With Rs 184-cr turnover in Q3, IRB Infrastructure Net Profit Up by 10%
IRB Infrastructure recently manifested a hike in the daily gross toll revenue by increasing to a 9.72%, reportedly. The toll road firm in December 2016 saw a hike of about 10%, totaling the revenue to Rs 184.22 crore showing a significant increase as compared to the last fiscal’s corresponding period with a net profit of Rs 167.9 crore.
The firm experienced a raise in its income from operations in the October-December 2016 duration with an increase of 5.81%, i.e. a jump from Rs 1,333.32 crore to 1,410.89 crore a year.
IRB Infrastructure owner and MD, Virendra Mhaiskar, is a Civil Engineer from Shriram Polytechnic with experience of over 17 years in the area of construction and infrastructure. The company owes its vision to him. Virendra Mhaiskar’s strategic input resulted in making IRB stand tall with 3% hike in daily gross toll collection despite demonetization.
About the 10% hike in net profit, Sudhir Hoshing, the Joint Managing Director of IRB Infrastructure, said, “Despite demonetization, our toll revenues increased 14%. Our income from construction activities also improved substantially during the quarter. We believe we have left behind the worst period.”
On being asked about IRB’s plans on launching the much talked about Rs 4,300 crore infrastructure investment trusts, Hoshing said, “We are waiting for the final approval from the Securities and Exchange Board of India (Sebi). We hope we will be able to launch the InvIT (infrastructure investment trusts) in this fiscal year”.
Under the InvIT plan, IRB plans on housing six operational SPVs (special purpose vehicle) which includes IRB Tumkur Chitradurga, IRB Surat Dahisar Tollway, IRB Jaipur Deoli Tollway, MVR Infrastructure and Tollways Pvt, IRB Talegaon Amravati Tollway.
At present, IRB Infrastructure is one of the only three companies in India that have been granted the approval on launching InvITs by Sebi. This move will help infrastructure developers in mopping up monetary resource for long-term projects.
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