IRB Infra Q2 Net Profit up by 32% at INR 173 Crore

IRB Infrastructure Developer

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

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:

Sr. No. Particulars

Q2FY19

(In Crs. Rs.)#

Q2FY18

(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

H1FY19

(In Crs. Rs.)#

H1FY18

(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 Q2FY18 and Rs. 127 crores for H1FY18.

While commenting on the occasion, 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.

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