IRB Infrastructure Developers Ltd on Thursday reported a 27.7 per cent drop in consolidated net profit at Rs 109.23 crore for the fourth quarter that ended on March 31, 2014, due to lesser income from operations and higher finance cost.
The company had posted a net profit of Rs 151.13 crore for the corresponding quarter a year ago, it said in a filing to the BSE.
The income from operations also came down to Rs 882.87 crore in the quarter under review from Rs 948.27 crore a year ago, it said.
"During the quarter, the group has paid/accrued Rs 17,833.95 lakh (Rs 178.33 crore)... as revenue share/premium to National Highways Authority of India (NHAI)... income from operations is net of revenue share/premium to NHAI of Rs 12,713.94 lakh (Rs 127.13 crore) ... and balance Rs 5,120.01 lakh (Rs 51.2 crore)... is capitalised to toll collection rights under development," the company said.
Finance cost during the quarter rose to Rs 209.85 crore from Rs 162.19 crore in the year-ago period.
During the quarter, the company promoted and incorporated a new subsidiary - Solarpur Yedeshi Tollway Pvt Ltd, it said.
IRB's order book stood at around Rs 12,000 crore, out of which orders worth Rs 10,000 crore will be executed in the next three to four year.
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