The company had posted a net profit of ₹164.5 crore in the year-ago quarter.
Consolidated revenue from operations rose 9.5% to ₹1,955.8 crore from ₹1,786.3 crore a year earlier.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 2.6% to ₹205.17 crore from about ₹200 crore. EBITDA margin, however, narrowed to 10.49% from 11.19% in the corresponding quarter last year.
ISTPL concession ends
IRCON said toll-collection rights of Ircon-Soma Tollway Pvt. Ltd. (ISTPL), a joint venture in which it holds a 50% stake, ended on May 14 following the expiry of the extended concession period. The highway assets are being handed over to the National Highways Authority of India.
ISTPL had a net worth of about ₹216.17 crore as of June 30, with IRCON’s 50% share amounting to about ₹108.09 crore. IRCON said it doesn’t expect any impairment in the value of its investment in the joint venture.
Other projects
The Ministry of Railways has granted in-principle approval for the closure of Bastar Railway Pvt. Ltd., with legal formalities and other procedures under way.
IRCON also said it has decided to hand over Phase I and Phase II of the MCL project to the Ministry of Railways. The company doesn’t expect any impairment in the value of its investment at this stage.Separately, IRCON said on June 23 that its joint venture with Badri Rai & Company had secured a ₹763.1 crore contract from Tripura State Electricity Corporation Ltd. for a smart-grid project in Agartala.
The joint venture will undertake the design, engineering, supply, installation, testing and commissioning of an underground power-cable network, smart-grid applications and communications infrastructure across the Agartala municipal area.
Shares of IRCON International closed 1.32% lower at ₹126.45 on August 12.
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