IRB Infra Q3 PAT declines 27% YoY

IRB Infrastructure Developers slipped 4.38% to Rs 96.10 after consolidated net profit dropped 27% to Rs 159.73 crore in Q3 December 2019 (Q3 FY20) as against Rs 218.90 crore reported in Q3 December 2018 (Q3 FY19).

Net sales fell 2.6% year-on-year (YoY) to Rs 1,742.64 crore in Q3 FY20. Profit before tax tanked 34.1% to Rs 255.81 crore YoY. Current tax expenses also slumped 44.6% to Rs 92.23 crore during the period under review. The result was disclosed after trading hours on Friday, 14 February 2020.

The company reported toll collection growth of 9% quarter-on-quarter (QoQ) for ongoing concessions.

The company said it received provisional completion certificate for Goa/Karnataka Border-Kundapur 4 laning Project on NH-17; started tolling.

All approvals for transferring 9 road assets to the IRB Infrastructure Trust are in place, it added. The company further said that it emerged as a single bidder for prestigious Mumbai-Pune Expressway TOT project and it is awaiting the final outcome from the authorities.

Speaking on the Q3 performance, Virendra D. Mhaiskar, the chairman & managing director of IRB Infrastructure Developers, has stated that, "Our execution pace continues to be strong and the quarter marked a return of traffic growth-presumably led by slight pick-up in economic activity across India. With Goa Kundapur project getting commissioned, all of our projects are now revenue generating."

"We are now expecting closure of deal with GIC affiliates soon and also a decision on Mumbai-Pune expressway project. Also, we are keenly evaluating a large pipeline of upcoming bids, comprising approx. Rs 10,000 cr. TOT, Rs 26,000 cr. BOT and Rs 48,000 cr. HAM projects, expected to be awarded over the next 1-3 quarters. We would participate opportunistically over coming quarters to pave way for strong sustainable growth for IRB," he added.

IRB Infrastructure Developers is a road build-operate-transfer (BOT) operator. The firm's principal activity is the construction and maintenance of roads.

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