MEP Infrastructure Developers (MEPIDL) on Tuesday reported a 89.5% year-on-year decline in Q2FY18 net profit to Rs 6.54 crore, as profits were boosted the previous year on account of an exceptional gain of Rs 103.4 crore. The topline for the quarter dropped 8.6% y-o-y to Rs 409.07 crore, on the back of a fall in toll collection and operations and maintenance. Revenue from toll collection and operations and maintenance declined 45.1% to Rs 245.40 crore. Earnings before interest, depreciation and amortisation (Ebitda) fell 44.5% to Rs 185.83 crore while Ebitda margins contracted 2,946 basis points to 45.42%.
The firm said in a statement it received the appointed date for two road projects — Talaja-Mahuva and Mahuva-Kagavadar — in Gujarat under the hybrid annuity model (HAM). With this, the firm has now received the appointed date for four of the six HAM projects for which it is the successful bidder. MEPIDL was also awarded the operate, maintain and transfer contract for the Bandra-Worli sea-link in Mumbai for the second consecutive time. The company paid Rs 325.08 crore to the Maharashtra State Road Development Corporation for the contract, which started on October 3, 2017.