IRB Infrastructure Share Price Rises After Securing Madhya Pradesh Project and Strong Q2 Earnings

IRB Infrastructure Share Price Rises After Securing Madhya Pradesh Project and Strong Q2 Earnings

VoM News Desk | October 30, 2023 | 11:53 AM IST | Breaking News | Follow on Google News

IRB Infrastructure Share Price Rises After Securing Madhya Pradesh Project and Strong Q2 Earnings

IRB Infrastructure Share Price Rises After Securing Madhya Pradesh Project and Strong Q2 Earnings

IRB Infrastructure Developers share price saw its second consecutive session of gains, surging by 5.6% in Monday’s trade. This increase came following the company’s successful bid for a significant project in Madhya Pradesh and strong Q2 earnings.

The share price opened at ₹33.94 per share on the Bombay Stock Exchange (BSE). IRB Infrastructure shares had underperformed their sector by 3.48%, rising by 39.98% in the past year.

According to technical analysts, IRB Infrastructure stock is currently trading within the range of a large black body candle formed on October 23. The next directional move will only become clear once the range of the candle is broken, i.e., below ₹32 or above ₹36.

The National Highways Authority of India (NHAI) issued a letter of award for the ₹4,428 crore Lalitpur Lakhnadon NH44 TOT 12 Project to IRB Infrastructure Developers, a Private InvIT of IRB. The award of this project is expected to add ₹3,900 crore to IRB’s order book, with ₹3,300 crore allocated for O&M activities and ₹600 crore for EPC.

In addition to the project award, IRB Infrastructure Developers reported strong financial results for Q2FY24, with a 12% increase in net profit from ₹85 crore to ₹96 crore YoY. The company also announced its maiden payout of ₹155 crore via IRB Infrastructure Trust, which will contribute to IRB’s cash flow in Q3FY24.

IRB Infrastructure and its affiliates experienced impressive growth in toll revenue, with a 20% increase in the first half of the fiscal year and a 22% increase in the second quarter compared to the previous year. The project award and strong earnings have contributed to the positive sentiment surrounding the company’s shares.

Disclaimer: The opinions and suggestions provided in this article are those of individual analysts and do not reflect the viewpoints of VoM News. We encourage investors to consult with certified experts before making any investment choices.

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