IRB Infra Q2 profit down 26 pc at Rs 173 cr

IRB Infrastructure Developers Tuesday reported 26.32 per cent decline in net profit at Rs 173 crore for the second quarter ended September 30, 2018.

The company had clocked a net profit of Rs 234.73 crore in the corresponding period of the previous fiscal.

Total income grew 20 per cent to Rs 1,485.43 crore as against Rs 1,241.16 crore during the year-ago period.

"The second quarter 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," Chairman and MD Virendra D Mhaiskar said.

All three HAM (hybrid annuity mode) projects bagged have successfully achieved financial closures at bid project cost despite a weak lending environment, he said.

Mhaiskar said the coming quarters will be more robust as the company will be commencing the construction activity on all three HAM projects.

The company said its engineering, procurement and construction order book stands at about Rs 13,200 crore, including Rs 12,600 crore of construction order book, at the end of the reported quarter.

IRB Infra is one of the largest private roads and highways infrastructure developing companies in India.

The company has 7 operational projects under BOT space post InvIT, 7 projects under O & M contracts and 7 projects under various stages of construction.