Leading road developer IRB Infrastructure today beat the street expectations as its Q3 net increased to Rs 169 crore, compared to Rs 133 crore in the corresponding quarter of the previous year, a rise of 27%.
The hike is largely due to a surge in the company's revenue and income from road infrastructure projects.
IRB's income from operations rose by 37% to Rs 1,364 crore as against Rs 993 crore, and EBITDA surged to Rs 718 crore as against Rs 585 crore, an increase of 23%.
The company's construction order book stands at Rs 15,500 crore, and it hopes good revenue visibility in the coming years. The company stock was trading at Rs 245.25, a rise of 4.6%, around 2.30 pm today.
In the first week of January, IRB received a letter of award from NHAI to construct Zoji La pass tunnel in Jammu & Kashmir (J&K), the longest in south-east Asia, costing Rs 10,050 crore. NH-1 has a tunnel length of 14.08 km. It will include approaches on NH-1 (Srinagar-Sonmarg-Gumri Road) in Jammu & Kashmir.
The company will receive annuity of Rs 981 crore from the Union Ministry of Roads and Highways twice in a year. This will commence after the completion of the construction of the project till the end of the concession period.
As on date, of the 20 road BOT (build operate and transfer) projects being developed by IRB, 13 are under operation.