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Road developer IRB Infrastructure Developers has posted a net profit of ₹219 crore for the third quarter ended December 31, 2018 — which is up by 6 per cent from ₹207 crore in the corresponding quarter of FY18. The company’s total income stood at ₹1,835 crore ( ₹1,342 crore) registering a growth of 37 per cent.
The growth, according to Virendra D Mhaiskar, Chairman & Managing Director, was due to “slight pick-up in traffic and continued execution of projects on hand”.
“We achieved financial closure for our Gujarat project during the quarter and will start construction shortly. Q4FY19 is expected to be even stronger with continued traffic momentum and as we near completion for some of our projects,” he added.
During the quarter, the company has achieved financial closure for its 23.7-km Padra (Kim)-Vadodara Hybrid Annuity Model (HAM) project by arranging finances of ₹981 crore from lenders. The company has also received Appointed Date from NHAI. This is the first out of three HAM projects that IRB won last year that will move into the construction phase.
IRB Infrastructure currently has 24 projects, of which seven have been operational under BOT space and another seven projects are under O&M contracts for IRB InvIT, with other 7 projects being under various stages of construction.
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