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IRB Infra sees FY12 net profit, sales rising 15-20%

IRB Infra sees FY12 net profit, sales rising 15-20%
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First Published: Fri, May 20 2011. 05 19 PM IST
Updated: Fri, May 20 2011. 05 19 PM IST
Mumbai: Toll road operator IRB Infrastructure Developers Ltd sees posting 15-20% rise in both net profit and net sales in FY12, as it expects to bag “a number of road projects”, a top official told Reuters on Friday.
“We are qualified for a number of projects...,” its chairman and managing director Virendra D. Mhaiskar said, but did not specify how many projects it would win in FY12.
In January, Mhaiskar had told Reuters IRB Infrastructure had submitted pre-qualification bids for projects worth Rs30,000 crore.
The company’s net debt, which was Rs 3,400 crore as on 31 March, is likely to rise to Rs 500 crore in FY12.
“It should grow in line with the construction turnover.... As construction on new projects begins, SPVs (special purpose vehicles) would draw loans,” resulting in an increase in debt, he said.
Effective 1 April, the company had increased toll rates for the Mumbai-Pune Expressway by around 18%, he said.
Earlier, the company reported a 27% decline in consolidated Jan-March net profit to Rs 1030 crore.
The net was down due to the minimum alternate tax (MAT) credit of Rs 65 crorethe company had accounted for in the fourth quarter of FY10. The company pays MAT on build-operate-transfer projects it undertakes.
Shares of the company closed 2.07% lower at Rs 156.25 rupees in a strong Mumbai market.
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First Published: Fri, May 20 2011. 05 19 PM IST