Following the formal signing of the Ganga Expressway agreement, this infrastructure stock increased by 10%
The company's net profit significantly improved, by 108% sequentially and 405% QoQ, to reach Rs 363 crore for the quarter ending Q1FY23.
The stock began trading at Rs 215 and rose as much as 10.67% over the day, reaching Rs 241.50. The 52-week high and low for the firm on the BSE are both Rs 347 and Rs 149. The market value of the company is Rs 14,442 crore and the stock's volumes grew by 6.86 times today.
IRB Infrastructure Developers Ltd announced that it has signed the final contracts for the Ganga Expressway Project on Sunday. A definitive agreement, which is a legally binding contract, contains the final terms and conditions for a project between two or more companies.
Both the financial investors in the project, who are subsidiaries of GIC Private Ltd., and Meerut Budaun Expressway Ltd (MBEL), a special purpose vehicle (SPV) founded by IRB Infra for the Ganga Expressway Project, are parties to the agreements. The Ganga Expressway Project's project manager for MBEL will also be IRB Infra.
In order to meet the deadline for completing the project and commissioning it for use by the citizens of the state of Uttar Pradesh, IRB is now prepared to begin the building activity at full speed on the date set.
An Indian company called IRB Infrastructure Developers Ltd specialises in creating infrastructure and has a wealth of knowledge in the field of roads and highways. It also conducts business in other areas of the infrastructure sector, including real estate, building, the development of airports, and road upkeep.
The June quarter's top line was Rs 1925 crore, an increase of 18% QoQ and 34% sequentially. The company's net profit significantly grew to Rs 363 crore, up 405% quarter over quarter and 108% sequentially. The operating margin for the business was 53.5%, while the net profit margin was 18.9%.
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