IRB Infrastructure on Friday beat Street expectations as its net profit for Q3 increased to Rs 169 crore for the quarter ended December, compared to Rs 133 crore a year ago, a rise of 27 per cent.
The rise is largely due to a surge in the company's revenue and income from road infrastructure projects.
IRB's income from operations rose by 37 per cent to Rs 1,364 crore against Rs 993 crore and Ebitda surged to Rs 718 crore against Rs 585 crore, an increase of 23 per cent.
Company's construction order book stands at Rs 15,500 crore and hopes good revenue visibility for the coming years. The company stock was trading at 2.35 pm at Rs 245.25, a rise of 4.60%.
IRB in the first week of January received letter of award from NHAI to construct the Zoji La pass tunnel in Jammu & Kashmir (J&K), the longest tunnel in south-east Asia, costing Rs 10,050 crore. NH-1 has a tunnel length of 14.08 km. It will include approaches on NH-1 (Srinagar–Sonmarg–Gumri Road) in Jammu & Kashmir.
The company will receive annuity of Rs 981 crore from the union ministry of roads and highways twice in a year. This will commence after the completion of the construction of the project till the end of the concession period.
As on date, of the 20 road BOT (build operate and transfer) projects being developed by IRB, 13 are under operation.
