IRB Infra receives appointment date for Hapur Moradabad

Leading infrastructure developer IRB Infrastructure informed the bourses that it has received appointed date for its Hapur Moradabad project, w.e.f. May 29, 2019. The company would now commence toll collection and construction of the project.

The concession period of this project is 22 years, including the construction period of 910 days. The overall cost of project is around Rs. 3,345 crore. The promoters would be contributing Rs. 1,804 crore including internal accrual and rest will be funded through debt. With this receipt of appointed date, the company would now start booking EPC and toll revenue from this project.

For fiscal year 2019-20, the company’s management has guided a revenue growth of 30 per cent while EBITDA is expected to grow by 20 per cent. 

During Q4FY19, IRB reported strong revenue growth of 41 per cent yoy at Rs. 1,948 crore. EBITDA during the period grew 15.4 per cent yoy to Rs. 760.1 crore with corresponding margin contraction of 866 bps to 39 per cent. While its PAT dipped 13.2 per cent yoy to Rs. 208 crore.

At 12:26 hours, the stock of IRB was trading at Rs. 134 per share, up by 0.53 per cent from previous close.