Leaving behind the adverse impact of COVID19 pandemic on operations in initial quarters of FY21, IRB Infrastructure Developers Ltd., India’s one of the largest and leading highway infrastructure companies, has bounced back to post the net profit of Rs. 69 Crs in the third quarter of FY21, with revenues of Rs. 1,547 Crs.
The Company announced its financial results for the third 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, “The impressive growth momentum witnessed in toll collections was ahead of our expectations for Q3FY21 and reflects the resilience as well as sustainable growth opportunity lying latent in India. It is most pleasing to see this trend continue further for ensuing quarter as well.” He further added, “Our construction segment has also seen a robust recovery and continues to strengthen further. We look forward to promising times ahead especially with the meaningful opportunities lined up in the sector.”
Recovery in Toll Collections seen across IRB Assets:
| Total Collections (Rs Crs) | Q1FY21* | Q2FY21 | Q3FY21 | % QoQ (Q3 vs Q2) | |
| MPTOT | 116.7 | 219.1 | 310.6 | 42% | |
| AVBOT | 58.9 | 108.0 | 131.0 | 21% | |
| Pvt InvIT 9 Assets | 134.4 | 233.0 | 299.1 | 28% | |
| Pub InvIT 7 Assets | 212.8 | 371.8 | 430.6** | 16% |
* Tolling was halted completely for first 19 days in April 2020
** Numbers suppressed due to halted tolling at APBOT for most of the quarter on account of Farmers protests
Financial Performance:
(In Rs Cr)
| Particulars | Q1FY21 | Q2FY21 | Q3FY21 | % QoQ (Q3 vs Q2) |
| Total Income | 1,073 | 1,169 | 1,595 | 36% |
| EBITDA | 529 | 601 | 768 | 28% |
| Profit Before Tax | 79 | 37 | 135 | 265% |
| PAT before share of JV | 46 | 22 | 89 | 305% |
| Share of loss from JV | (76) | (42) | (20) | 52% |
| PAT after share of JV | (30) | (20) | 69 | 445% |
| Cash Profit | 206 | 151 | 280 | 85% |
The Business Performance:
- Strong recovery in toll collections witnessed for all projects, as economic activity picked up across the country.
- Significant improvement seen in construction pace as well.
- Company achieved COD for its Agra – Etawah 6 Laning project; resulting in tariff collection effected at full rates with over 66% tariff revision.
- Company has achieved Financial Closure for the Gandeva – Ena HAM Project, awarded in September 2020. With this there are no Financial Closures pending in our asset portfolio.
