IRB Infrastructure Developers Ltd. (IRB), India’s leading and largest integrated highway infrastructure developers announced the Q4FY21 Financial Results, in its Board Meeting, held today at Mumbai.
*Net profit amount after excluding exceptional items is Rs.57 Cr for FY20
The numbers clearly reflect the impact of nation-wide lockdown in first quarter, followed by the strong recovery in subsequent quarters as economic activities re-started in phased manner.
Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “FY21 performance was marred by National Lockdown in first quarter; however, restart of economic activities in the subsequent quarters brought strong recovery to surpass pre-COVID levels. We now look forward to a better and stronger FY22.”
He further said, “The year had some significant developments, despite pandemic environment; Viz., entering global bonds market to explore new avenues for funding, achieving India’s largest single debt tie-up for Mumbai Pune Expressway; achieving Full COD for Agra-Etawah and Yedeshi-Aurangabad Projects, entering Eastern India by winning BOT project in WB and also bagging and achieving Financial Closure for HAM project; thus, marching ahead firmly and strongly on the growth path.”
The highlights of business performance for FY20 are:
· Maiden offshore bond issue by any Indian Roads Developer of Rs. 2,185 Crs, out of which Rs.1,600 Cr used for prepayment debts and balance to meet capital requirement of projects and general corporate purpose.
· Bagged Gandeva-Ena HAM project in Gujarat, Pathankot Mandi HAM in Himachal Pradesh and Palsit-Dankuni BOT project in West Bengal, thus extending presence to 10 Indian States, including the 1st Eastern State of India
· Achieved largest single debt tie-up for Mumbai Pune expressway, followed by the financial closure for Gandeva-Ena HAM project.
· Strong recovery in toll collections witnessed for all projects, as economic activity picked up across the country; surpassing pre-COVID-19 levels.
· The FASTag penetration for IRB Group crossed 90% mark; with strong push for a 100% conversion to FASTag by the Government.
· Significant improvement in construction pace with eased lockdowns.
· Achieved full COD for Agra-Etawah Project and Yedeshi-Aurangabad Project, allowing Company to recover Toll at full tariffs with hike of around 66% and 15.5% respectively.
About IRB Infrastructure Developers Ltd:
IRB Infrastructure Developers Ltd (IRB) is India’s largest integrated private toll roads and highways infrastructure developer in India, with an asset base of over Rs.54,000 Crs. in 10 States across the parent company and two InvITs.
The Company has strong track record of constructing over 12,975 lane Kms pan India in 3 decades and has an ability to construct over 500 Kms in a year.
It has approx. 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.
At present, IRB Group’s portfolio (including Private and Public InvIT) has 23 projects that include 19 BOT, 1 TOT and 3 HAM projects.