IRB Infrastructure met street expectations on Thursday with the third quarter consolidated net profit rising 22.1 percent year-on-year to Rs 132.5 crore.
IRB Infrastructure met street expectations on Thursday with the third quarter consolidated net profit rising 22.1 percent year-on-year to Rs 132.5 crore.
Income from operations grew 9.9 percent to Rs 964 crore during October-December quarter from Rs 877 crore in the year-ago period, which was slightly lower than expectations of Rs 990 crore. Revenue was impacted by lower construction revenue.
Construction revenue during the quarter declined 14.3 percent year-on-year to Rs 484 crore while toll revenue jumped 54 percent to Rs 479 crore in the third quarter of FY15.
"Bombay-Pune project revenue increased to Rs 147 crore in Q3 from Rs 110 crore and Bharuch-Surat project revenue rose to Rs 48.7 crore from Rs 42 crore during the same period," said Virendra D Mhaiskar, chairman and managing director.
Consolidated operating profit climbed 27.7 percent year-on-year to Rs 555 crore and margin expanded 800 basis points to 57.6 percent in the quarter ended December 2014. Analysts had expected operating profit at Rs 554 crore and margin at 56 percent for the quarter.
The scrip of IRB Infrastructure Developers closed at Rs 254.25, down Rs 5.60, or 2.16 percent on the BSE.
Posted by Sunil Shankar Matkar
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