IRB Infra logs Rs 42 cr profit in Jul-Sept, raises Rs 5,347 cr from 2 funds

IRB Infrastructure Developers on Tuesday reported a consolidated net profit of Rs 42 crore for the second quarter ended on September 30.

The company had posted a consolidated loss of Rs 20 crore in the corresponding quarter of the previous fiscal, it said in a statement.

Total income during the quarter under review increased to Rs 1,504 crore from Rs 1,169 crore in the year-ago period.

The company also announced raising a total of Rs 5,347 crore through preferential issue of equity shares to Cintra INR Investments BV and GIC Singapore's sovereign wealth fund.

The company said toll collections have witnessed pre-COVID-19 levels across almost all BOT assets, with a meaningful pick-up in economic activity across the country.

Virendra D Mhaiskar, chairman and managing director of the company, said, "Despite the impact of the second wave of the COVID-19 pandemic, the second quarter was encouraging".

"With the onset of festival season in India and more relaxations announced by the government, traffic movement is expected to significantly improve further resulting in much stronger H2FY22," he added.

The company in a separate statement announced two equity fundraise through preferential allotments to Cintra INR Investments BV, a 100 per cent subsidiary of Cintra Global S.E. and Bricklayers Investment Pte. Ltd, an affiliate of GIC Singapore's sovereign wealth fund.

"The total investment proceeds to IRB from these investments will be a maximum of Rs 5,347 crore. The issue price for both the preferential allotments is Rs 211.79 per share," it said.