Highway infrastructure developer IRB Infrastructure Developers Limited has released its third quarter result. The company’s net profit during the October-December quarter almost doubled to Rs 141.35 crore YoY, according to an exchange filing.
The Mumbai headquartered had logged a net profit of Rs 72.68 crore during the same quarter a year ago.
The total income during the quarter under review rose to Rs 1,570 crore as against Rs 1,497.78 crore during the corresponding period last fiscal. Its expenses, however, declined to Rs 351.72 crore from Rs 1,280.22 crore.
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The company’s overall toll collection in January 2023 rose by 36 per cent to Rs 374.81 crores YoY. The same stood at Rs 276.44 crores in the same month last year.
Meanwhile, the company in a statement that GIC Affiliates has committed 49 per cent investment in Ganga Expressway Project and the first tranche of about Rs 329 crore has been received.
IRB Infra is the largest integrated private toll roads and highways infrastructure developer in the country. Last week, the company’s board had fixed the record for the sub-division of the equity shares. The company has announced to split its shares in 1:10 ratio. It means that one share having a face value of Rs 10 will be subdivided into 10 shares of Re 1 each.
According to an exchange filing, the record date for the split is February 22. Shares of IRB Infra finished at Rs 290.55 apiece on Monday.