IRB Infrastructure stock hits record high after Moody’s affirms credit rating

Shares of IRB Infrastructure Developers Ltd zoomed to their record high after international ratings agency Moody's affirmed the company's Ba1 CFR and India Toll Roads' Ba2 senior secured rating and maintained the stable outlook for both ratings. The assets of the firm benefit from long-term concession agreements that allow for regular toll rate adjustments and provide several protective measures against unexpected adverse events, Moody’s said.

Subsequently, IRB Infrastructure stock climbed 7.81% to Rs 38.51 on BSE.

The stock opened lower at Rs 35.69 today against the previous close of Rs 35.72. IRB Infrastructure stock has climbed 52.27% in one year and gained 21% since the beginning of this year.  However, the stock has zoomed 234.45 % in the last three years, delivering multibagger returns for shareholders.

In Friday’s session, a total of Rs 114.01 lakh shares of the firm changed hands amounting to a turnover of Rs 43.05 crore on BSE. Market cap of the firm stood at Rs 22,905 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 62.1, signaling it's trading neither in the overbought nor in the oversold zone. IRB Infrastructure shares have a beta of 0.2, indicating very low volatility in a year.

IRB Infrastructure shares are trading higher than the 5 day, 10 day, 20 day, 50 day , 100 day and 200 day moving averages.

The highway and infra construction firm reported a net profit of Rs 95.7 crore for the September quarter compared with Rs 85.3 crore in the corresponding quarter last year. Revenue in the September quarter climbed to Rs 1,874.5 crore in Q2 against Rs 1438.8 crore in the corresponding quarter of the last year.

On an annual basis, net profit zoomed 99% to Rs 720 crore for the fiscal ended March 2023 against Rs 361.40 crore for the fiscal ended March 2022. For the fiscal ended 2021, net profit stood at Rs 117.15 crore.  Revenue climbed 10.30% to Rs 6401 crore in the March 2023 fiscal against Rs 5803 crore for the fiscal ended March 2022. For the fiscal ended 2021, sales stood at Rs 5298.63 crore.

IRB Infrastructure Developers is an infrastructure development company. The company is engaged in constructing roadways and highways. It is involved in engineering, procurement and construction (EPC), and operation and maintenance across all its businesses.

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