IRB Infrastructure Developers announced Q2FY23 results: IRB Infra Q2FY23 net profit more than doubles to Rs. 85 crore from Rs. 42 crore in corresponding quarter of FY22 Total revenue for Q2FY23 at Rs. 1,439 crore Toll revenue across IRB and Pvt InvIT entities together up by ~ 53% YoY for first half While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, “We witnessed robust growth in toll collections YoY, even as monsoons kept the construction segment soft during the quarter. Overall, a strong movement on business front included Ganga Expressway receiving appointed date to commence construction activity, GIC’s equity funding for the project, shareholder’s nod for Vadodara Kim HAM project getting transferred to the Public InvIT, compensation for revenue loss during farmers agitations, etc. have been much encouraging for us.” He further added, “With construction on Ganga Expressway project getting into full execution mode, we are now confident of achieving construction turnover of approx. Rs. 4,500 Crs for FY23. Wish all our stakeholders a very safe, healthy and prosperous festival of lights.” Result PDF
Roads & Highways firm IRB Infrastructure Developers announced Q1FY23 Result : Promising start of FY23 for IRB Infra; Company posts Q1 PAT at Rs. 363 Crs; Consolidated Income at Rs.1,995 Crs 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. 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.” Result PDF