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IRB Infrastructure Q4 net profit dips 13% to Rs 208 cr

The highways developer had clocked a consolidated net profit of Rs 239.77 crore in the corresponding quarter of 2017-18, it said in a regulatory filing to the BSE.

New Delhi: IRB Infrastructure Developers Tuesday reported a 13.24 per cent decline in consolidated net profit to Rs 208.01 crore during the quarter ended March 31, 2019.

The highways developer had clocked a consolidated net profit of Rs 239.77 crore in the corresponding quarter of 2017-18, it said in a regulatory filing to the BSE.

Total consolidated income for January-March quarter rose to Rs 1,998.91 crore from Rs 1,432.10 crore in the year-ago period.

Total expenses rose to Rs 1,637.71 crore during the quarter under review from Rs 1,047.62 crore in the corresponding quarter a year-ago.

For the entire year, the company posted a consolidated net profit of Rs 849.96 crore as against Rs 919.65 crore in the previous fiscal.

"It was yet another remarkable year as we clocked 18 per cent revenue growth, even with transfer of seven operating assets to IRB InvIT last year, and a successful completion of Pune-Solapur concession this year," IRB Infrastructure Chairman and Managing Director Virendra D Mhaiskar said in a statement.

"We started our first HAM (hybrid annuity mode) project in Gujarat and construction is going on in full swing across projects. With almost Rs 11,000 crore of order book, we have strong visibility over following two years, which will keep improving with addition of new projects.

"We expect the pace of awards to strengthen with elections now being over and large number of projects already lined up by NHAI," he said.

Mhaiskar welcomed NHAI's move to increase the proportion of projects being considered under BOT (build, operate and transfer) model and said the company will continue to participate as the opportunity unfolds.

IRB Infrastructure said it has achieved project commissioning date for Yedeshi- Aurangabad BOT Project and has started tolling.

Besides, it has also refinanced project debt for Kaithal Rajasthan from 11 per cent to 9.5 per cent, implying yearly savings of 150 bps on debt of Rs 1,400 crore.

The highway developer has also received appointed date from NHAI for Vadodara - Kim Expressway project under Hybrid Annuity Model (HAM) and construction activity has commenced.

In addition, it has achieved financial closure for all three of its HAM Projects.

"The company's portfolio of 23 projects comprises 20 BOT and 3 HAM projects. BOT segment includes 7 operational projects; 4 projects under tolling and construction, 7 projects under O&M contracts as a Project Manager for IRB InvIT and another two projects under construction.

"In HAM space, one project is under construction and appointed date is awaited from NHAI for other two," the statement said.

The company's construction order book as on March 31, 2019 stands at Rs 11,000 crore.