IRB Infra’s profit jumps by 150%
IRB Infrastructure Developers Ltd has declared a profit of Rs95 crore on total income of Rs441 crore for the third quarter ended December 31, 2009. Income from operations for the period at Rs. 433 crore was up by 81% from Rs239 crore for quarter ended December 31, 2008.
Announcing the results, Mr. Virendra Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Ltd said, “The best is yet to be.” He further added that during the quarter, Mhaiskar Infrastructure Pvt Ltd (MIPL) wholly-owned subsidiary of the IRB has reorganized its consortium of lenders. By doing so, MIPL has reset its outstanding term loan of Rs1,100 crore and now weighted average cost of its debt stands to 10.60% p.a. fixed for entire residual tenure of the loan i.e. 8.5 years instead of floating rate of 12.50% p.a. earlier.
Consolidated Debt position of IRB Group as on December 31, 2009 is approximately Rs. 2,726 Crore. Consequent to this , approximately 40% of the aggregate consolidated debt of IRB Group will be at a fixed rate of 10.60% p.a.