After signing the Ganga Expressway agreement, this infrastructure stock soared 10 per cent
The company's net profit increased dramatically, by 405 per cent QoQ and 108 per cent sequentially, to reach Rs 363 crore for quarter ending June 2022.
Shares of IRB Infrastructure Developers Ltd opened at Rs 215 and reached a 10.67 per cent intraday high at Rs 241.50. The company's 52-week high and low on the BSE are Rs 347 and Rs 149, respectively. The firm has a market value of Rs 14,442 crore. Volumes for the stock increased by 6.86 times today.
On Sunday, IRB Infrastructure Developers Ltd announced that it signed final contracts for the construction of the Ganga Expressway Project. The ultimate terms and conditions for a project between two or more firms are documented in a definitive agreement, which is a legally binding contract.
The Meerut Budaun Expressway Ltd (MBEL), a special purpose company (SPV) formed by IRB Infra for the Ganga Expressway Project, and the financial investors in the project, affiliates of GIC Private Ltd, are parties to the agreements. IRB Infra will serve as MBEL's project manager for the Ganga Expressway Project as well.
IRB is now prepared to start the building activity in full swing in accordance with the scheduled date, in order to fulfil the deadline for finishing the project and commissioning it for usage by the residents of the state of Uttar Pradesh.
IRB Infrastructure Developers Ltd is an Indian firm that specialises in building infrastructure and has a wealth of expertise in the field of roads and highways. It also operates in other business sectors within the infrastructure industry, such as real estate, construction, airport development, and road maintenance.
The top line for the June quarter (Q1FY23) was Rs 1925 crore, an increase of 18 per cent QoQ and 34 per cent sequentially. The company's net profit increased dramatically, by 405 percent QoQ and 108 per cent sequentially, to Rs 363 crore for Q1FY23. The company's operating margin was 53.5 per cent and its net profit margin was 18.9 per cent in the quarter ending June 2022.