Moneycontrol Bureau
Mumbai-based road developer IRB Infrastructure said consolidated profit in July-September quarter declined 5 percent to Rs 142.2 crore compared with Rs 149.67 crore in year-ago period. Higher finance cost dented bottomline.
Revenue during the quarter increased 12.3 percent year-on-year to Rs 1,290.6 crore while other income was up by 11 percent at Rs 33.63 crore.
Anil Yadav, Group CFO of IRB Infra said that surplus monsoon led to reduction in construction revenue and toll earnings in the second quarter. However, growth is expected to be same as that in Q1 in coming quarters.
Speaking of demonetisation impact on tolls, Yadav said that the government will compensate for any revenue loss.
Earnings except margin missed analysts' expectations. Profit was estimated at Rs 161 crore on revenue of Rs 1,372 crore and EBITDA was expected at Rs 751 crore with margin at 54.7 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 17.2 percent year-on-year to Rs 709 crore and margin expanded by 220 basis points to 54.9 percent in the quarter ended September 2016.
Finance cost jumped 41.6 percent to Rs 339.6 crore in Q2 on yearly basis.
At 14:42 hours IST, the stock was quoting at Rs 181.05, down Rs 8.30, or 4.38 percent after hitting a 52-week low of Rs 179.50 on the BSE.
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