IRB profit drops 56% in Q3 on pandemic woes

IRB Infrastructure Developers Ltd on Monday reported a 56 per cent decline in its consolidated net profit to Rs 69.48 crore for the quarter ended December 31, 2020.

The company had clocked a Rs 159.73-crore net profit during the year-ago quarter, IRB Infrastructure Developers said in a BSE filing.

Its total income during October-December 2020 fell to Rs 1,594.80 crore, from Rs 1,790.17 crore in the yearago period.

The firm's expenses stood at Rs 1,459.32 crore, lower as compared with Rs 1,534.36 crore a year ago.

In a statement, the company said, "It has bounced back to post the net profit of

Rs 69 crore in the third quarter of 2020-21, leaving behind the adverse impact of the COVID-19 pandemic on operations in initial quarters of 2020-21." IRB Infrastructure Developers had posted a consolidated loss of Rs 19.66 crore during July-September 2020.

Its Chairman and Managing Director Virendra D Mhaiskar said, "It is most pleasing to see this trend continue further for the ensuing quarter as well. Our construction segment has also seen a robust recovery and continues to strengthen further. We look forward to promising times ahead especially with the meaningful opportunities lined up in the sector." The company also said its wholly-owned subsidiary VM7 Expressway Pvt Ltd has achieved financial closure for its Gandeva-Ena HAM (hybrid annuity mode) project in Gujarat.

The project is for eight laning of the Gandeva-Ena section of 27.5 km on the upcoming Vadodara Mumbai Expressway, under the Bharatmala Pariyojana (Phase I, Package VII).