IRB Infrastructure - Quarter led by strong execution - ITI Securities

Strong performance with net sales and profits beating market expectations has reinstated growth for IRB. Also with unconditional waiver to all subsidiaries from pre-deposit and service tax demand on its BOT projects has come as a positive news as granted by Hon'ble Custom Excise & Service Tax Appellate Tribunal.

Thus with strong results and positive decision on service tax, we maintain our BUY rating with TP of Rs.179 given concerns of slower traffic growth and external factors involving the promoters of IRB and their outcome which can not be quantified could be an overhang on price performance.

Source : Equity Bulls

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