IRB Infrastructure Developers Q2 Results: Cons PAT rises 102% YoY to Rs 85 crore

IRB Infrastructure Developers on Friday reported a 101.65 per cent jump in consolidated net profit to Rs 85.30 crore for the second quarter ended September 2022. The company had clocked a consolidated net profit of Rs 42.30 crore in the corresponding quarter of the previous fiscal, it said in a statement.

Total income during the quarter under review declined to Rs 1,438 crore as against Rs 1,504 crore in the year-ago period.

The company, in a statement, said its toll revenue across IRB and Pvt InvIT entities together was up by 53 per cent Year-on-Year (Y-o-Y) for first half of the current fiscal.

It said that toll collections have witnessed pre-Covid-19 levels across almost all BOT (Build-Operate-Transfer) assets, with a meaningful pick-up in economic activity across the country.

"We witnessed robust growth in toll collections Y-o-Y, even as monsoons kept the construction segment soft during the quarter," Virendra D Mhaiskar, chairman and managing director of the company, said.

"With construction on Ganga Expressway project getting into full execution mode, we are now confident of achieving construction turnover of approximately Rs 4,500 crore for FY23," he added.