IRB Infra Q1 Review - Construction Drives Growth: Prabhudas Lilladher
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Prabhudas Lilladher Report
IRB Infra Developers Ltd.’s Q1 FY22 results were ahead of estimate led by strong growth in construction revenues, as execution pace rises.
In Q1, toll revenues in 11 projects (across IRB Infra and private infrastructure investment trust) saw 26% sequential dip in revenue, owing to second wave of Covid-19 and partial lockdown across states.
With gradual lifting of state lockdowns and provisional commercial operations date expected for four projects in FY22, toll revenues are expected rebound soon and remain robust in FY22.
On the back of strong engineering, procurement and construction of Rs 66 billion, execution to start on newly awarded projects and with robust bid pipeline from National Highways Authority of India/state agencies, construction revenues too are expected to witness strong growth in FY22.
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