IRB Infrastructure Developers, one of the leading road developing companies has reported a net profit of Rs 218.8 crore for the 3rd quarter of FY19. The company has witnessed an increase of 5.5 per cent in the Oct-Dec quarter compared to the previous year. The reported net profit in the 3rd quarter of FY18 was Rs 207.2 crore.
Posting strong growth in the construction and BOT segments, IRB Infra’s total income grew by 37 percent to Rs 1,835 crore in the third quarter. The total income for the previous year over the same period was Rs 1,342 crore respectively.
At the end of the Q3 F19, the company’s total order book stands at approximately Rs 12, 150 crores, as reported by the company in a press release. IRB Infrastructure led by Virendra Mhaiskar has also achieved the financial closure for the third HAM (Hybrid-Annuity model) project, i.e., Vadodara – Kimm stretch of Vadodara – Mumbai Expressway by arranging finances of Rs 981 crore.
IRB Infrastructure has a portfolio of 24 projects. Out of these, 7 projects operate in the BOT space, while 7 projects are operations and maintenance contracts. Another 7 projects are under various stages of construction. The company also has 3 projects under HAM model.
Talking about the recent developments, Virendra D. Mhaiskar, the chairman and managing director of IRB Infra said, “We have achieved financial closure for our Gujarat project during the quarter and will start construction shortly.”
“Q4 FY19 is expected to be even stronger with continued traffic momentum as we near completion for some of our projects,” he concluded.