Roads & Highways firm IRB Infrastructure Developers announced Q3FY23 results: Q3FY23: IRB Infra reports Q3FY23 net profit at Rs 141 crore; up 94% YoY Total income reported is Rs 1,570 crore; up 5% YoY Robust and consistent growth seen in the toll revenue YoY and MoM during the quarter for the company and its private InvIT entities Completes refinancing of another BOT Asset - i.e., total of 3 assets refinanced within 2 quarters - under Private InvIT, through allotment of redeemable NCDs on private placement basis GIC affiliates committed 49% investment in Ganga Expressway project; 1st tranche of the same received, amounting to approx Rs 329 crore Commenting on the Q3FY23 Financial Results, Shri Virendra D Mhaiskar, Chairman & Managing Director of the company, said, “In addition to a strong financial performance, the quarter witnessed meaningful achievements on the business front as well. We received appointed date from UPEIDA for Ganga Expressway project and accordingly, the construction activity has commenced. Subsequently, we received 1st tranche of investment towards firm 49% commitment from the GIC Affiliates in this project. Also, another BOT asset under private InvIT completed its debt refinancing successfully to save on interest cost and generate surplus cash. With this, we have completed the refinancing of 3 BOT assets over last two quarters leading to sizeable cash savings.” He further added, “Selecting projects in economically strong states has paid rich dividends. This is visible from the continued YoY as well as MoM robust growth witnessed in the Toll revenue across the projects.” Result PDF