IRB Infra: On a fast track

IRB Infra: On a fast track

Shares of IRB Infrastructure Developers (IRB) climbed 4% in Wednesday’s trade after the company said that the Agra-Etawah build-operate-transfer project has been issued a completion certificate.
The roads and highways builder had a impressive run on the bourses. It has rallied 154% from March lows.
Etawah BOT Project implemented by AE Tollway Ltd (SPV) which is now part of IRB Infrastructure Trust – Private InvIT, has been issued a completion certificate by the competent authority.
Consequently, toll rates for the SPV would be increased by 70% and the SPV will collect toll at revised rates on this project.

IRB reported a consolidated net loss of Rs 20 crore for the fiscal year to September 30, 2020. It had clocked a consolidated profit of Rs 200 crore in the corresponding quarter of the previous fiscal.
Total consolidated income during the quarter under review declined to Rs 1,169 crore as against Rs 1,801 crore in the year-ago period. However, the results are not comparable due to transfer of 9 Assets to Pvt InvIT and impact of global Pandemic.
IRB is in the process to raise Rs 510 crore by way of rights issue in Private InvIT.

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