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IRB Infrastructure Q4 net soars 79% with pandemic bumps levelling out

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IRB Infrastructure Q4 net soars 79% with pandemic bumps levelling out

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The highway construction construction company had clocked a net profit of Rs 175 crore against Rs 97.45 crore during the year-ago quarter. 

IRB Infrastructure Developers Ltd on May 17 reported a 79.04 percent jump in its consolidated net profit to Rs 175 crore for the fourth quarter ended March 2022. The company had clocked a net profit of Rs 97.45 crore during the year-ago quarter, IRB Infrastructure Developers said in a BSE filing.

Its total income during the January-March 2022 quarter rose to Rs 1,682.72 crore from Rs 1,650.40 crore in the year-ago period. The firm's expenses stood at Rs 1,379.90 crore, as compared to Rs 1,474.27 crore a year ago.

The company, in a statement, said the financial numbers and toll collection numbers are a clear indication of economic activity regaining pace across the nation, after the relaxation of COVID-19 curbs. IRB Infrastructure Developers Ltd Chairman and Managing Director Virendra D. Mhaiskar said, "We witnessed a robust growth in collections across projects as the pandemic related restrictions were relaxed and farmer's protest was called off."

"We are back to growth trajectory and will be following our best strategy to unlock value on a regular basis to realise returns for our shareholders," he added.

Speaking to CNBC-TV18, Tushar Kawedia, CFO of IRB Infrastructure Developers said, "Our outlook for FY23 is at least we will be taking it up by 15 percent, because of the healthy order book we have. We have an order book of almost Rs 16,000 crore plus both EPC and O&M and with that order book our next year target will be at least 20 percent higher than what we have achieved for FY22."
-With PTI inputs
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