IRB Infra Developers gains 13% on arbitration tribunal award in favour of YATL

IRB will receive Rs 1,681 crore towards the compensation and is also entitled to receive further interest from the date of the award till the date of realisation of the compensation as per terms of the award.

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Shares of IRB Infrastructure Developers gained nearly 13.5 percent in morning trade on January 29, a day after the company reported that the arbitration tribunal had granted an award in favour of the Yedeshi Aurangabad Tollway. At 10:40am, the stock was trading at Rs 56.90.

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In a regulatory filing on January 28, IRB Infrastructure Developers said that the Arbitration Tribunal has granted the award in favour of Yedeshi Aurangabad Tollway (YATL), a special purpose vehicle (SPV) set up for the project, in arbitration proceedings against the National Highways Authority of India (NHAI). According to the filing, IRB will receive Rs 1,681 crore towards the compensation and is also entitled to receive further interest from the date of the award till the date of realisation of the compensation as per terms of the award.

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According to the filing, YATL commenced construction of the project in July 2015 and it was scheduled to be completed by December 2017. However, due to delay in handing over of land and for other reasons, the project completion was done by September 24, 2020. “As a result of the delay, YATL incurred time and cost overruns for which it claimed compensation from NHAI on March 12, 2021. The same was disputed by the NHAI and led to arbitration,” it said.

In December 2023, the road infrastructure developer reported a 26 percent year-on-year increase in toll collection for the quarter ending December 2023. The company is expected to announce its Q3 results on January 31. In Q2FY24, the company reported a 12 percent YoY increase in net profit at Rs. 96 crore against Rs 85 crore in the previous fiscal.

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