Companies

IRB Infrastructure reports 16% rise in net profit

Our Bureau Mumbai | Updated on October 23, 2019

IRB Infrastructure has reported a 16 per cent increase in its net profits, led by a rise in road construction and toll revenue collection income.

In the September ended quarter, profits were at ₹200 crore, when compared to ₹173 crore in the same period last year.

Revenues came in at ₹1801 crore, a 21 per cent increase when compared to ₹1,485 crore it posted in the year-ago period.

Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said: “Our integrated business model and growth in Engineering Procurement Construction (EPC) vertical has helped us continue our growth, even though heavy monsoon impacted toll collections which created operational difficulties during the quarter."

Mhaiskar added that IRB is eyeing ₹45,000 crore opportunity unfolding over the following to three quarters, comprising of 19 Build Operate Transfer (BOT), Mumbai-Pune Toll Operate Transfer (TOT) and two NHAI TOTs that we are keenly evaluating with its financial partner.

Also, for the September-ended quarter, the Ahmedabad-Vadodara project has received award from High Court for continuation of relief from payment of premium to NHAI till the outcome of Section 17 proceedings under arbitration, thus eliminating negative cash-flow for the project. Further, IRB is on course to complete transfer of assets to IRB Infrastructure Trust by December this year.

Published on October 23, 2019

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