Consolidated net profit of the road developer tanked 56.5% to Rs 69.48 crore on 11.2% decline in net sales to Rs 1,547.16 crore in Q3 December 2020 over Q3 December 2019.
Consolidated profit before tax (PBT) tumbled 54.6% to Rs 116.25 crore in Q3 December 2020 as against Rs 255.81 crore in Q3 December 2019. Current tax expense for the quarter dropped 50.2% to Rs 45.96 crore as against Rs 92.23 crore in Q3 December 2019. The Q3 result was declared post trading hours yesterday, 18 January 2021.
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."
The company said it saw a strong recovery in toll collections for all projects, as economic activity picked up across the country. Significant improvement was seen in construction pace as well. The company achieved COD for its Agra - Etawah 6 laning project; resulting in tariff collection effected at full rates with over 66% tariff revision.
In a separate announcement, IRB Infra said its wholly-owned subsidiary and an special purpose vehicle, VM7 Expressway, has achieved financial closure for its Gandeva - Ena HAM project in Gujarat. The project is 8 laning of Gandeva - Ena section of 27.50 Kms on the upcoming Vadodara Mumbai Expressway under the Bharatmala Pariyojana (Phase I, Package VII).
IRB Infra had bagged the project under Hybrid Annuity Model (HAM) in July 2020 and had executed the Concession Agreement with NHAI in September 2020. The project is under Bharatmala Pariyojana Phase I, Package VII, 8 Laning of 27.500 Kms stretch between Gandeva and Ena on the upcoming Vadodara - Mumbai Expressway. The project concession will comprise 730 days for construction and 15 years for operations and maintenance thereafter. Project involves a grant of Rs 702 crore from NHAI, equity of Rs 253 crore from the company and project financing of Rs 747 crore from the lenders.
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Shares of IRB Infrastructure Developers rose 1.54% to Rs 115.55. IRB Infrastructure Developers is India's largest private toll roads and highways infrastructure developer, with an asset base of over Rs 51,000 crore across the parent company and two InvITs.
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