Highway developer IRB Infrastructure posted 4.6 per cent increase in consolidated net profit for the quarter ended December, 2021 helped by tighter control in expenses.
The Mumbai-based company recorded a net profit of ₹72.67 crore for the reporting quarter as against ₹69.48 crore posted in the same quarter last year.
The increase in profits came despite a drop in consolidated revenue from operations. The company reported a decrease of 17 per cent during the quarter to ₹1,279 crore, as against ₹1,547 crore posted in the same quarter last year. Total expenses dropped 12 per cent during the quarter.
Virendra D Mhaiskar, Chairman & Managing Director, said “Q3FY22 was action packed for us and witnessed some remarkable feats on order wins front, which is expected to continue considering our efficient balance sheet and recently announced infra capex plan in the Budget. IRB’s unique business model will involve regular monetisation of its stabilised assets to unlock significant value for its shareholders on continued long term basis.”
The company’s order book has reached ₹18,500 crore, as against ₹13,200 crore at the end of Q2FY22.
IRB completed one of the largest fundraisings amounting to ₹5,347 crore by issuing preferential equity shares to Cintra INR Investment BV, a subsidiary of Cintra N.E., 100 per cent subsidiary of Ferrovial S.A., Spain and Bricklayers Investments Pte. (Affiliate of GIC, Singapore) representing the stake of 24.9 per cent and 16.9 per cent respectively in the company.