MEP Infra Q1 net grows to Rs 36 cr on exceptional items

MEP Infrastructure Developers saw its consolidated net profit rise 13-fold to Rs 35.85 crore for the quarter ended June, mainly on account of exceptional items of Rs 54.55 crore.
The company had reported a consolidated net profit of Rs 2.59 crore in the April-June quarter of the 2015-16 fiscal.
"One of the company's subsidiary company has handed over the project to Authority on August 25, 2016.
"Consequently the net provisions relating to major road maintenance amounting to Rs 3,567.21 lakh (comprising provisions of Rs 5,455.29 lakh disclosed as exceptional item and deferred tax there on amounting Rs 1,888.08 lakh included in tax expenses) recognised consequent to the transaction...Are reversed during the quarter ended June 30," the company said in a filing to BSE.

Total income from operations remained almost stagnant at Rs 461.07 crore during the quarter under review.
Total expenses of the company rose to Rs 381.79 crore during the quarter under review as against Rs 377.12 crore in the year-ago quarter.
Shares of the company closed at Rs 42.95 apiece on the BSE, up 0.12 per cent, from the previous close.