Authors: JordanIRB Infra's InvIT was listed in 2018 fiscal and seven projects were transferred to it Laying a strong base for the next financial year, IRB Infrastructure announced upbeat results for the fourth quarter of fiscal 2018, posting a double digit percentage rise in its net profit to Rs 240 crore.
The profit before tax rose 21% quarter on quarter to touch Rs 384 crore.
At the same time, the total income for the fourth quarter sequentially rose to Rs 1,432 crore from Rs 1,342 crore in the third quarter of 2018.
In this fiscal, IRB Infrastructure listed the first infrastructure investment trust (InvIT) and transferred seven projects to it, the company announced in the stock market filing on Thursday.Virendra D.
Mhaiskar, chairman and managing director,IRB Infrastructure Developers Ltd said, "Not only Q4, but the whole of fiscal 18 was stupendous for us at IRB Infra, as it witnessed return of traffic growth, post demonetization and GST, across projects resulting into robust revenue build-up.
We successfully listed IRB InvIT and transferred seven projects to it.
On construction activities front, Rajasthan projects received appointed dates to commencing tolling and construction simultaneously after achieving financial closure.
We also commissioned toll collection on two projects post construction and above all added four new projects to the portfolio, 3 under Hybrid Annuity and one under BOT model.
We enter FY19 with strong momentum and more efficient Balance Sheet."IRB Infrastucture fourth quarter results.
Five Things To Know1.
IRB Infrastucture'snet profit rises 16% quarter on quarter to Rs 240 crore from Rs 207 crore in the previous quarter.2.
IRB Infrastucture'sfiscal 2018 net profit rises 29% year on year to Rs 9210 crore.3.
The total income of IRB Infrastucture fell from Rs 1,656 crore in the fourth quarter of 2017 to Rs 1,432 crore in the fourth quarter of 2018.4.The annual income of IRB Infrastucture for the entire finanical year also fell from Rs 5,969 crore to Rs 5,863 crore this fiscal.5.
Total equity of IRB Infrastucture rose from Rs 5271.59 crore to Rs 5692.51 crore as on March 31, 2018.Last week,Reliance Industries (RIL) reported a 20.6 per cent jump in its consolidated net profit for fiscal 2018 atRs.36,075 crore as compared toRs.29,901 crore last year.