IRB Infra posts Q2 Cash Profit of Rs.150 Crs
Recovering from the COVID19 pandemic impact in the first quarter of FY21, IRB Infrastructure Developers Ltd., India’s one of the largest and leading highway infrastructure companies, saw its losses reducing to Rs. 20 Crs while Cash Profit for the quarter stood at Rs. 150 Crs with Revenues of Rs.1,122 Crs.
The Company announced its financial results for the second quarter of FY21 in a Board Meeting held in Mumbai today.
While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, “Nationwide phased unlocking and onset of Festive season in India, led to a heartening rebound in toll collections across projects during the quarter. It is very pleasing to note the strong momentum continuing and breaching the pre-COVID levels in subsequent period. This is a reflection of strong uptick in economy across facets – whether Consumption or Manufacturing or Govt. Receipts – and, thus, is expected to continue for the rest of the year as well. Further, we are in the process to raise Rs 510 Crs by way of Rights Issue in our Private InvIT, likely to be closed within a week.”He also said, “The pandemic has given us an opportunity to re-visit our strengths – refine, polish, and develop them to cater to the plethora of upcoming opportunities in the sector.”
Recovery in Toll Collections seen across IRB Assets:
|Total Collections (Rs cr)||Q2FY20||Q1FY21**||Q2FY21||% QoQ||% YoY|
|Pvt InvIT 9 Assets||211.0||134.31||233.1||73.6%||10.5%|
|Pub InvIT 7 Assets||379.4||210.53||372.4||76.9%||-1.9%|
* Mum-Pune 1.0 Concession ended on 10th Aug 2019 and hence YoY for the project is not comparable
** Tolling was halted completely for first 19 days in April 2020
(In Rs Cr)
|Particulars||Q2FY20||Q1FY21||Q2FY21||% QoQ||% YoY*|
|Profit Before Tax||301||79||37||(53)%||(88)%|
|PAT before share of Associate||200||46||22||(52)%||(89)%|
|PAT after share of Associate||200||(30)||(20)||(33)%||(110)%|
* Results not comparable due to transfer of 9 Assets to Pvt InvIT and impact of Global Pandemic
The Business Performance:
- Strong surge in toll collections witnessed for all projects, as economic activity picked up across the country.
- Significant improvement seen in construction pace as well.
- Company received Completion Certificate from the NHAI for Yedeshi Aurangabad Concession; leading to 15.5% increase in tariff with commencement of Toll collection at full rates.
- Awarded LoA for Rs. 1,755 Crs Gandeva-Ena 27.5Kms stretch under HAM on the upcoming Vadodara Mumbai Expressway project.
- Second tranche of Fund Raise in Pvt InvIT in process, by way of Rights Issue of Rs 510 Crs – expected to be closed within a week.