IRB Infrastructure Developers Q1 net profit falls to Rs 134 crore

IRB Infrastructure Developers on Monday posted a 63 per cent fall in its profit after tax to Rs 133.77 crore during the April-June quarter, dragged by lower income.

It had reported a net profit of Rs 363.19 crore during the April-June period last year, the company said in a regulatory filing.

The company's total income in the first quarter (Q1) of the current fiscal also fell to Rs 1,745.47 crore from Rs 1,995.40 crore a year ago.

In a statement, company Chairman and Managing Director Virendra D Mhaiskar said the company commenced 2023-24 on a positive note and expects to continue to witness robust momentum in toll collection.

He added, Recently added projects of Hyderabad ORR TOT (outer ring road toll-operate-transfer) and Samakhiyali to Santalpur BOT (build operate and transfer) project are set to commence during Q2 and will meaningfully contribute to both, toll collection as well as construction segment, Q3 onwards."

The toll collection for the April-June period was Rs 1,183 crore as against Rs 1,000 crore in the corresponding quarter of the last fiscal, the company said.

During the quarter, IRB Infrastructure Developers "executed the concession agreement for the Rs 2,132-crore Samakhiyali Santalpur BOT project in Gujarat," it added.