IRB Infrastructure's (IRB) consolidated net profit declined by 17% y-o-y on account of increased interest and depreciation led by inclusion of two tolling assets and higher tax outgo. Net revenue grew by 15% y-o-y, supported by EPC and BOT segments, while blended OPM remained steady y-o-y. The major highlight was the signing of a definitive agreement with GIC for transfer of nine assets (three operational and six under various stages of construction) in private InvIT with IRB having management control with 51% stake. The deal is valued at ~1x P/B, which...