IRB Infra Q2 beats street; cons net up 11% YoY at Rs 110 cr

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IRB Infra Q2 beats street; cons net up 11% YoY at Rs 110 cr

IRB Infrastructure Developers' consolidated net profit for the second quarter rose better-than-expected 11% from a year ago to Rs 110 crore.

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Moneycontrol Bureau

IRB Infrastructure Developers ' consolidated net profit for the second quarter rose better-than-expected 11% from a year ago to Rs 110 crore.

The road developer's income from operations increased 50% year-on-year to Rs 735.9 crore in July-September, IRB said on Thursday.

Analysts on average had expected IRB's net profit at Rs 102 crore on revenue of Rs 690 crore, according to a CNBC-TV18 poll.

The strong growth in revenue was partly offset by a surge in expenses. The company's total expenses jumped 55% year-on-year to Rs 477.25 crore, mainly due to rise in contract expenses and raw material costs. IRB's interest in the second quarter doubled to Rs 141.15 crore and tax expense was up over 90% year-on-year to Rs 36.69 crore in the three-month period.

"We have been focusing on execution of under-construction projects. We have also seen around 6% traffic growth in most of our projects which is a very healthy growth. These factors have helped to achieve robust growth on the portfolio on year over year basis," said Virendra Mhaiskar, chairman & managing director.

IRB said it has Rs 3,890 crore worth ongoing BOT [build-operate-transfer] projects, while Rs 2,067.1 crore worth BOT projects are in operation & maintenance phase.

Further, the company has also received LOA [letter of acceptance] for Rs 3,678 crore worth BOT projects, but construction is yet to commence, it said.

IRB has 2,322 lane kilometers under development and 3,413 lane kilometers operational, the company said.

It has also completed acquisition of 1,200 acres of land and proposes to acquire more land for its plans to develop integrated township along the Mumbai-Pune Expressway, IRB said.

IRB Infra shares closed down 1.9% at Rs 166.80 on NSE on Wednesday.

Nachiket Kelkar
nachiket.kelkar@network18online.com