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25 Aug 2019, Edition - 1503, Sunday

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IRB Infra Posts Net Profit of Rs. 173 Crs. for Q2 Up 32%; H1 Net Profit at Rs. 423 Crs. Up 22%

Covai Post Network

  • CRISIL initiates rating for the Company “A+ with Positive Outlook

  • Achieved financial closures for all three HAM projects  

 

IRB Infrastructure Developers Ltd. (IRB); India’s leading and one of the largest highways infrastructure developers today announced unaudited financial results for second quarter and first half of the FY19.

 

The Highlights of Financial Performance are

Q2 FY19 v/s. Q2 FY18:                    

Sr. No.

Particulars

Q2 FY19

(In Crs. Rs.)#

Q2 FY18

(In Crs. Rs.)

% Increase /

(Decrease)

1

 Total Income

1,485

1,242

20%

2

 Profit before tax*

314

254

24%

3

 Net Profit*

173

131

32%

 

 

H1 FY19 v/s. H1 FY18:                     

 Sr.   No.

Particulars

H1 FY19

(In Crs. Rs.)#

H1 FY18

(In Crs. Rs.)

% Increase /

(Decrease)

1

 Total Income

3,069

3,089

(1%)

2

 Profit before tax*

724

635

14%

3

 Net Profit*

423

346

22%

 

# Total Income is impacted due to 8 days of transporters strike.

* Excluding extraordinary items of Rs. 104 crores for Q2 FY18 and Rs. 127 crores for H1 FY18.

 

Mr. Virendra D Mhaiskar, Chairman and Managing Director of IRB Infrastructure

While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “For us Q2 was all about strengthening the base as well as setting the platform for the following eight quarters. We are happy to have ticked all the boxes. All three HAM projects bagged have successfully achieved Financial Closures at Bid Project Cost despite a weak lending environment; key projects have witnessed significant improvement in toll collection, which includes Kaithal-Rajasthan project; and finally, with the construction also progressing well, even in monsoon quarter – we are set to fire on all engines.”

 

He further added, “The coming quarters will be more robust as we will be commencing the construction activity on all three HAM projects.”

 

The highlights of quarterly performance are

  • Achieved Financial Closures for all three projects bagged under Hybrid Annuity at Bid Project Cost, despite weak lending scenario and market conditions.

  • CRISIL has initiated credit rating with “A+ Positive Outlook” for long term loan facilities.

  • EPC Order Book stands at approx. Rs. 13,200 Crs., including Rs. 12,600 Crs. of Construction order book, at the end of Q2 FY19. 

  • Mumbra bypass has been opened for traffic towards end of September 2018, accordingly, coming quarters will see bounce back in traffic for MIPL.  

  • Company’s Solapur-Yedeshi highway project adjudged the best BOT project of 2018 and conferred on the Construction Times Award 2018

 

About IRB Infrastructure Developers Ltd.

IRB Infrastructure Developers Ltd. (IRB) is leading and one of the largest private roads and highways infrastructure developing Companies in India.

  

The Company, at present, is having 7 operational projects under BOT space post InvIT; 7 projects under O & M contracts and 7 projects under various stages of construction.

 

IRB, in the 20th year of its journey towards excellence, has achieved several unmatchable milestones, which includes completion of around 12,000 lanes Kms, contributing near 20% share in India’s prestigious Golden Quadrilateral project; maintaining assets of more than Rs. 35,000 Crs., under BOT as well as O&M space, which is the largest by any private highways infrastructure developers in India.

 

IRB Infrastructure Developers Ltd. is India’s first Infrastructure developer Company to have privilege of successfully launching and listing of India’s first ever InvIT IPO.

Source: Newsvior

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