IRB Infra's profit dips

Total income rose by 11% in Q2

IRB Infrastructure Developers today reported 11.69% dip in consolidated net profit to Rs 106.81 crore for the July-September quarter of current fiscal on account of higher expenses.

The company, one of the largest road builders on BOT (build, operate, transfer) basis had clocked net profit of Rs 120.96 crore for the second quarter of the previous fiscal, 2012-13.

Its total income rose by 11.09% in Q2, 2013-14 to Rs 939.13 crore, from Rs 845.33 in the year-ago period.

Total expenses of IRB during Q2 saw 11.28% increase at Rs 641.27 crore, as against Rs 576.23 crore in the year-ago period.

The cost of materials rose by 13% to Rs 110.17 crore, as against 97.76 crore in Q2, 2012-13.

Finance cost of the group also rose to Rs 176.12 crore in Q2, 2013-14, from Rs 147.02 crore a year ago.

"During the quarter, the Group has paid/accrued Rs 171.59 crore as revenue share/premium to National Highways Authority of India out of its toll collection in accordance with the concession agreements with NHAI," it said.

IRB Infra scrip closed at Rs 88.45, up 6.5%, on the BSE.