IRB Infrastructure Developers rose 3.22% to Rs 172.90 after the company said it has emerged as a preferred bidder for a highway project in Tamil Nadu at the cost outlay of Rs 909 crore.
The project involves construction of six lanes of 20.060 kms Pondavakkam to Kannigaipair stretch on the upcoming Chittoor - Thachur Highway in Tamil Nadu at the cost outlay of Rs 909 crore. The project is under package-IV and is part of 'Bharatmala Pariyojana'.
The concession will comprise 730 days for construction and 15 years operations & maintenance rights thereafter. Upon award of this project, company's order book will stand at Rs 14,189 crore.
With this company's aggregate strength of hybrid annuity portfolio will be of approximately 640 lane kms with cost outlay of over Rs 5,500 crore.
The company is already constructing two Hybrid Annuity projects in Gujarat as a part of upcoming Vadodara Mumbai 8 lanes greenfield expressway. Recently, the company was awarded Pathankot Mandi hybrid annuity project in Himachal Pradesh.
Virendra D. Mhaiskar, chairman & managing director, IRB Infrastructure Developers, said, "We are happy to have another project in Tamil Nadu after the existing Omalur - Salem - Namakkal project, which is under the BOT space."
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He further added, "Winning this project has validated our integrated strengths, developed in last more than 20 years, in executing all types and sizes of highway infrastructure projects, be it under BOT (build, operate, transfer mode), TOT (toll, operate, transfer), HAM (hybrid annuity model) or EPC (engineering, procurement and construction), irrespective of the geographical terrains."
IRB Infrastructure Developers (IRB) is India's largest integrated 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. IRB Group's portfolio (including private and public InvIT) has 23 projects that include 19 BOT, 1 TOT and 3 HAM projects.
The company reported a consolidated net profit of Rs 71.91 crore in Q1 FY22 as against a net loss of Rs 30.14 crore in Q1 FY21. Net sales during the quarter rose 59.03% YoY to Rs 1,625.72 crore.
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