Surge in construction activity and increase in toll revenues led IRB Infrastructure to post an increase of 9% in its consolidated net profit to R143 crore for the third quarter ended December, against R131 crore in the year ago period. The consolidated total income of the group for the three months to December surged by 21% to R946.5 crore from nearly Rs 780 crore last year.
Company in a statement said on Wednesday that due to strong construction activities, construction revenue increased by 29% in comparison to third quarter of last year. “Construction segment’s operating Ebitda remains strong at around 26% during the quarter,” it said. Toll revenues of the company increased by around 10% in comparison to last same period last year on the basis of moderate traffic growth and higher wholesale price index.
The consolidated net debt of the company stood at R6,650 crore at the end of December quarter, an increase from about R6,000 crore in the July to September 2012 period. The company’s interest cost in the third quarter was R159 crore higher from R148 crore in the second quarter of the fiscal 2012-2013.
IRB Infrastructure’s share price closed 5.03% up at R124.30 on Wednesday on BSE.