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Last Updated : Sep 04, 2018 03:58 PM IST | Source: Moneycontrol.com

IRB Infrastructure hits 52-week low, down 9% as Citi maintains Sell, cuts target

Citi has maintained its Sell rating on the stock and slashed target price to Rs 185 from Rs 204 per share as it incorporated details from company's FY18 Annual Report.

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IRB Infrastructure Developers share price hit fresh 52-week low of Rs 169.25 intraday before closing down 8.89 percent at Rs 172.20, as global investment firm Citi remained negative on the stock.

Citi has maintained its Sell rating on the stock and slashed target price to Rs 185 from Rs 204 per share as it incorporated details from company's FY18 Annual Report.

The research house raised its FY19 EPS by over 8 percent mainly due to rise in estimated EBITDA from new BoT projects.

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IRB Infrastructure reported 5 percent rise in its June quarter (Q1FY19) net profit to Rs 250 crore but revenue of the company was down 15 percent to Rs 1537.95 crore YoY.

Its EBITDA (earnings before interest, tax, depreciation and amortisation) for the quarter was down 8.7 percent to Rs 746.1 crore but margin improved to 48.5 percent YoY.

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First Published on Sep 4, 2018 03:58 pm
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