IRB Infra gains as road project gets completion certificate

IRB Infrastructure Developers rose 1.47% to Rs 120.70 after the company's Agra Etawah Bypass BOT project received completion certificate.

In a BSE filing made after market hours yesterday, the company said that Agra Etawah build-operate-transfer (BOT) project, implemented by AE Tollway, has been issued a completion certificate by the competent authority.

AE Tollway, a special purpose vehicle (SPV), is a part of the IRB Infrastructure Trust, a private infrastructure investment trust (Private InvIT).

"Consequently, toll rates for the SPV would be increased by approximately 70% and the SPV will collect roll at revised toll rates on this project, the company added.

 

IRB Infrastructure Developer is is a highway construction company.

The company posted a consolidated net loss of Rs 19.66 crore in Q2 FY21 as against a net profit of Rs 200.18 crore in Q2 FY20. Net sales declined by 35.9% YoY to Rs 1123.32 crore in the second quarter.

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