EconomyCompanies
IRB Infrastructure Q2 profit nearly doubles to ₹260 crore
The toll road developer reported an 85% rise in consolidated net profit for the September quarter on Thursday and declared a second interim dividend for the year.
Key points
- IRB's consolidated net profit rose 84.85% to ₹260 crore in July-September.
- The board declared a second interim dividend of ₹0.05 a share.
- The record date for the dividend is 12 November.
IRB Infrastructure Developers on Thursday reported a near doubling of consolidated net profit for the July-September quarter, to ₹260 crore from ₹140.82 crore a year earlier, a rise of 84.85%.
The toll road developer’s board also declared a second interim dividend of ₹0.05 a share for the current financial year. The record date, which decides which shareholders get the payout, is 12 November.
The September quarter profit is lower than the ₹306 crore the company earned in April-June, but the year-on-year jump continues a run of strong growth. A year ago the company’s second-quarter profit had risen 41%.
The company builds and runs highways, mostly under toll contracts, and its earnings move with traffic and toll rates on its roads. It did not give revenue figures in the update reported so far.
The results came on a strong day for Indian shares, with the Sensex up more than 1,500 points in morning trade after the US midterm results and a fall in oil prices.