IRB Infra shares jump 6% after HDFC MF picks up 0.7% stake in the firm

Earlier this month, Life Insurance Corporation of India (LIC) purchased 71.29 lakh equity shares or a 2.03 percent stake in the construction company. After the transaction, LIC's stake in the company increased to 7.06 percent from 5.03 percent earlier. The deal was executed as a market purchase.

For the March quarter,  IRB Infra reported a 36.84 percent decline in its consolidated net profit to Rs 97.45 crore. The company had clocked a Rs 154.32 crore net profit during the year-ago quarter.

Its total income during the January-March 2021 quarter rose to Rs 1,650.40 crore from Rs 1,634.80 crore in the year-ago period.

The firm's expenses stood at Rs 1,474.27 crore, as compared to Rs 1,445.29 crore a year ago.

The company in a statement said that it became the first toll road and highways developer to tap offshore bond markets and raised Rs 2,185 crore.

IRB Infra Chairman and Managing Director Virendra D Mhaiskar said, "FY21 performance was marred by national lockdown in the first quarter; however, a restart of economic activities in the subsequent quarters brought strong recovery to surpass pre-COVID levels. We now look forward to a better and stronger FY22."