IRB Infra Q3 net profit down 24% at Rs 109 cr

Total expenses of IRB during Q3 declined by 10.46% at Rs 554.45 cr, as against Rs 619.25 cr in the year-ago period

IRB Infrastructure Developers today reported a 24% fall in consolidated net profit to Rs 109 crore for the October-December quarter of the current fiscal on lesser income and increased finance costs.

 

The company, one of the largest road builders on build, operate and transfer (BOT) basis had clocked a net profit of Rs 142.71 crore for the third quarter of the previous fiscal, 2012-13.

 

Its total income from operations declined marginally by 4% in Q3, 2013-14 to Rs 877.22 crore, from Rs 913.85 in the year-ago period.

 

Total expenses of IRB during Q3 declined by 10.46% at Rs 554.45 crore, as against Rs 619.25 crore in the year-ago period.

 

The finance costs during the quarter stood at Rs 204.15 crore over Rs 158.91 crore during the same period a year ago.

 

The company said that during the quarter, it has received a letter of award from National Highways Authority of India (NHAI) for the project of Four Laning of Solapur to Yedeshi section of  NH-211 in the State of Maharashtra to be executed as BOT (Toll) under NHDP Phase-IV.

 

"The estimated project cost is approximately Rs 1,500 crore having a concession period of 29 years and construction period of 910 days. The company has sought Rs 189 crore as viability gap funding from NHAI," the statement said.

 

IRB's Order book now stands at about Rs 7,800 crore out of which Rs 5,800 crores worth of order book is to be executed in the next 2 to 3 years, it said.

 

IRB is one of the largest private developers in India with 19 road BOT Projects out of which 16 projects are under operation.

 

IRB Infra scrip closed at Rs 77.10 apiece, up 5.04%, on the BSE.