IRB Infra net down 27.5%

IRB Infrastructure Developers today reported a decline of 27.49 per cent in its consolidated net profit at Rs 102.76 crore for the quarter ended March 2011.

The company had posted a net profit of Rs 141.7 crore during the corresponding quarter of 2009-10.

In a regulatory filing, the company attributed the decline in profits to accounting of MAT (minimum alternative tax) credit for the entire year in January-March quarter.

Income from operations of the company, however, rose by 52.86 per cent at Rs 766.97 crore during the quarter as compared to Rs 501.74 crore of January-March quarter of 2009-10, the filing said.

For the full year 2010-11, the net profit of the company was up 17.4 per cent at Rs 452.4 crore vis-a-vis a net profit of Rs 385.4 crore it had reported in 2009-10, the filing added.

During the year, the company's income from operations rose by over 43 per cent at Rs 2,438.11 crore, the filing said.

The company, which is engaged in road infrastructure development, also said that it currently has 10 operational projects under build-operate-transfer mode.

Shares of the company today closed at Rs 156.30 on the Bombay Stock Exchange, down 1.98 per cent from the previous close.