IRB announces Q2FY18 results; posts Net Profit of Rs. 235 Crs; H1FY18 Net Profit at Rs. 473 Crs.

Mumbai, November 8, 2017: IRB Infrastructure Developers Ltd. (IRB); India’s leading and one of the largest highways infrastructure developers, today announced its unaudited financial results for the second quarter of FY18.

The Company registered Net Profit of Rs. 235 Crs in Q2; and Rs. 473 Crs in the first half of FY 18.

The highlights of Financial Performance are:

Q2FY18 v/s. Q2FY17

Sr. No.

Particulars

Q2FY18

(In Crs. Rs.)

Q2FY17

In Crs. Rs.)

% Increase /

(Decrease)

1

Total Income

1,269

1,324

(4%)

2

Profit before tax

357

176

103%

3

Net Profit

235

142

65%

H1FY18 v/s. H1FY17

Sr. No.

Particulars

H1FY18

(In Crs. Rs.)

H1FY17

(In Crs. Rs.)

% Increase /

(Decrease)

1

Total Income

3,140

2,872

9%

2

Profit before tax

762

431

77%

3

Net Profit

473

324

46%

While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “Q2 and first half performance is encouraging as it set robust pace for coming quarters and involved major developments. We tied up Rs. 1,461 Crores Project Finance for Udaipur – Gujarat Border Project; started tolling on two new projects; successfully transferred Pathankot Amritsar project to IRB InvIT and got two notches rating upgrade to A+ which likely to reduce finance cost.”

He further added, “We are out of GST led slowdown in traffic and, since September, have been witnessing promising growth across projects. We have entered second half with lot more gusto and look forward to large opportunities unfolding with latest Government initiatives”

The highlights of quarterly performance are:

  • Achieved Financial Closure for Udaipur – Gujarat Border 6 laning highway project on 5thJuly 2017 and started tolling from 4thSeptember 2017, after receipt of Appointed Date from the NHAI.
  • Achieved COD for Kaithal – Rajasthan Border project on 8th September 2017.
  • Transferred Pathankot-Amritsar highway project to IRB InvIT on 28th September 2017 at a P/BV of ~1.3x, generating cash of Rs 544 Crsto IRB.
  • Debt Equity Ratio has further reduced, substantially, from 2.1:1 before InvIT IPO to 1.7:1 now and company stands at a net cash position, leading to credit rating upgrade by couple of notches from A- to A+.
  • Total Order Book stands at approx. Rs. 8,200 Crs, including Rs. 7,500 Crs of Construction order book, at the end of Q2FY18.