Highways developer IRB Infra's net rises 65% in 2Q17

IRB Infrastructure Developers Ltd (IRB), highways infrastructure developer, has posted a 65 per cent rise in net profit at Rs235 crore for the second quarter ended September 30. In comparison, the company had posted a net profit of Rs142 crore for the same quarter of the previous financial year.

During the reporting quarter, the company's total income fell 4 per cent to Rs 1,269 crore, compared with Rs 1,324 crore recorded during the same period a year ago.

For the first half of the financial year ended 30 September the company posted a 46 per cent rise in net profit at Rs 473 crore, while total income rose 9 per cent to Rs 3,140 crore.

''The second quarter and first half performance is encouraging as it set robust pace for coming quarters and involved major developments. We tied up Rs 1,461 crore project finance for Udaipur–Gujarat Border Project, started tolling on two new projects, successfully transferred Pathankot Amritsar project to IRB InvIT and got two notches rating upgrade to A+ which likely to reduce finance cost,'' Virendra D. Mhaiskar, chairman and managing director at IRB Infrastructure Developers said.

''We are out of GST led slowdown in traffic and, since September, have been witnessing promising growth across projects. We have entered second half with lot more gusto and look forward to large opportunities unfolding with latest Government initiatives,'' he added.

The company's total order book rose to Rs 8,200 crore, including Rs 7,500 crore of Construction order book, as of the September 30, 2017.