IRB Posts Net Profit Of Rs. 207 Cr For Q3 FY18
IRB Infrastructure Developers Limited (IRB); India’s leading and one of the largest highways infrastructure developers, has announced its unaudited financial results for the Q3 FY18 and posted a Net Profit of Rs. 207 Cr for the quarter; 13% up as against Q3 FY17, despite a transfer of seven BOT projects to IRB InvIT during the year. The Company has reported a marginal decline in total income of 7% YoY with these seven assets moving to InvIT.
The company also declared the second interim dividend of Rs. 2.50 per share for FY18. Earlier, the Company had declared Rs.2.50 per share as an interim dividend on 24th July 2017.
The Company has been conferred on the prestigious ‘FinanceAsia Achievement Award 2017 – Best India Deal’ Award by Hong Kong-based FinanceAsia, a globally renowned publication, for successfully launching and listing India’s first InvIT IPO and raising ~Rs.5000Cr.
The highlights of Financial Performance are:
Q3 FY18v/s. Q3 FY17
|Sr. No.||Particulars||Q3FY18(In Crs. Rs.)||Q3FY17In Crs. Rs.)||% Increase / (Decrease)|
|1||Total Income||1,342|| 1,441||(7)%|
|2||Profit before tax||318||254||25%|
Nine months ended Dec 18 v/s. Nine months ended Dec 17
|Sr. No.||Particulars||Nine months FY18(In Crs. Rs.)||Nine Months FY17(In Crs. Rs.)||% Increase / (Decrease)|
|2||Profit before tax||1,079||686||57%|
While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “Continuing with the growth trend witnessed in the month of September last quarter, Q3 FY18marked a return to anticipated robust uptick in traffic movement across all our projects, and with EPC progressing in line with expectation, we are all set for a stupendous Q4 as well. What is most satisfying is the performance of our new projects in the state of Rajasthan, which reinforces and underpins our return expectations as well as outlook for forthcoming quarters.”
Further, while commenting on getting the FinanceAsia Achievement Award, he added,“We are extremely grateful to the FinanceAsia for recognizing our endeavours and thank all our investors for overwhelmingly supporting India’s first InvIT venture.”
The highlights of quarterly performance are: ·
Achieved Financial Closure for Chittorgarh – Gulabpura project by arranging finances of Rs.1400 Crs and started tolling as well as construction for the project on 4th Nov 2017.
Total EPC Order Book stands at approx.Rs.7,400 Cr,including Rs. 6,750 Cr of Construction order book, at the end of Q3 FY18.
Robust growth witnessed across BOT Projects – including Ahmedabad Vadodara and Agra Etawah, and impressive traffic picks up for Rajasthan projects, led to 24% QoQ increase in Toll revenues, despite the transfer of Pathankot Amritsar project to IRB InvIT.
Overall EPS growth of 13% YoY achieved, even with the transfer of 7 BOT Assets during the year to IRB InvIT.