IRB Infra Q2 net profit surges 65% to Rs. 235 Crore
IRB Infrastructure Developers reported a 65% per cent surge in its consolidated net profit to Rs 235 crore for the second quarter ended September 30. The company had reported a net profit of Rs 142 crore in the corresponding quarter last fiscal.
Its total income during the second quarter declined to Rs 1,269.21 crore as against Rs 1,324.21 crore. The total expenses during the quarter decreased to Rs 911.93 crore as against Rs 1,148.56 crore in the same period a year ago.
IRB Infra Chairman and MD, Virendra D Mhaiskar said, “Q2 and first half performance is encouraging as it set a robust pace for coming quarters and involved major developments”. “We are out of GST led slowdown in traffic and, since September, have been witnessing promising growth across projects. We have entered second half with lot more gusto and look forward to large opportunities unfolding with latest Government initiatives,” he added.
The company said it has transferred Pathankot-Amritsar highway project to IRB InvIT in September, generating cash of Rs 544 crore to IRB. The company said its “Debt equity ratio has further reduced, substantially, from 2.1:1 before InvIT IPO to 1.7:1 now and company stands at a net cash position, leading to credit rating upgrade by couple of notches from A- to A+”. The total order book stands at about Rs 8,200 crore, including Rs 7,500 crore for construction order book at the end of Q2FY18.