IRB Infrastructure posts 65% jump in Q2 profit at Rs234.7 crore
IRB Infrastructure’s Q2 revenue falls 13% to Rs1,122.7 crore following the transfer of investments in six subsidiaries to IRB InvIT Fund
Mumbai: IRB Infrastructure Developers Ltd on Wednesday reported a 65% year-on-year jump in net profit to Rs234.7 crore in the quarter ending September due to lower interest outgo and depreciation and amortization.
The company said interest outgo during the quarter fell to 30.6% year-on-year to Rs235.6 crore, while depreciation and amortization were lower by 44.6% to Rs126 crore.
Revenue, however, was also down 13% year-on-year to Rs1,122.7 crore following the transfer of investments in six subsidiary companies to IRB InvIT Fund in May.
As a result, revenue from the build, operate and transfer (BOT) segment fell 33.8% from the year-ago period to Rs371.6 crore, the company said.
IRB Infra said its order book stood at Rs8,200 crore at the end of the September quarter, which included Rs7,500 crore of construction orders.
Virendra Mhaiskar, IRB Infra’s chairman and managing director, said the company is out of the GST-related slowdown in traffic and has been witnessing promising growth across projects. Highlighting key developments, Mhaiskar said, “We tied up Rs1,461 crore project finance for Udaipur-Gujarat Border Project; started tolling on two new projects, successfully transferred Pathankot Amritsar Project to IRB InvIT and got two notches rating upgrade to A+ which is likely to reduce finance cost.”
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