Shares of GR Infraprojects soared nearly 9% in early trade on May 19, helped by the company’s strong performance in the quarter ended March.

The construction company’s net profit for the fourth and final quarter of FY22-23 rose 41% year-on-year to Rs 390.60 crore, the company said after hours on May 18.

Revenue rose 2.7% to Rs 2,461 crore from Rs 2,396 crore a year earlier. Operating performance also improved as the EBITDA margin widened to 27.2% in January-March from 21.2% a year earlier.

Shares of GR Infraprojects traded at Rs 1,140 on the National Stock Exchange at 10:46 am, up 5.37% from the previous close.

Trading volumes were also high, with about 200,000 shares changing hands on the exchange, compared with a one-month daily average of 42,000 shares.

Brokerage ICICI Securities said a key catalyst for the construction company would be its proposed listing of InVIT, which would partially free up its balance sheet.

The company also believes that management’s commentary on the outlook, order inflow targets and progress of the hybrid annuity model project will be key monitorable indicators.