IRB Infra cons net profit drops 27% to Rs 109 cr

Revenue drops to Rs 882 cr in Q4 FY 2014 from Rs 948 cr in same period last year

Road developer IRB Infrastructure Developers consolidated net profit dipped 27% to Rs 109 crore in Q4 of FY 2014 as against Rs 151 crore profit in same period last year due to drop in revenue and rise in finance cost.

Revenue dropped to Rs 882 crore in Q4 FY 2014 from Rs 948 crore in the same period last year. The company in its filing to the Bombay Stock Exchange said it paid Rs 178 crore as revenue share premium to National Highway Authority of India out of toll collections as a part of concession agreements. Interest cost rose to Rs 209 crore from Rs 162 crore.

For full year IRB Infra reported 18% drop in net profit. Net profit in FY 14 fell to Rs 459 crore as against Rs 557 crore in FY 13 and full year revenue was up one%. Toll revenue has increased by around 13% in FY 14 due to moderate traffic growth, increase in toll rates as per contracts and start of toll collection on new projects.

IRB Infra said its order book now stands at Rs 12,000 crores out of which Rs 10,000 crores worth of order book will be executed in the next three to four years. This order book gives it a good revenue visibility, the company said.