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IRB Infra net profit declines 56% to Rs 69 cr in December quarter

IRB Infrastructure Developers' profit declined to to Rs 69.48 crore

IRB Infrastructure Developers | infrastructure | Results

Press Trust of India  |  New Delhi 

IRB Infrastructure
IRB Infrastructure

Developers Ltd on Monday reported a 56 per cent decline in its consolidated net profit to Rs 69.48 crore for the quarter ended December 31, 2020.

The company had clocked a Rs 159.73-crore net profit during the year-ago quarter, Developers said in a BSE filing.

Its total income during October-December 2020 fell to Rs 1,594.80 crore, from Rs 1,790.17 crore in the year-ago period.

The firm's expenses stood at Rs 1,459.32 crore, lower as compared with Rs 1,534.36 crore a year ago.

In a statement, the company said, "It has bounced back to post the net profit of Rs 69 crore in the third quarter of 2020-21, leaving behind the adverse impact of the COVID-19 pandemic on operations in initial quarters of 2020-21."

Developers had posted a consolidated loss of Rs 19.66 crore during July-September 2020.

Its Chairman and Managing Director Virendra D Mhaiskar said, "It is most pleasing to see this trend continue further for the ensuing quarter as well. Our construction segment has also seen a robust recovery and continues to strengthen further. We look forward to promising times ahead especially with the meaningful opportunities lined up in the sector."

The company also said its wholly-owned subsidiary VM7 Expressway Pvt Ltd has achieved financial closure for its Gandeva-Ena HAM (hybrid annuity mode) project in Gujarat. The project is for eight laning of the Gandeva-Ena section of 27.5 km on the upcoming Vadodara Mumbai Expressway, under the Bharatmala Pariyojana (Phase I, Package VII).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, January 18 2021. 20:12 IST