New Delhi: IRB Infrastructure Developers Ltd on Thursday reported a 16% rise in consolidated net profit at Rs240 crore for the quarter ended on 31 March 2018.

The company had reported a net profit of Rs207 crore during the same quarter last year. Total income of the company during the said quarter fell by 14% to Rs1,432 crore from Rs1,656 crore in the January-March period of 2016-17, IRB Infrastructure Developers Ltd said in a statement.

The company reported a 29% rise in net profit at Rs920 crore for 2017-18 fiscal compared to Rs715 crore in the preceding financial year. Its total income grew 2% to Rs5,863 crore in 2017-18 from Rs5,969 crore in 2016-17 fiscal.

IRB Infrastructure Developers Ltd chairman & managing director Virendra D. Mhaiskar said, “Not only Q4, but the whole of FY18 was stupendous for it witnessed return of traffic growth, post demonetisation and GST, across projects resulting into robust revenue build-up. We successfully listed IRB InvIT and transferred seven projects to it."

He further said that projects in Rajasthan received appointed dates to commence tolling and construction simultaneously after achieving financial closure.

“We also commissioned toll collection on two projects post construction and above all added four new projects to the portfolio, three under Hybrid Annuity Model (HAM) and one under BOT (Build–Operate–Transfer) model. We enter FY19 with strong momentum and more efficient balance sheet," Mhaiskar said.

IRB Infrastructure Developers is one of the largest private roads and highways infrastructure developers in the country. Shares of the company dropped by 2.84% to close at Rs261.90 on BSE.