IRB posts quantum jump in Q1 Income

Total Income shoots by 85% to Rs. 436 crores; PAT stands at Rs. 81 crs., vs. Rs.54 crs. in FY08.

IRB Infrastructure Developers Limited, (BSE: 532947) one of the largest toll road operating companies in India, declared a profit of Rs. 81 crores on Total Income of Rs. 436 crores for the first quarter ended June 30, 2009. Income from operations for the period at Rs. 414 crores is up by 80 % from Rs. 230 crores for quarter ended June 30, 2008.

Announcing the results, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Ltd. said, “The first quarter has been quite satisfactory, both in terms of our performance and the order book position.”

Recently, IRB emerged as lowest bidder, in 4 BOT projects on grant basis, at an aggregate project cost of Rs. 4,300 crores from NHAI in 4 states, i.e., Goa, Rajasthan, Punjab and Maharashtra and Letter of acceptance from NHAI is awaited.

The first BOT-order was from the state of Goa worth Rs. 800 crores, followed by a Rs.1,200 crore order from Punjab and the third from Rajasthan worth Rs. 1,500 crores. The last one worth Rs.800 crores is from Maharashtra on the Talegaon-Amravati section of NH-6. Based on the DBFOT (Design, Build, Finance, Operate, Transfer) pattern, all these projects involve the 4-laning of stretches of National Highways in these states.

About IRB Infrastructure Developers Ltd.
IRB Infrastructure Developers Ltd. is an integrated infrastructure development and construction company in India with significant experience in the roads and highways sector. The Company is one of the largest private developers in India and the largest toll road operating company in India. It is an established infrastructure company in the roads sector and has a large portfolio of completed and operational BOT projects in the roads infrastructure sector. Since February 25, 2008, the Company has been listed on the NSE and BSE. For further details, log onto www.irb.co.in.