IRB Infrastructure wins two highway projects worth Rs 5,004 crore; stock rises 6 per cent
IRB Infrastructure announced on Tuesday after the market hours that it has won two highway projects in West Bengal and Himachal Pradesh, amounting to a total of Rs 5,004 crore.
The company is closing its financial year after successfully securing new orders. This works out to approx. five per cent of the total market share of awards on a PPP basis issued by NHAI in this financial year.
The total order book of the company now stands at Rs 14,509 crore including construction order book of Rs 7,583 crore, providing revenue visibility of more than 2 years.
Reacting to this, the company’s stock today increased by 8.62 per cent and made an intraday high of Rs 112.30 per share.
Besides, the company reported a net profit of Rs 88.72 crore in Q3FY21. It had reported a profit of Rs 159.73 crore in Q3FY20, which is a decrease of 44.46 per cent. The company reported net sales of Rs 1,547.16 crore for Q3FY21, a decrease of 11.22 per cent as against the net sales of Rs 1,742.64 crore for Q3FY20.
According to BSE data, the stock traded at a P/E multiple of 15.03 and a price-to-book ratio of 1.37. The stock has a 52-week high and a 52-week low of Rs 138.80 and Rs 50.10, respectively.
At 10.52 am on Wednesday, the stock of the company was trading at Rs 109.65, up by 6.10 per cent on BSE.