PremiumAs the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over ₹60,000 crore in 10 states across the parent company and two InvITs.
NEW DELHI: IRB Infrastructure Developers Ltd. on Friday reported a 101.65% year-on-year jump in consolidated net profit to ₹85.30 crore for the quarter ended September (Q2). The company had clocked a net profit of ₹42.30 crore in the corresponding quarter of the previous fiscal, it said in a statement.
Total income during the quarter under review declined to ₹1,438 crore from ₹1,504 crore a year ago.
The company, in a statement, said its toll revenue across IRB and Pvt InvIT entities together was up 53% year-on-year (YoY) for first half of the current fiscal.
“We witnessed robust growth in toll collections Y-o-Y, even as monsoons kept the construction segment soft during the quarter. Overall, a strong movement on business front included Ganga Expressway receiving appointed date to commence construction activity, GIC’s equity funding for the project, shareholder’s nod for Vadodara Kim HAM project getting transferred to the Public InvIT, compensation for revenue loss during farmers agitations, etc. have been much encouraging for us," said Virendra D. Mhaiskar, chairman & managing director.
“With construction on Ganga Expressway project getting into full execution mode, we are now confident of achieving construction turnover of approx. Rs. 4,500 Crs for FY23," he added.
IRB InvIT Fund is a trust settled by its sponsor IRB Infrastructure Developers Ltd and is registered under the SEBI’s Infrastructure Investment Trust Regulations 2014.
As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over ₹60,000 crore in 10 states across the parent company and two InvITs.
The company has a strong track record of constructing, tolling, operating and maintaining around 15,500 lane km pan India and has an ability to construct over 500 km in a year.