IRB Infrastructure posts consolidated net loss of Rs 30.13 cr in Q1

Highways developer IRB Infrastructure Developers Ltd (IRB) on Monday reported a consolidated net loss of Rs 30.13 crore for the quarter ended June 30, 2020 amid the COVID-19 pandemic.

The company had clocked a consolidated profit of Rs 206.62 crore in the corresponding quarter of previous fiscal, it said in a regulatory filing to the BSE.

Total consolidated income during the quarter under review declined to Rs 1,073.46 crore as against Rs 1,821.12 crore in the year-ago period.

Total expenditure declined to Rs 994.66 crore during the quarter under review as against Rs 1,433.95 crore in the year-ago period.

The company, in a statement, said toll collection across all projects recovered to the extent of 75 per cent year-on-year (YoY) in June 2020 and continues to improve further, and normalcy for collections as well as construction segment is expected over the coming months.

IRB Infra Chairman and Managing Director Virendra D Mhaiskar said, "Toll collections were temporarily soft due to frequent and persisting lockdowns during the quarter. With the phase-wise relaxations being implemented now, the normalcy is expected soon as is also reflected in collections for June 2020 surpassing 75 per cent levels on YoY basis and improving further in July."

Construction activity is bouncing back gradually as well, he said, adding that "credible track record of over two decades helped us raise sufficient liquidity even during these difficult times".

"This helped in continuation of smooth execution of projects and also in achieving financial closure for the largest TOT (toll, operate and transfer) in the country in stipulated time. As NHAI awarding activity is picking up pace, we also succeeded in winning one HAM project in Gujarat worth Rs 1,755 crore," he added.

The company said it has achieved financial closure for Mumbai-Pune Expressway with India's largest debt tie-up of Rs 6,610 crore and made upfront payment of Rs 6,500 crore to the Maharashtra State Road Development Corporation (MSRDC) as first tranche of the concession amount.

The company also emerged as the preferred bidder, and was subsequently awarded the Letter of Award by NHAI, for GandevaEna HAM (hybrid annuity mode) project with a cost layout of Rs 1,755 crore on the upcoming VadodaraMumbai Expressway.

IRB Infrastructure Developers Ltd (IRB) is the largest private roads and highways infrastructure developer in India, with an asset base of over Rs 51,000 crore across the parent company and two InvITs.

IRB Group's portfolio (including private and public InvIT) comprises of 22 projects, including 19 BOT (build, operate and transfer), 1 TOT and 2 HAM projects.