IRB Infra posts net profit of Rs. 173 cr for Q2, up 32%

IRB Infrastructure Developers Ltd. (IRB); India's leading and one of the largest highways infrastructure developers today announced unaudited financial results for second quarter and first half of the FY19.

While commenting on the occasion, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, "For us Q2 was all about strengthening the base as well as setting the platform for the following eight quarters. We are happy to have ticked all the boxes. All three HAM projects bagged have successfully achieved Financial Closures at Bid Project Cost despite a weak lending environment; key projects have witnessed significant improvement in toll collection, which includes Kaithal-Rajasthan project; and finally, with the construction also progressing well, even in monsoon quarter - we are set to fire on all engines."

He further added, "The coming quarters will be more robust as we will be commencing the construction activity on all three HAM projects."

The highlights of quarterly performance are:

Achieved Financial Closures for all three projects bagged under Hybrid Annuity at Bid Project Cost, despite weak lending scenario and market conditions.

CRISIL has initiated credit rating with "A+ Positive Outlook" for long term loan facilities.

EPC Order Book stands at approx. Rs. 13,200 Crs., including Rs. 12,600 Crs. of Construction order book, at the end of Q2 FY19.

Mumbra bypass has been opened for traffic towards end of September 2018, accordingly, coming quarters will see bounce back in traffic for MIPL.

Company's Solapur-Yedeshi highway project adjudged the best BOT project of 2018 and conferred on the Construction Times Award 2018.