IRB Infrastructure Developers Ltd receives LOA from NHAI for two new PPP projects

IRB Infrastructure Developers Ltd has received Letter of Award from NHAI for Six laning of National Corridor NH-19 from Palsit to Dankuni (up to NH-6 Connector) from km. 588.870 to km. 652.700 (total design length 63.830 km) in the State of West Bengal under Bharatmala Pariyojana to be executed on BOT (Toll) basis. The project cost is Rs. 2,421 crores. The concession period is 17 Years from the Appointed Date (including Construction Period of 91O days). The Company will get tolling rights on the Project from the Appointed Date.

The premium payable as a percentage of Revenue is 10.8% commencing after one year of actual completion date and increasing annually by 1% thereafter.

The company also emerged as the Preferred Bidder for NHAI's Project of Rehabilitation and Upgradation to Four Lane configuration & Strengthening of Punjab-HP Border to Mo from Km 11.000 to Km 42.000 (Design Length 28. 700 KM) of NH-20 (New NH-154) of Pathankot-Mandi Section in the state of Himachal Pradesh on Hybrid Annuity Mode (HAM) (Package - IA). The NHAI Bid Project Cost is Rs. 758.04 crores. The company's bid project cost is Rs. 828 crores. The Construction Period is 730 Days & Operation Period of 15 (Fifteen) years commencing from COD.

The company has already received the award of "Construction of Eight lane access-controlled Expressway from Km 190.000 to Km 217.500 of Vadodara Mumbai Expressway (Gandeva to Ena Section) in the State of Gujarat on Hybrid Annuity Mode under Bharatmala Pariyojana (Phase I-Package VII)" having Bid Project Cost of Rs. 1,755 Crore in August 2020.

Thus, the Company is closing its financial year after successfully securing new orders amounting to a total of Rs.5,004 crores. This works out to approx. 5% of the total market share of awards on PPP basis issued by NHAI in this Financial Year.

With this, the Company has added two more states to its portfolio namely West Bengal and Himachal Pradesh, thus showcasing its presence in 10 states of India.

The total order book of the company now stands at Rs. 14,509 Crores including construction order book of Rs. 7,583 Crores - providing revenue visibility of more than 2 years.

Shares of IRB INFRASTRUCTURE DEVELOPERS LTD. was last trading in BSE at Rs.103.5 as compared to the previous close of Rs. 102.85. The total number of shares traded during the day was 133128 in over 1660 trades.

The stock hit an intraday high of Rs. 105.1 and intraday low of 102.25. The net turnover during the day was Rs. 13802988.

Source : Equity Bulls

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