IRB Infrastructure reports 6 pct jump in net profit during Q3

IRB Infrastructure Developers Monday reported a six per cent increase in net profit at Rs 219 crore during the December 31, 2018 quarter on the back of higher income from operations. The company had reported a net profit of Rs 207 crore in the corresponding quarter last fiscal.

Its total income for the October-December quarter increased to Rs 1,835 crore from Rs 1,342 crore in Q3 FY19, registering a growth of 37 per cent. IRB's total order book stands at around Rs 12,150 crore at the end of Q3 FY19.

"This growth of yet another quarter is aided by a slight pick-up in traffic and continued execution of projects on hand," IRB Infra chairman and managing director Virendra Mhaiskar said. IRB reported total income of Rs 4,904 crore during the April-December period as against Rs 4,431 crore, registering a growth of 11 per cent.

"Even as the total income grew 11 per cent, it was slightly impacted due to eight days of transporters strike," the company said. Mhaiskar further said the company has achieved financial closure for its Gujarat project during the quarter and will start construction shortly. "We expect the fourth quarter to be even stronger with continued traffic momentum and as we near completion for some of our projects," he added.

The company, at present, is having 24 projects, out of which, seven are operational under the BOT space, while seven others under operation and maintenance contracts for IRB InvIT and another seven projects are under various stages of construction. IRB currently has a portfolio of three projects under the hybrid annuity model.