IRB Infra shares surge after company wins 2 highway projects

IRB Infra shares surge after company wins 2 highway projects

NEW DELHI: IRB Infra shares climbed 9 per cent on Wednesday after the company bagged two highway projects, one in West Bengal and Himachal Pradesh each, taking the total project wins in the current fiscal year to Rs 5,004 crore.

The company said it received a letter of award (LOA) for the BOT project in West Bengal involving six-laning of the Dankuni-Palsit stretch of 63.38 km of NH-19, with a project cost of Rs 2,421 crore.

It said it has also emerged as the preferred bidder for the HAM project in Himachal Pradesh involving four-laning of the 28.700 km stretch on the Pathankot Mandi section of the NH-20 (New NH-154), with a project cost of Rs 828 crore.

Following the development, the stock soared 8.66 per cent to hit a high of Rs 112.30 on BSE.

The company has now expanded its footprint to 10 states across India.

“IRB Infra closes FY21 with project wins of Rs 5,004 crore, including two new projects…IRB , India’s leading and the largest integrated highways infrastructure developers, has received Letter of Awards from the National Highways Authority of India (NHAI) for a BOT project in West Bengal and a Hybrid Annuity Model (HAM) project in Himachal Pradesh,” the company said in a statement.

Chairman and Managing Director Virendra D Mhaiskar said that the two more projects were added to his company’s portfolio, taking the total wins to Rs.5,004 crore across three new projects in the ongoing financial year, which amounts to 5 per cent of NHAI’s total awards in a PPP (public private partnership) model during the year.

The total order book of the company stands at Rs 14,509 crore, including the construction order book of Rs 7,583 crore, providing revenue visibility of more than two years.

IRB Infrastructure Developers is the largest private toll roads and highways infrastructure developer in India, with an asset base of over Rs 54,000 crore in 10 states across the parent company and two InvITs.

Source link


Please enter your comment!
Please enter your name here