IRB Infrastructure Posts Net Profit of Rs 160 crores for Third Quarter of FY20

One of the leading highway Infrastructure developers, IRB Infrastructure has posted a net profit of Rs 160 crores and revenue of Rs 1790 crores for the third quarter of FY20 that ended on 31st Dec, 2019.

IRB Infrastructure announced its unaudited financial results for the third quarter of FY20 in its board meeting held in Mumbai on February 14, 2020. There were many highlights for the company in this quarter, which included the toll collection growth of 9 per cent QoQ.

Other than this, the company also started tolling for Goa-Kundapur project and emerged as the sole bidder for prestigious Mumbai-Pune expressway TOT (toll, operate, transfer) project.  Additionally, all the projects under BOT portfolio of IRB became revenue-generating projects in the same period.

Talking about the development, Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd, said, “Our execution pace continues to be strong and the quarter marked a return of traffic growth – presumably led by slight pick-up in economic activity across India. With Goa-Kundapur project getting commissioned, all of our projects are now revenue-generating.”

“We are now expecting closure of deal with GIC affiliates soon and also a decision on Mum-Pune expressway project. Also, we are keenly evaluating a large pipeline of upcoming bids, comprising approx. Rs 10,000 crores TOT, Rs 26,000 crores BOT and Rs 48,000 crores HAM projects, expected to be awarded over the next 1-3 quarters. We would participate opportunistically over coming quarters to pave the way for a strong and sustainable growth for IRB,” he added.

IRB Infrastructure recently received a provisional completion certificate for Goa/Karnataka Border-Kundapur 4 laning project on NH-17. On the other hand, all approvals for transferring 9 road assets to the IRB Infrastructure Trust have been put in place.

About IRB Infrastructure Developers Ltd:

IRB Infrastructure Developers Ltd (IRB) is one of the largest private roads and highways infrastructure developers in India. The company has a strong track record of constructing over 12,600 lane kms in 2 decades. IRB Infrastructure has executed projects Pan-India with an ability to construct over 500 kms in a year.

The company has an approx. 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India. IRB Group’s portfolio comprises of 20 projects, which include 19 BOT and 1 HAM projects.

IRB’s BOT segment includes 7 operational projects, 5 projects under Tolling & Construction & 7 projects under O & M contracts as a Project Manager for IRB InvIT. The company’s order book as on 31st December 2019 stands at approx. Rs 6,800 crores.