IRB Infra Q4 net profit rises 7%, sales up 30%

MUMBAI: IRB Infrastructure Developers' net profit rose 7% year-on-year in the fourth quarter of 2011-12, despite a 30% growth in sales since higher depreciation on recently commissioned projects weighed down the bottom-line.

The Mumbai-headquartered infrastructure developer's total income in January-March was Rs 3,256 crore as against Rs 2,503 crore a year ago.

"The results reflect increased momentum in execution and growth in toll revenues. With a strong construction order book of Rs 6,300 crore to be executed in next 2-3 years, we believe that this trend will continue for the next year also," said IRB's promoter and chairman Virendra Mhaiskar.

IRB Infrastructure has a portfolio of 16 road projects, of which 10 have been commissioned while six are under implementation. The company said that it has entered into an agreement to acquire MVR Infrastructure & Tollways, which operates a highway project in Tamil Nadu.

Shares of IRB Infrastructure rose 1.2% on BSE to Rs 121.65 on Wednesday. Shares of IRB have plummeted almost 30% since May 2 on news that Mhaiskar is being investigated for possible involvement in a murder case.