IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
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The Sreekaryam flyover is paying for a 2023 appointment that produced no drawings.
Kochi Metro Rail Ltd, which owns delivery of the Rs 177-crore, 535-metre four-lane structure, has started tendering to remove its original structural design agency and appoint a replacement.
Nearly three years on, the structural design and drawings remain incomplete.
The replacement is stuck as well.
The appointment proposal has waited with the Kerala Infrastructure Investment Fund Board for close to two months.
That approval queue is the critical path.
KIIFB funds the project and also clears the consultant decision, so a substitution a metro SPV could execute in weeks now trails a state infrastructure fund's cycle.
One delayed signature becomes a delayed drawing. The work front follows.
Cherian Varkey Constructions, the Kochi-based contractor, is therefore on site with a truncated front.
Several constraints remain unresolved:
- The Kerala Water Authority is still tying newly laid 700mm mains into the existing network and pressure-testing them, against an assurance of 30 October that carries no penalty.
- Statues of Sree Narayana Guru and Ayyankali stand on the proposed service road alignment at Sreekaryam Junction, unresolved since the January 2025 inauguration.
- District Collector K S Anju has one week to finalise relocation sites.
Money is available. A continuous work front is not.
Kazhakkoottam MLA V Muraleedharan called the delay “criminal negligence” in the Assembly on 28 October and warned of a revised estimate and arbitration.
Chief Minister V D Satheesan conceded slippage on design and utility shifting, and separately on the statue relocation.
Muraleedharan has effectively priced the outcome.
A contractor held on an obstructed site at 2025 rates recovers through rate revision, not through extension-of-time letters.
Because the flyover median is cast to carry pillars for Thiruvananthapuram's planned metro corridor, that recovery lands inside the metro programme's capital rather than a separate roads budget.
The signal is structural: when a metro SPV is handed road flyovers, its own approval chain becomes the project's schedule.
KMRL should audit every flyover design consultant past its delivery date before those claims arrive in writing.
Insights

IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
2 min read

IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
2 min read

IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
2 min read
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