IRB Infra results beat street estimates, stock surges 6%

Declares an interim dividend of Re 1 per share

IRB Infrastructure Developers has surged over 6% to Rs 121 on reporting a better-than-expected net profit of Rs 142 crore, as against an average analyst estimate of Rs 100 crore for the quarter ended June 2012. The infrastructure company had reported a net profit of Rs 134 crore during the corresponding quarter of previous fiscal.

Income from operations grew 22% at Rs 980 crore, while operating profit jump 29% at Rs 426 crore in Q1 FY1 on year-on-year basis.

“IRB Infra was order-book of Rs 7,800 crore. The company now has a portfolio of 17 road projects, of which 10 have been commissioned while six are under implementation, “according to reports.

Meanwhile, the board has declared an interim dividend of Re 1 per equity share of face value of Rs 10 each, for the financial year 2012-13. A combined 1.34 million shares have changed hands on the counter so far on both the exchanges.