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MEP Infrastructure Developers Ltd has reported a consolidated net profit of Rs 26 crore for the quarter ended March 31, 2018 against Rs 12 crore in the corresponding period of last fiscal. Total consolidated revenue for the quarter stood at Rs 776 crore.
For the year, the company has reported consolidated revenue from operations at Rs 2,322 crore compared with Rs 1,729 crore last year due to increase in construction and toll revenues. The company’s board has recommended a final dividend of Re. 0.30 per share for FY18.
According to Jayant Mhaiskar, Chairman & Managing Director, MEP Infrastructure Developers Ltd, the company ended the year with an order book of Rs 7,284 crore in the hybrid annuity space with 10 projects. It is one of the leading players in this space.
Earlier this year, MEP Infrastructure had announced raising Rs 161.7 crore via issue of equity shares through qualified institutional placement. The company had initially targeted raising a base deal amount of Rs 135 crore, with an option to upsize the deal.
“The capital raised shall be used for the growth of our business, including investment, and supporting operational activities for existing or future projects of our group, to meet the long-term working capital requirements, capital expenditure and general corporate purposes of our group,” Mhaiskar added.
According to Mhaiskar, MEP Infrastructure, which has projects in toll and hybrid annuity space, will be evaluating new opportunities in these areas as well as looking for projects in EPC space where it is likely to bid for some large state road projects.
“MEP will also be evaluating long-term toll-operate-transfer (TOT) projects along with the short and medium-term bidding in the toll projects,” he added.
MEP Infrastructure currently has a portfolio of ten hybrid annuity model (HAM) projects in Maharashtra and Gujarat valued at Rs 7,942 crore covering 2,144 km. During last financial year, MEP had bagged four new HAM projects in Maharashtra from the National Highways Authority of India.
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