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.”