IRB Infrastructure Developers reported net profit of ₹218.8 crore for the October-December quarter of FY19, a marginal 5.5% rise over the same period of the previous year when it reported net profit of ₹207.2 crore.
In the third quarter, total income grew 37% to ₹1,835 crore from ₹1,342 crore over the same period last year, as the company posted strong growth in both its construction and BOT (build-operate-transfer) segments. The company’s total order book stands at approx. ₹12,150 crore at the end of Q3 FY19, the company said in a press release. It also achieved financial closure for the company’s third hybrid-annuity (HAM) project, i.e., Vadodara – Kim stretch of Vadodara – Mumbai Expressway project by arranging finances of ₹981 crore.
IRB Infra has 24 projects, out of which 7 projects operate in the BOT space; 7 projects are operations and maintenance contracts and another 7 projects are under various stages of construction. The company has 3 projects under HAM model was well.
Virendra D. Mhaiskar, chairman & managing director, IRB Infrastructure Developers Ltd. said, in a press note: “We achieved financial closure for our Gujarat project during the quarter and will start construction shortly. Q4 FY19 is expected to be even stronger with continued traffic momentum and as we near completion for some of our projects."
The company’s stock fell 3.63% to ₹139.35 on the BSE on Monday.