Rs 34,800 crore order book: LIC-backed multibagger stock under Rs 65 in green as company clocks 37 per cent YoY toll collection growth in July 2024
The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 25.55 per share and a whopping 600 per cent in 5 years.
On Thursday, shares of IRB INFRASTRUCTURE DEVELOPERS LTD (IRB) backed by Life Insurance Corporation of India (LIC) gained 2.61 per cent to an intraday high of Rs 64.43 per share from its previous closing of Rs 62.79. The stock’s 52-week high is Rs 78.05 and its 52-week low is Rs 25.55. At the closing bell, shares of the company were trading at Rs 63.72 per share, up 1.48 per cent.
IRB Infra and IRB Infrastructure Trust reported a robust 37 per cent year-on-year increase in toll collection for July 2024, amounting to Rs 499 crore compared to Rs 365 crore in the same period last year. This follows a strong 32 per cent growth in toll collection during the first quarter of the financial year, indicating sustained momentum for the leading Indian infrastructure developers and investment trust as they kick off the second quarter with a positive trajectory.
IRB Infrastructure Developers Ltd (IRB) is a pioneer in India's road and highway infrastructure sector, holding the distinction of being the nation's first integrated multinational player in this domain. With a strong commitment to quality, environment, safety, and security, IRB has secured ISO certifications in these areas. As the largest integrated private toll roads and highways developer in India, the company boasts an extensive asset base of approximately Rs 80,000 crore spread across 12 states. Over its 25-year journey, IRB has successfully constructed, operated, and maintained around 18,500 lane kilometres of highways, with a significant portion currently operational.
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Building on its strong foundation, IRB has completed and handed over 13 concessions to government authorities. Currently, the group's portfolio comprises 26 road projects under various models, including Build-Operate-Transfer (BOT), Toll-Operate-Transfer (TOT), and Hybrid Annuity Model (HAM). This robust project pipeline underscores IRB's continued leadership and commitment to India's infrastructure development.
According to Quarterly Results, the net sales increased by 27.2 per cent to Rs 2,061.24 crore and net profit increased by 94.2 per cent to Rs 324.20 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 15.7 per cent to Rs 7,409 crore and net profit increased by 11.3 per cent to Rs 920.67 crore in FY24 compared to FY23.
The company has a market cap of over Rs 38,000 crore. As of March 2024, LIC owns a 3.33 per cent stake in the company and has an order book worth Rs 34,800 crore as of March 31, 2024. On May 30, 2024, the promoters of the company sold 24,00,00,000 shares or 3.97 per cent via the open market on BSE and NSE. The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 25.55 per share and a whopping 600 per cent in 5 years. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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