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IRB posts increase in Q2 Income & Profit

Business

IRB Infrastructure Developers Ltd, (BSE: 532947) has declared a profit of Rs.74.31 crores on total income of Rs. 363.28 crores for the second quarter ended September 30, 2009. Income from operations for the period at Rs. 355.90 crores was up by 76.52 % from Rs.201.61 crores for quarter ended September 30, 2008.
Announcing the results, Virendra D. Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Ltd said: “They are in line with our expectations.” He further added that IRB is presently well capitalized to undertake its existing projects.
The Company also stands qualified to bid for additional projects to be bid out by National Highway Authority of India and other State undertakings. The financial bids for these projects are likely to be called in the next 6-8 months.
Earlier in the quarter ended September 30, IRB received three letters of acceptance from the NHAI; the first for Talegaon to Amravati BOT Project of NH – 6 in Maharashtra; the second for Pathankot to Amritsar Section of NH – 15 in Punjab on BOT Basis; and the third for Jaipur Deoli BOT Project of NH – 12 in Rajasthan. The total cost for these three projects is expected to be approximately Rs. 3,500 crore.
IRB also received a letter of award from Maharashtra Industrial Development Corporation for the design, build, finance and operation of the Greenfield Airport in Sindhudurg District, Maharashtra. The cost of Phase 1 is expected to be approximately Rs. 175 crores. A project development agreement to this effect has been executed.

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