ITNL fourth quarter net profit rises 3.3%
Mumbai: Infrastructure company IL&FS Transportation Networks Ltd (ITNL) on Friday reported a 3.3% rise in its fourth quarter net profit, beating analyst estimates, driven by its surface transportation business.
The better-than-expected results were helped by “higher construction activity” in the quarter, managing director K Ramchand said.
Consolidated net profit in the quarter ended 31 March rose to Rs.80.42 crore from Rs.77.85 crore a year earlier, ITNL said. Revenue rose 71.8% to Rs.2,548.04 crore from Rs.1,483.39 crore in the year-earlier quarter. Revenue of the surface transportation business surged to Rs.2448.73 crore from Rs.1399.92 crore a year earlier.
Three analysts polled by Bloomberg had expected consolidated net profit of Rs.18.30 crore on net sales of Rs.1797.80 crore.
For the full-year ended 31 March, however, ITNL reported a 29.8% fall in consolidated net profit to Rs.311.54 crore. Full-year revenue rose 27.1% to Rs.8,263.79 crore.
ITNL has been looking to monetize its portfolio of operational build, operate and transfer (BOT) road assets for several months and has evaluated options ranging from listing of these projects under the newly approved infrastructure investment trust to an outright sale, in order to cut debt and fund projects that are under construction.
The company is looking to sell two of its annuity-based road assets over the next two quarters, Mint reported on 29 April.
ITNL said its board had recommended a dividend of Rs.2 per share for the year ended 31 March and sought shareholder approval for raising up to Rs.2500 crore through an issue of non-convertible debentures.
ITNL’s shares closed up 1.89% to Rs.72.75 on the BSE on Friday.