India's IRB Infrastructure falls as Sept-qtr revenue drops

IRB Infrastructure Developers

21/10/2022 09:02

** Shares of infrastructure development co IRB
Infrastructure Developers  IRBI.NS  fall as much as 4.3% to
231.50 rupees 
    ** IRBI on Friday reported 8.3% Y/Y drop in consol revenue
to 13.43 bln Indian rupees ($162.39 million)
    ** Profit after tax rose 102% Y/Y to 853.1 mln rupees
    ** "Monsoons kept the construction segment soft during the
quarter" Chairman and MD Virendra D. Mhaiskar said in a
statement
    ** Stock marks sharpest intraday pct loss since Sept. 26, 
hits lowest level since Oct. 17
    ** More than 2.4 mln shares change hands by 0750 GMT, 1.6x
30-day avg of 1.5 mln shares
    ** Five of the 8 analysts covering the stock have a "buy" or
"strong buy" rating, while 3 have "hold;" median PT is 284.50
rupees - Refinitiv 
    ** Stock up 6.38% YTD, as of last close
    ($1 = 82.7000 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))