.43% to Rs 110 after the company said that its total order book stood at Rs 14,509 crore, providing revenue visibility of more than 2 years.

In a regulatory filing made after market hours yesterday, the company said that it had received letter of award from NHAI for six laning of National Corridor NH-19 from Palsit to Dankuni (up to NH-6 Connector), the total design length of which 63.830 kms, in West Bengal under Bharatmala Pariyojana to be executed on build, operate and transfer (BOT) basis. The project cost is Rs 2,421 crore.

Further, IRB Infra has emerged as the preferred bidder for NHAI's project of rehabilitation and upgradation to four lane configuration & strengthening of Pathankot-Mandi Section of NH-20 (New NH-154) on the Punjab-Himachal Pradesh Border in Himachal Pradesh on Hybrid Annuity Mode (HAM). The design length is 28.70 kms. NHAI's project bid cost was Rs 758.04 crore and the company's bid project cost was Rs 828 crore.

The road construction company said that it is dosing its financial year after successfully securing new orders amounting to a total of Rs 5,004 crore. This works out to approximately, 5% of the total market share of awards on PPP basis issued by NHAI in this financial year.

The total order book of the company now stands at Rs 14,509 crore including construction order book of Rs 7,583 crore - providing revenue visibility of more than 2 years.

IRB Infrastructure Developers is India's largest private toll roads and highways infrastructure developer, with an asset base of over Rs 51,000 crore across the parent company and two InvITs.

The company's consolidated net profit fell 56.5% to Rs 69.48 crore on 11.2% decline in net sales to Rs 1,547.16 crore in Q3 December 2020 over Q3 December 2019.

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