Dilip Buildcon net rises 16-fold
Dilip Buildcon (DBL) on Tuesday reported a more than 16-fold increase in its Q2FY18 net profit to Rs 115.6 crore year-on-year, helped by a lower base on account of expenses incurred last year towards the company’s initial public offering (IPO) on the company’s profit and loss statement. The topline for the quarter jumped 72.6% y-o-y to Rs 1,581 crore. Rohan Suryavanshi, director, strategy and planning, DBL, explained the jump, saying the IPO expenses had caused the profit to drop in Q2FY17. However, he said, “This helped us to get a tax benefit of about Rs 18 crore this year.” Earnings before interest, depreciation and amortisation (Ebidta) jumped 83% to Rs 285.31 crore while Ebitda margins expanded 100 basis points to 18%.
During the quarter, the company divested its entire portfolio of six road projects, which it had won under the hybrid annuity model, along with 18 other road assets, to the Shrem Group, for Rs 1,600 crore. DBL went public in August last year in an IPO that saw the company, its promoters and its private equity investor raise `664 crore. The stock closed 1.73% lower to end at Rs 857.35 on the Bombay Stock Exchange.