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IRB’s Q1 profit jumps by 42%

Business

IRB Infrastructure Developers Limited, one of the largest toll road operating companies in India, declared a profit of Rs121 crore on total income of Rs534 crore for the quarter ended June 30, 2010.

The company said its income from operations for the quarter was Rs 512 crore, up by 24 % from Rs414 crore for quarter ended June 30, 2009.
Virendra Mhaiskar, Chairman & Managing Director, IRB said: “The results reflect strong growth given our robust order book. We are hopeful to sustain it in the future.”
In May, 2010, IRB emerged as the preferred bidder for implementation of the Project of six Lanning of Tumkur–Chitradurga section from 75.00 km. to 189.00 km. of NH-4 (approximately 114.00 km.) in the state of Karnataka under NHDP Phase V on BOT basis. The Project is on Premium basis with the concession period of 26 years and estimated cost of the Project is Rs1200 crore.
The company said that IRB has been prequalified for a substantial number of projects and it would be participating for several highway projects for various agencies such as NHAI and other state organizations aggregating to approximately Rs24,600 crore. These bids are likely to be submitted over a period of next 6 to 9 months, it added.

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