GIC deal to boost 2019-20 bottom line by Rs 300 crore: IRB
IRB Infrastructure Developers reported an increase of 15.7% year-on-year in its consolidated net profit at Rs 200.18 crore for the quarter ended September 30, 2019, boosted by a rise in construction segment revenue. Total income of the infrastructure company rose 21% y-o-y to Rs 1,801.07 crore.
However, the company’s revenues from build-operate-transfer (BOT) fell 16% y-o-y to Rs 415.75 crore during the quarter. Anil Yadav, CFO, IRB Infrastructure, said that the fall was on account of the expiry of the concession agreement for the Mumbai-Pune Expressway between the company and the National Highway Authority of India (NHAI) in August. “The Mumbai-Pune Expressway was in our portfolio for only 14 days this quarter, which has led to the dip in the BOT revenue,” Yadav said.
