ITNL slumps 9.1% in 2 days after poor Q1 results

IL&FS Transportation Networks tumbled 6.02% to Rs 132.80 at 12:20 IST on BSE, with the stock extending Monday's slide triggered by the company reporting weak Q1 results.

Meanwhile, the S&P BSE Sensex was down 111.71 points or 0.4% at 27,990.01.

On BSE, so far 1.55 lakh shares were traded in the counter as against average daily volume of 80,783 shares in the past one quarter.

The stock hit a low of Rs 128.45 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 140.40 so far during the day. The stock had hit a 52-week high of Rs 229.10 on 2 March 2015.

The stock had underperformed the market over the past one month till 10 August 2015, sliding 0.56% compared with the Sensex's 1.59% rise. The scrip had also underperformed the market in past one quarter, declining 15.89% as against Sensex's 3.68% rise.

The mid-cap company has equity capital of Rs 246.72 crore. Face value per share is Rs 10.

Shares of IL&FS Transportation Networks (ITNL) have slumped 9.13% in two trading sesssions from Rs 146.15 on 7 August 2015, after the company during market hours yesterday, 10 August 2015 reported weak Q1 results. The stock had fallen 3.32% to settle at Rs 141.30 yesterday, 10 August 2015.

On consolidated basis, ITNL's net profit dropped 97.9% to Rs 2.90 crore on 15.8% growth in net sales to Rs 1644.40 crore in Q1 June 2015 over Q1 June 2014.

Meanwhile, ITNL during market hours today, 11 August 2015 said that the concession agreement for development of six laning of Ranchi Ring Road, Section VII from Kathitanr to Karma comprising of 23.575 kilometres (KM) has been signed by Jharkhand Infrastructure Implementation Co., a subsidiary of ITNL with Government of Jharkhand on a built operate transfer (BOT) basis on 7 August 2015. The project is on annuity basis with a concession period of 17.5 years including construction period of 2.5 years. The estimated cost of the project is Rs 587.60 crore. The company shall receive annuity of Rs 111.64 crore per annum upon completion of the project, ITNL said.

IL&FS Transportation Networks is the largest BOT road asset owner in India in terms of length of road in its portfolio. The company has a diverse portfolio of projects in the surface transportation segment mainly in the PPP (Public Private Partnership) road sector. It acts as developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance. The company has also ventured into other transportation sub-sectors such as railways, urban transportation systems and border check-posts.

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