IRB Infrastructure Q4 profit up 37%
IRB Infrastructure’s profit in the fourth quarter rose to Rs207 crore from Rs151 crore in the same period a year ago
- Biocon receives EIR from USFDA for its Bengaluru facility producing sterile
- Infosys to now focus on relentless execution, stability concerns addressed: Nandan Nilekani
- McDonald’s adopts eco-friendly cutlery in West and South India
- US investors seek Chanda Kochhar’s ouster from ICICI Bank
- LIC seeks govt nod to buy controlling stake in IDBI Bank
Mumbai: Infrastructure firm IRB Infrastructure Developers Ltd on Tuesday reported a 37% increase in net profit for the quarter ended 31 March at Rs 207 crore.
The company had reported a net profit of Rs151 crore in the corresponding quarter of the last fiscal. Its total income for the January-March period stood at Rs1,656 crore as against Rs1,571 crore a year ago, registering a growth of 5%, the company said in a statement. For the year, the company reported a 12% increase in net profit at Rs715 crore as against Rs640 crore in FY16.
Its total income in FY17 increased by 14% to Rs5,969 crore from Rs5,255 crore last year. Recently, IRB listed the first InvIT of the country with 6 operational assets valued at Rs5,920 crore. It received Rs1,700 crore as consideration from the InvIT and IRB continues to hold 15% of the unit capital of the trust.
Consequently, IRB’s debt-equity ratio has reduced substantially from 3:1 to around 1.8:1, which would lead to a credit rating upgrade. IRB’s construction order book stands at around Rs9,250 crore at the end of FY 2016-17.