IRB Infrastructure Developers Ltd today reported 27.7 per cent drop in consolidated net profit at Rs 109.23 crore for the quarter ended March 31 due to lesser income from operations and higher finance cost.
The company's net profit in the corresponding quarter of the year-ago period was Rs 151.13 crore, the company said in a filing to BSE.
The income from operations also came down to Rs 882.87 crore from Rs 948.27 crore in the corresponding quarter, it said.
"During the quarter, the group has paid/accrued Rs 17,833.95 lakh (Rs 178.33 crore)... As revenue share/premium to National Highways Authority of India (NHAI)... Income from operations is net of revenue share/premium to NHAI of Rs 12,713.94 lakh (Rs 127.13 crore) ... And balance Rs 5,120.01 lakh (Rs 51.2 crore)... Is capitalised to toll collection rights under development," the company said.
The finance cost during the quarter went up to Rs 209.85 crore, from Rs 162.19 crore in the year-ago period.
During the quarter, the company promoted and incorporated a new subsidiary Solarpur Yedeshi Tollway Pvt Ltd, it said.
IRB's order book stands at around Rs 12,000 crore, out of which orders worth Rs 10,000 crore will be executed in the next three to four year, it added.
