IRB Infrastructure Developers has reported a 15.7 percent year-on-year (YoY) increase in the second quarter profit at Rs 200.18 crore, led by the tax rate cut and strong revenue growth. However, the lower margin limited the bottomline growth.
The profit in the same quarter in 2018 stood at Rs 172.95 crore. Tax expenses dropped 28.4 percent YoY to Rs 101.02 crore during the quarter.
The revenue in the quarter ended in September increased 22.3 percent to Rs 1,752 crore compared to same period in 2018, driven by construction business.
The construction segment revenue grew by 43 percent YoY to Rs 1,330.15 crore in Q2FY20, with its earnings before interest and tax rising 62 percent YoY to Rs 381.32 crore, the company said in its BSE filing.
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BOT projects business registered a 16 percent YoY degrowth at Rs 415.76 crore and its EBIT also fell by 16 percent to Rs 255.2 crore compared to the year-ago period.
At the operating level, consolidation earnings before interest, tax, depreciation and amortisation (EBITDA) increased 11.5 percent to Rs 747.4 crore, but the margin contracted 410bps YoY to Rs 42.7 percent in Q2.
The stock was quoting at Rs 84.25, up Rs 12.80, or 17.91 percent, amid heavy volumes on the BSE at 15:22 hours IST.
News Source:- moneycontrol