Total Income for Q4 stands at Rs. 1,432 Crore; for FY18 at Rs. 5,683 Crore
FY 18 Net Profit rises 29% YoY to Rs. 920 Crore
IRB Infrastructure Developers Ltd. (IRB); India’s leading and one of the largest highways infrastructure developers, today announced its audited financial results for the Q4 and FY18.
The highlights of IRB Infra’s Financial Performance are as follows:
While commenting on the occasion, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “Not only Q4, but the whole of FY 18 was stupendous for us at IRB Infra, as it witnessed return of traffic growth,post demonetization and GST, across projects resulting into robust revenue build-up. We successfully listed IRB InvIT and transferredseven projects to it. On construction activities front, Rajasthan projects received appointed dates to commencing tolling and construction simultaneously after achieving financial closure. We also commissioned toll collection on two projects post construction and above all added four new projects to the portfolio, 3 under Hybrid Annuity and one under BOT model. We enter FY19 with strong momentum and more efficient Balance Sheet.”
The highlights of Company’s business performance in FY18 are:
- Successfully launched and listed India’s first ever InvIT IPO on 18thMay 2017 that raised Rs.5,035 Crores, with overwhelming response of 8.7 times from Investors.
- Transferred 7 projects to the IRB InvIT; and, continues with the responsibility of Maintenance Management of these projects through its wholly owned subsidiary.
- Received Rs. 2,200 Crs as consideration from InvIT; holds 16% of Unit Capital in InvIT.
- Debt Equity Ratio is reduced substantially from 2.85 in FY17 to approx. 1.87 in FY18; thus witnessing two notch rating upgrade to A+.
- Achieved Financial Closure for all the three – 4 to 6 laning– highway projects in Rajasthan and started tolling after receipt of Appointed Date from the NHAI.
- Achieved COD for Kaithal – Rajasthan Border and Solapur – Yedeshi projects.
- Bagged four projects totaling up to Rs 8,930 Cr comprising three Hybrid Annuity Projects and one in BOT space.
IRB Infrastructure Developers Ltd (IRB) is India’s leading and one of the largest private roads and highways infrastructure developers, with presence in BOT and HAM space. The Company has a portfolio of 17 owned projects and 7 projects under O&M contracts as a Project manager for IRB InvIT. Of the 17 owned projects, 7 projects are under operational BOT space; 3 under HAM space; 4 projects under Tolling & Construction, another 2 projects under advanced stages of construction and 1 project under development stage. The Company has successfully completed 7 Concessions till date.