Shares of IRB Infrastructure Developers fell 4% on May 22 after the company reported a 25% year-on-year decline in consolidated net profit to Rs 130.15 crore.

At 10:31 am, IRB Infrastructure Developers was quoted at Rs 27.85, down 3.40%. So far today, it has traded 474,579 shares, compared with its five-day average of 1,851,075 shares, a decrease of 74%.

Consolidated revenue, however, rose 13% year-on-year to Rs 1,619.98 crore. Healthy revenue growth from BOT and TOT projects as well as construction projects supported overall sales.

EBITDA rose 18% to Rs 758.74 crore while the operating margin widened to 46.84% in the quarter from 44.75% last year.

The company is engaged in the road infrastructure development business. It secures contracts by responding to bids with bids under which it is required to form special purpose company companies to execute the winning projects. In doing business, its income includes income from road infrastructure projects, dividends from its subsidiaries, and mutual fund income from other sources.

Virendra D Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers, said: “FY24 looks promising as we grew our toll revenue by 19% in the first month; The share in the TOT segment reached around 37%, the largest among all players in the industry. We expect the growth momentum to continue throughout the year.”