GR Infraprojects soars 9% on strong fourth-quarter earnings

Shares of G R Infraprojects surged nearly 9 percent in early trade on May 19, buoyed by the company’s strong performance beat for the quarter ended March.

The construction company’s net profit grew 41 percent on year to Rs 390.60 crore in the fourth and the final quarter of the financial year 2022-23, the firm said after market hours on May 18

Revenue rose 2.7 percent to Rs 2,461 crore from Rs 2,396 crore in the corresponding quarter of the previous year. The operational performance also improved as the EBITDA margin expanded to 27.2 percent in the January-March period from 21.2 percent in the year-ago quarter.

At 10.46 am, shares of GR Infraprojects were trading at Rs 1,140 on the National Stock Exchange, up 5.37 percent from the previous close.

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Trading volumes were also high as around two lakh shares changed hands on the exchanges, against the one-month daily traded average of 42,000 shares.

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

The firm also believes that the management’s commentary on outlook, order inflows target and progress on hybrid annuity mode projects will be key monitorables.

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