IRB Infrastructure Developers Q3 net profit up 10% at Rs 184 crore
The company had posted consolidated net profit after tax and minority interest of Rs 167.9 crore in the year-ago period.
New Delhi: Toll road firm IRB Infrastructure today reported a 9.72 per cent increase in net profit for the quarter ended December 31 at Rs 184.22 crore against Rs 167.9 crore in the corresponding period last fiscal.
Its income from operations during the October-December 2016 increased 5.81 per cent to Rs 1410.89 crore from 1333.32 crore a year ago. "Despite demonetisation, our toll revenues increased 14 per cent.
Our income from construction activities also improved substantially during the quarter. We believe we have left behind the worst period," its Joint Managing Director Sudhir Hoshing told PTI here.
IRB's average gross daily toll revenue for December 2016 reported 3 per cent rise as compared to October 2016 (before demonetisation). The daily toll collection went up from Rs 7.53 crore to Rs 7.79 crore as compared to October 2016.
When asked about the company's plan to launch the Rs 4,300 crore infrastructure investment trust (InvIT), he said, "we are waiting for final approval from the Sebi. We hope we will be able to launch the InvIT in this fiscal year itself."
IRB intends to house six operational SPVs, including IDAA Infrastructure, IRB Surat Dahisar Tollway, IRB Talegaon Amravati Tollway, IRB Jaipur Deoli Tollway, IRB Tumkur Chitradurga Tollway and M.V.R Infrastructure and Tollways Pvt, under the InvIT.
The proceeds are likely to be used for the repayment of around 77.5 per cent of the external outstanding debt of around Rs 3,513 crore on 31 December 2016 and the entire sponsor debt of around Rs 1,400 crore.
During the quarter, IRB bagged Rs 1,530 crore worth six laning of Kishangarh-Gulabpura section of 90 Kms on NH-79 and NH-79A.