MEP Infrastructure Developers today witnessed its net profit more than double to Rs 26.59 crore for the quarter ended March 2018.
The company had clocked a net profit of Rs 12.04 crore in the corresponding quarter of the preceding fiscal.
Total consolidated revenue from operations for MEP Infrastructure Developers for the financial year 2017-18 stood at Rs 2,322 crore as compared to Rs 1,729 crore in the last fiscal due to increase in construction and toll revenues, the company said in a statement.
Jayant Mhaiskar, Chairman and MD, MEP Infrastructure said, "FY18 was an exciting year for growth and development. The company ended the year with balance order book of Rs 7,284 crore in the hybrid annuity space with 10 projects and is one of the leading players in this space."
He said positive response from investors to the company's QIP has also been extremely encouraging and the capital raised shall be used for the growth of business including investment and supporting operational activities for existing or future projects of the group, to meet the long term working capital requirements, capital expenditure and general corporate purposes.
On the outlook, he said, "Going forward, the company shall be evaluating upcoming bids in the HAM (hybrid, annuity, mode) space and also in EPC (engineering, procurement and construction) where it is likely to bid for some large state road projects. MEP will also be evaluating long term TOT (toll, operate, transfer) projects along with the short and medium term bidding in the toll projects.
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