BackIRB Infrastructure Q2 profit rises 22.5% to Rs149.1 crore, beats estimates
More operational projects and a rise in toll income helped the company profit
Premium
Mumbai: IRB Infrastructure Developers Ltd on Wednesday reported a higher-than-expected 22.5% rise in consolidated net profit for quarter ended 30 September, helped by more operational projects and a rise in toll income.
Consolidated net profit stood at ₹ 149.1 crore as against ₹ 121.7 crore a year ago.
Total income rose 29.3% to ₹ 1,179 crore from ₹ 912 crore a year ago.
Nine analysts polled by Bloomberg had expected a net sales of ₹ 1,091.8 crore while a poll of 10 analysts had expected net profit of ₹ 145.2 crore.
Apart the rise in toll revenue and more projects under construction, the construction turnover has also helped profits rise during the quarter, said chairman and managing director Virendra Mhaiskar.
Toll revenue during the quarter rose about 9% to ₹ 476 crore while construction revenue rose 47% to ₹ 703.3 crore, IRB said.
The company has 20 build-operate-transfer road projects, of which about 14 are operational. IRB’s construction order book now stands at about ₹ 9,650 crore, which will be executed over the next three to four years.
Despite the profit and revenue rise, IRB Infrastructure’s shares on Wednesday fell 2.09% to ₹ 259.45 apiece on BSE while the benchmark index Sensex closed at 27,287.66 points, down 0.07%
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
