Informist, Wednesday, Oct. 30, 2024

By Apratim Sarkar and Ayushman Mishra

MUMBAI – The net profit of IRB Infrastructure Developers Ltd. rose marginally in the quarter ended September as the cost of raw materials fell 28.5% on year and other expenses fell 33.5% on year. The company's other income rose 28% on year, which also helped profits rise. Despite this, the company's net profit growth was the lowest in five quarters.

The Mumbai-based company's consolidated net profit for the September quarter was INR 998.69 million, up 4.3% from INR 957.47 million a year ago. The consolidated revenue for the quarter fell 9.1% to INR 15.86 billion due to subdued construction activity. Analysts had estimated the company's net profit for the latest quarter at INR 929.6 million and consolidated revenue at INR 17.36 billion.

The company's total expenditure during the quarter was INR 14.85 billion, down from INR 16.18 billion in the year-ago quarter. Finance costs were almost flat at INR 4.34 billion. The cost of raw materials for the quarter was INR 589.54 million, down from INR 824.01 million in the year-ago quarter. Road and site expenses for the quarter were INR 5.7 billion, down 10% on year from INR 6.4 billion in the year-ago quarter.

The company's depreciation and amortisation expenses were INR 2.31 billion, almost flat from INR 2.33 billion in the year-ago period. The company spent INR 1 billion on employee benefits, marginally down from a year earlier. Other expenses for the quarter were INR 765.78 million, down from INR 1.16 billion in the year-ago quarter. The company paid INR 0.10 per share as an interim dividend.

The company's Apr-Sept consolidated net profit was INR 2.40 billion, up 4.3% from INR 2.30 billion in a year-ago quarter. The consolidated revenue for the first six months was INR 34.39 billion, up 2% from INR 33.79 billion a year-ago.

The company had a loss of INR 837.24 million from the joint ventures in the latest quarter, against a loss of INR 752.91 million in the year-ago quarter.

The consolidated revenue of the build-operate-transfer segment and toll-operate-transfer segment in the latest quarter was INR 5.81 billion, up 2.4% on year from INR 5.7 billion. The construction segment of the company reported a consolidated revenue of INR 9.99 billion, down 14.6% on year from INR 11.71 billion. The unallocated corporate segment's revenue for the September quarter was INR 47.66 million, down 23.4% on year from INR 62.24 million.

The build-operate-transfer segment and the toll-operate-transfer segment are involved in the operation and maintenance of roads, while the construction segment of the company is involved in the development and maintenance of roads. On the National Stock Exchange, shares of IRB Infra closed a little more than 4% higher at INR 54.03. End

Edited by Ashish Shirke

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