The company had reported a net profit of Rs 142.17 crore in the corresponding period last fiscal.
Total revenues for the July-September period declined 4.15 per cent to Rs 1269.21 crore from Rs 1324.21 crore a year-ago.
IRB's total expenses in Q2 reduced to Rs 911.93 crore from Rs 1148.56 crore, registering a 20 per cent decline.
"The second quarter and first half performance is encouraging as it set robust pace for coming quarters and involved major developments. We are out of GST-led slowdown in traffic and, since September, have been witnessing promising growth across projects," its Chairman and Managing Director Virendra Mhaiskar told reporters here.
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"We have entered the second half with a lot more gusto and look forward to large opportunities unfolding with latest government initiatives," he said.
Mhaiskar said the company is seeing huge opportunity in the 20 hybrid annuity model (HAM) as well as toll-operate- transfer (TOT) projects the National Highways Authority of India (NHAI) has announced to boost road infrastructure.
"These projects will be up for bidding in this fiscal itself. We have traditionally been BOT players but with the government focusing on the HAM model, we have also decided to participate in that program," he said.
He, however, did not rule out any future tie-ups and said, "Taking into consideration the size of the project or as per the situation at that time, we may look at financial partnerships."
Apart from these, the company is also looking at the ambitious Bharatmala project, which envisions to create a road network of over 60,000 kilometres.
Over the next five years, India will see around 35,000 km of road network being built, including 9,000 km of economic corridors, 6,000 km of feeder roads, 2,000 km of border roads and 800 km of expressways. Construction under Phase-I will also include 10,000 km of remaining work under NHDP.
The company's debt equity ratio has further reduced substantially, from 2.1:1 before InvIT IPO to 1.7:1 now and company stands at a net cash position.
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