IRB Infra Posts Q1 Net Profit Of Rs. 250 Crs
IRB Infrastructure Developers Limited (IRB); India’s leading and one of the largest integrated highways infrastructure developers, has posted Net Profit of Rs. 250 Crs; thus, registering growth of 5%, against Rs. 238 Crores in the corresponding quarter of FY 18.
Company’s Net Revenues declined by 15% to Rs. 1,583 Crs, as against Rs. 1,870 Crs in the corresponding quarter of FY18 due to completion of Solapur Yedeshi, and Kaithal Rajasthan projects. Revenue from new projects will commence from H2FY19.
The Company, in line with its dividend policy, alike in the corresponding quarter of FY18, has announced an Interim Dividend of Rs. 2.50 per share on face value of Rs. 10/- each for FY19.
While commenting on Company’s performance, Mr Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “We had stupendous performance in FY18 which we are taking forward in FY 19 too. Q1 Results, as well as the progress made for projects under development and implementation, is promising – boosting our confidence towards achieving targeted growth over the next 6 - 7 quarters.”
The highlights of IRB Infra’s Financial Performance are as follows:
Q1 FY 2019 v/s. Q1 FY 2018
|Sr. No.||Particulars||Q1 FY19||Q1 FY18||% Increase /(Decrease)|
|1||Net Revenues||Rs.1,583 Crores||Rs. 1,870 Crores||(15%)|
|2||Net Profit||Rs. 250 Crores||Rs. 238 Crores||5%|
The highlights of Company’s business performance in Q1 FY19 are: ·
Concession Agreements signed for all new projects with NHAI, as mentioned below:
1. Six Laning of Hapur bypass to Moradabad section including Hapur bypass on NH 24 (New NH-9) in the State of Uttar Pradesh on DBFOT basis.
2. Eight Laning of Vadodara Kim Expressway in the State of Gujarat under Hybrid Annuity.
3. Puducherry – Poondiyankuppam and Poondiyankuppam - Sattanathpuram projects in the state of Tamil Nadu.
In discussions with multiple banks and NBFCs for Financial Closure of all the above projects and confident of achieving it in stipulated timespan.