IRB Infrastructure Posts Net Profit Rs. 219 Crs
IRB Infrastructure Developers Limited (IRB Infra) has posted Net Profit of Rs. 219 Crs for the 3rd Quarter ended 31st December 2018; thus registering growth of 6% as against the corresponding quarter of FY18.
The Company has also posted Total Income of Rs. 1,835 Crs for Q3FY19, as against the Total Income of Rs. 1,342 Crs in Q3FY18; thus registering a growth of 37%.
IRB Infra announced its unaudited financial results for Q3FY19 at the Board Meeting held in Mumbai.
While commenting on the occasion, Mr Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “We are happy to report growth for yet another quarter aided by slight pick-up in traffic and continued execution of Projects on hand. We achieved Financial Closure for our Gujarat project during the quarter and will start construction shortly. Q4FY19 is expected to be even stronger with continued traffic momentum and as we near completion for some of our projects”
The highlights of quarterly performance are:
1. Achieved Financial Closure for the 3rd HAM Project, i.e., Vadodara – Kim stretch of Vadodara – Mumbai Expressway project by arranging finances of Rs. 981 Crs. To update, the Company has received Appointed Date from NHAI, which would now facilitate commencement of construction on the project.
2. Total Order Book stands at approx. Rs. 12,150 Crs at the end of Q3 FY19.
3. Of the four projects bagged last year, appointed date has been received for one while the same is awaited for two projects and discussions on Financial Closure for the fourth project are at advanced level.
4. Achieved CoD for Ahmedabad Vadodara project and accordingly tariffs increased for NH8.