IRB Infra posts consolidated net loss of Rs 20 crore in Q2

Highways developer IRB Infrastructure Developers Ltd (IRB) on November 12 reported a consolidated net loss of Rs 20 crore for the quarter ended September 30, 2020. The company had clocked a consolidated profit of Rs 200 crore in the corresponding quarter of the previous fiscal, it said in a statement.

Total consolidated income during the quarter under review declined to Rs 1,169 crore as against Rs 1,801 crore in the year-ago period. "Recovering from the COVID-19 pandemic impact in the first quarter of FY21, IRB Infrastructure Developers Ltd, India's one of the largest and leading highway infrastructure companies, saw its losses reducing to Rs 20 crore while cash profit for the quarter stood at Rs 150 crore with revenues of Rs 1,122 crore," the company said.

It said results are not comparable due to transfer of 9 Assets to Pvt InvIT and impact of global Pandemic. Virendra D Mhaiskar, chairman and managing director of the company, said, "Nationwide phased unlocking and onset of festive season in India led to a heartening rebound in toll collections across projects during the quarter. It is very pleasing to note the strong momentum continuing and breaching the pre-COVID levels in subsequent period.

"This is a reflection of strong uptick in economy across facets whether consumption or manufacturing or government receipts and, thus, is expected to continue for the rest of the year as well." He said the company is in the process to raise Rs 510 crore by way of rights issue in Private InvIT, likely to be closed within a week.

He added: "The pandemic has given us an opportunity to re-visit our strengths refine, polish, and develop them to cater to the plethora of upcoming opportunities in the sector." The company said there is strong surge in toll collections for all projects, as economic activity picked up across the country.

About the business performance, it said significant improvement has been seen in construction pace. It said the company has received completion certificate from the NHAI for Yedeshi Aurangabad concession; leading to 15.5 per cent increase in tariff with commencement of Toll collection at full rates.

The statement said the company has been given letter of award for Rs 1,755 crore Gandeva-Ena 27.5 Km stretch under HAM (hybrid annuity mode) on the upcoming Vadodara Mumbai Expressway project. It said the second tranche of fund raise in Pvt InvIT in process, by way of rights issue of Rs 510 crore and is expected to be closed within a week.