IRB Infra’s FY19 Consolidated Income Up 18% To Rs.6,903 Crs
IRB Infrastructure Developers Limited (IRB), India’s leading and one of the largest highway infrastructure developers, have posted Consolidated Income of Rs.1,999 Crs for Q4 and Rs. 6,903 Crs for entire FY19; which is up by 40% and 18% respectively as compared to the corresponding period of FY18.
For the entire FY19, Company’s EBITDA went up by 10% to Rs.3,133 Crs; whereas the Q4 EBITDA went up by 14% to Rs. 811 Crs. Company registered Q4 profit of Rs.208 Crs.
The Company, in its Board Meeting today held at Mumbai, announced the Q4FY19 Financial Results.
Mr Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “It was yet another remarkable year as we clocked 18% revenue growth, even with transfer of seven operating assets to IRB InvIT last year, and successful completion of Pune Solapur concession this year. We started our first HAM project in Gujarat and construction is going on full swing across projects. With almost Rs. 11,000 Crs of order book we have strong visibility over the following two years, which will keep improving with the addition of new projects. We expect the pace of awards to strengthen with elections now being over and a large number of projects already lined up by NHAI. A very welcoming move from the Authority includes an increased proportion of projects being considered on the BOT model which we will continue to participate as the opportunity unfolds.”
The highlights of IRB Infra’s Financial Performance are as follows:
Q4 FY19 v/s. Q4 FY18
Q4FY19 (In Rs. Cr.)
Q4FY18 (In Rs. Cr.)
|3||Profit before tax||361||384||(6%)|
FY 2019 v/s. FY 2018
FY19 (In Rs. Cr.)
FY18 (In Rs. Cr.)
% Increase / (Decrease)
|3||Profit before tax||1,473||1,337||10%|
|4||Net Profit including extraordinary items||850||920||(8%)|
|5||Net Profit excluding extraordinary items||850||793||7%|
The highlights of business performance for FY19 are:
♦ Achieved Project COD for the Yedeshi - Aurangabad BOT Project and started tolling.
♦ Refinanced project debt for Kaithal Rajasthan from 11% to 9.5%, implying yearly savings of 150 bps on the debt of ~ Rs. 1400 crores.
♦ Received Appointed Date from NHAI for Vadodara - Kim Expressway project under Hybrid Annuity Model; construction activity commenced.
♦ Achieved Financial Closure for all three HAM Projects at the Bid Project Cost, despite the tough lending scenario and market conditions.
♦ CRISIL has initiated credit rating with “A+ Positive Outlook” for long term loan facilities.