IRB Infrastructure Q1 net up 10.33% to Rs 165.94 crore

IRB Infrastructure Developers today reported a 10.33 per cent increase in its consolidated net profit at Rs 165.94 crore for the quarter ended June 30 on the back of increase in revenues.
The company had clocked a net profit of Rs 150.39 crore in the corresponding quarter of the last fiscal.
IRB's total income for the April-June period increased 9.64 per cent to Rs 1,136.74 crore as against Rs 1,036.71 crore, a year-ago.
"There has been a substantial growth in road traffic during the quarter which resulted in higher revenue collection. Similarly, due to strong construction activities, construction revenue in the first quarter has increased," company's Chairman and Managing Director Virendra Mhaiskar told PTI here.

The company's board has also approved its proposal of setting up Infrastructure Investment Trust.
"We have decided to monetise our assets by setting up an Infrastructure Investment Trust under which we will sell or transfer our whole or substantial shareholding in SPVs. This will enable generation of funds commensurate with valuation of its holdings in the SPVs," he said.

He added that the company will approach the Securities and Exchange Board of India for its approval for the proposed trust.
"The board has also proposed to increase the limit for this transfer of assets to Rs 36,000 crore from Rs 20,000 crore, under Section 180(1)(a) of the Companies Act, 2013," he said.

IRB's order book now stands at around Rs 12,100 crore out of which Rs 10,270 crore worth of order book is to be executed in the next three to four years.
"This construction order book gives IRB good visibility for the next three years," Mhaiskar added.