IRB Infrastructure Developers on Friday reported a decline of 27% in its net profit, year-on-year for the quarter ended March 31 at Rs103.0 crore. The company had posted a net profit of Rs 141.7 crore during the corresponding quarter of previous year.
The company said that the profit declined due to accounting of minimum alternate tax (MAT) credit for the entire fiscal in the just-ended quarter. IRB’s total income grew by 54% to Rs790.0 crore during thequarter.
For the full year, the company’s net profit grew 17% to Rs452.0 crore and net revenue grew 43% to Rs2,503.0 crore. IRB, a major toll road operating company, has an orderbook of Rs11,700.0 crore.
“The results reflect increased momentum in construction activities on ongoing projects. We are well-hedged from increase in input cost since escalation has been factored in for,” said Virendra D. Mhaiskar, chairman and managing director, IRB. He said that the company is confident to retain margins despite cost pressures.
The company board of directors recommended a dividend of Rs1.5 per share. The share price of IRB fell 2% to Rs156.3 on the BSE on Friday.