IRB Infra sulks as consolidated net falls by a fourth

IRB Infrastructure Developers' stock fell 4% on May 22 after the business reported a 25% year-on-year dip in its overall net profit to Rs 130.15 crore.

IRB Infrastructure Developers was trading at Rs 27.85, down 3.40 percent, at 10:31 a.m. It was trading with 474,579 shares so far today, compared to its five-day average of 1,851,075 shares, a 74% decline.

Consolidated revenue, on the other hand, increased by 13% year on year to Rs 1,619.98 crore. Revenue from BOT and TOT projects and building projects increased significantly, supporting overall sales.

EBITDA increased by 18% to Rs 758.74 crore, while the operating margin increased to 46.84 percent from 44.75 percent the previous year.

The corporation is in the business of developing road infrastructure. It obtains agreements by responding to tenders with proposals, after which it is needed to incorporate Special Purpose Vehicle businesses to carry out the given projects. Revenues from road infrastructure projects, dividends from subsidiaries, and mutual funds, among other sources, are included in the company's operations.

FY24 looks to be promising said Virendra D Mhaiskar, Chairman and Managing Director of IRB Infrastructure Developers, as we had 19 percent toll revenue growth in the first month itself and got another TOT project, taking our share in TOT space to approximately 37 %, the largest by any player in the sector. We anticipate that our development pace will keep going through the year