IRB Infra Q1 net profit up 5 pc to Rs 250 cr

Highways builder IRB Infrastructure Developers (IRB) today reported a 5 per cent increase in net profit at Rs 250 crore for the quarter ended June 30, 2018.

The company had clocked a net profit of Rs 238 crore in the corresponding quarter of the previous fiscal.

"Company's net revenues declined by 15 per cent to Rs 1,583 crore, as against Rs 1,870 crore in the corresponding quarter of FY18 due to completion of Solapur Yedeshi, and Kaithal Rajasthan projects," the company said in a statement.

Revenue from new projects will commence from second half of the current fiscal, it said.

The company also announced an interim dividend of Rs 2.50 per share of face value of Rs 10 each for FY19.

We had stupendous performance in FY18 which we are taking forward in FY 19 too. Q1 Results as well as the progress made for projects under development and implementation is promising -- boosting our confidence towards achieving targeted growth over the next 6-7 quarters, the company's Chairman and Managing Director Virendra D Mhaiskar said.

The company said it has signed concession agreements for new projects with NHAI in the first quarter that included six-laning of Hapur bypass to Moradabad section including Hapur bypass on NH 24 in Uttar Pradesh and eight-laning of Vadodara Kim Expressway in Gujarat.