IRB Infrastructure Developers rose 1.74% to Rs 122.85 after the company said it has received letter of award from National Highways Authority of India (NHAI) for hybrid annuity project under Bharatmala Pariyojana.
IRB Infrastructure Developers (IRB) said the order is for construction of eight lanes of Vadodara - Mumbai Expressway in Gujarat, on the Gandeva to Ena stretch having length 27.50 kms with the project cost of Rs 1,755 crore.
The project (package-VII) is part of India's ambitious 'Bharatmala Pariyojana' of the NHAI under Phase-I. The concession will comprise 730 days for construction and 15 years operations & maintenance rights thereafter. Upon award of this project, IRB's order book will stand at Rs 13,755 crore. The announcement was made on Sunday, 2 August 2020.
IRB's consolidated net profit dropped 25.8% to Rs 154.32 crore on 18.7% fall in net sales to Rs 1,584.45 crore in Q4 March 2020 over Q4 March 2019.
IRB is a private roads and highways infrastructure developer in India.
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