IRB Infra posts 37% drop in fourth quarter profit at Rs 97.45 crore

IRB Infrastructure Developers Ltd on Thursday reported a 36.84 per cent decline in its consolidated net profit to Rs 97.45 crore for the fourth quarter ended March 2021.

The company had clocked a Rs 154.32 crore net profit during the year-ago quarter, IRB Infrastructure Developers said in a BSE filing.

Its total income during the January-March 2021 quarter rose to Rs 1,650.40 crore from Rs 1,634.80 crore in the year-ago period.

The firm's expenses stood at Rs 1,474.27 crore, as compared to Rs 1,445.29 crore a year ago.

The company in a statement said that it became the first toll road and highways developer to tap offshore bond markets and raised 2,185 crore.

"Baggged BOT and HAM projects in Gujarat, Himachal Pradesh and West Bengal, thus entering the 10th state and eastern region India," it said.

IRB Infrastructure Developers Ltd Chairman and Managing Director Virendra D Mhaiskar said, "FY21 performance was marred by national lockdown in first quarter; however, restart of economic activities in the subsequent quarters brought strong recovery to surpass pre-COVID levels. We now look forward to a better and stronger FY22."

The company said it achieved single debt tie-up for Mumbai-Pune expressway.

"The company achieved a significant improvement in construction pace with eased lockdowns," it said.