IRB Infrastructure Q4 net profit down 26% at Rs 154 crore

IRB Infrastructure on Thursday reported a 26 percent dip in consolidated net profit at Rs 154 crore for the quarter ended March 31, 2020.

The highway builder had clocked a net profit of Rs 208 crore in the corresponding quarter a year ago, as per a regulatory filing to the BSE.

Total income declined to Rs 1,634.80 crore during the quarter under review as against Rs 1,998.91 crore in the year-ago quarter.

The company's total expenses during the quarter declined to Rs 1,445.29 crore as against Rs 1,637.71 crore in the corresponding quarter of 2018-19.

For fiscal year 2019-20, the company reported a 15 percent decline in net profit at Rs 720.86 crore as against Rs 849.96 crore in 2018-19.

"Except last 15-20 days of March 2020, rest of FY20 brought good developments for us; especially the investment deal with GIC Affiliates, Singapore; getting re-awarded prestigious Mumbai-Pune Expressway project under TOT model and commissioning of Goa-Kundapura NH-17 BOT project to make all our projects revenue generating," IRB Infrastructure Developers Ltd Chairman & MD Virendra D Mhaiskar said.

"Though the ongoing scenario has a dominance of COVID-19 pandemic, we sense gradual normalisation of operations, with traffic gaining pace every single day as lockdown is gradually relaxed across the country,” he added.

IRB Infra said during the fiscal it closed the deal of around Rs 4,400 crore with GIC Affiliates, Singapore towards investment in its nine BOT (build, operate, transfer) assets under private InvIT structure.

IRB Infra emerged as the winner of India's largest single road TOT (toll, operate, transfer) -- Mumbai-Pune Expressway, for the second time running, at a bid price of Rs 8,262 crore during the year, it said.

The company also achieved financial closure and commenced tolling post receiving appointed date from NHAI for Hapur-Moradabad NH-9 BOT project.

Besides, it said it achieved partial COD (commercial operation date) for the Goa-Kundapura NH-17 BOT Project and started tolling.

All BOT projects under IRB umbrella are revenue generating now, it said.

IRB Infra is the largest private roads and highways infrastructure developer in India, with an asset base of over Rs 45,000 crore across the parent company and two InvITs.