- Board approves sale of Vadodara Kim HAM project in the State of Gujarat for consideration of Rs.342 Crs
- Q1 Toll collections reported jump of ~75% YoY across project portfolio
- Successfully completed all 9 projects initially transferred to the Private InvIT arm and Toll is being collected at commensurately increased tariff rates
Mumbai : IRB Infrastructure Developers Ltd., India’s first integrated multi-national infrastructure player in highways sector, has posted first quarter PAT at Rs.363 Crs and consolidated income Rs.1,995 Crs; up 405% and 19% YoY respectively.
The Company today announced its financial results for the first quarter ended 30th June 2022 of the financial year 2022-23, in a Board Meeting, held at Mumbai.
| Particulars | Q1FY23 (In Crs) | Q1FY22 (In Crs) |
| Total Income | 1995 | 1,670 |
| EBITDA | 1131 | 745 |
| Finance costs | 385 | 468 |
| Depreciation and amortisation | 203 | 136 |
| Profit Before Tax | 543 | 141 |
| PAT before share of JV | 397 | 106 |
| Share of Profit (Loss) from JV | (34) | (34) |
| PAT after share of JV | 363 | 72 |
| Cash Profit | 600 | 242 |
Toll Collections for Q1FY23 v/s Q1FY22:
(Amount in Rs. Crores)
| Months | IRB Infra Projects | Private InvIT Projects | Total | % Change | |||
| Q1FY23 | Q1FY22 | Q1FY23 | Q1FY22 | Q1FY23 | Q1FY22 | ||
| April | 166.96 | 114.81 | 160.08 | 81.83 | 327.04 | 196.64 | 66.31% |
| May | 180.87 | 101.31 | 162.64 | 62.01 | 343.51 | 163.32 | 110.33% |
| June | 169.96 | 129.76 | 159.16 | 83.10 | 329.12 | 212.86 | 54.62% |
| Total | 517.79 | 345.88 | 481.88 | 226.94 | 999.67 | 572.82 | 74.52% |
While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Limited said, “The quarter marks a resounding start to FY23, as we move back to normal business routine. Leaving pandemic impact behind, we have successfully completed all nine assets transferred to Pvt InvIT as well as the first HAM project in IRB’s fold. Further, we have realised a robust 75% YoY growth in toll collections across project portfolio, achieved financial closures for all new wins and started construction thereof.” He added, “We have also set in motion the asset monetisation strategy of our business model and offered Vadodara Kim HAM project to public InvIT. Now our focus is on timely construction completion of the new projects with high safety and quality standards, while effectively exploring upcoming opportunities in the Sector in collaboration with our global partners.”
- Board of Directors of the Company, at its meeting held on August 5, 2022, approved transfer of the Vadodara Kim HAM project in the State of Gujarat at enterprise value of Rs.1,297 crores to IRB InvIT Fund. Provisional COD for the project was received in Apr 2022. Post transfer of the project, debt to the extent of INR 955 crores will be reduced from consolidated debt of IRB. Further, IRB will receive INR Rs.342 crores, subject to necessary approvals.
- Company received Rs.308 Crs towards 75% of the total Arbitration Award (Compensation) of Rs.419 Crs from the NHAI for its Pathankot Amritsar BOT project, which is part of the Public InvIT and Company was an EPC contractor for the project.
- Post receipt of appointed date from the NHAI, construction activity commenced on Palsit Dankuni BOT project in West Bengal, the first one in Eastern Region of India and the Pathankot Mandi HAM project in Himachal Pradesh.
- Financial Closure achieved for prestigious Meerut Budaun Expressway BOT project in Uttar Pradesh, which is part of the Ganga Expressway project; and Chittoor Thachur HAM project in Tamil Nadu. We are expecting the appointed dates to be announced soon for both the projects.
- After recent completion of Kishangarh Gulabpura BOT project in Rajasthan, which is part of IRB Infrastructure Trust, the Private InvIT arm of the Company, all nine projects transferred initially to the Trust have been completed and are now tolling at commensurately increased tariff rates.