IRB Infra Q4FY18 net rises 16% to Rs 2.4 bn on robust revenue build-up

IRB Infra successfully launched and listed India's first ever InvIT IPO on 18th May 2017 that raised Rs 50.35 billion

IRB Infrastructure Developers Ltd. (IRB); India's leading and one of the largest highways infrastructure developers, recently announced its audited financial results for the Q4 and FY18.

The highlights of IRB Infra's Financial Performance are as follows:

Q4 FY18 v/s. Q3 FY18 v/s Q4 FY17

Total Income

Q4FY18 (In Rs. Cr.) - 1,432

Q3FY18 (In Rs. Cr.) - 1,342

QoQ - seven per cent

Q4FY17 (In Rs. Cr.) - 1,656

YoY - 14 per cent

Profit before tax

Q4FY18 (In Rs. Cr.) - 384

Q3FY18 (In Rs. Cr.) - 318

QoQ - 21 per cent

Q4FY17 (In Rs. Cr.) - 298

YoY - 29 per cent

Net Profit

Q4FY18 (In Rs. Cr.) - 240

Q3FY18 (In Rs. Cr.) - 207

QoQ - 16 per cent

Q4FY17 (In Rs. Cr.) - 207

YoY - 16 per cent

Note: The drop in YoY Total Income is on account of transfers of seven projects to InvIT

FY 2018 v/s. FY 2017

Total Income

FY18 (In Rs. Cr.) - 5,863

FY17 (In Rs. Cr.) - 5,969

Per cent Increase / (Decrease) - (two per cent)

Profit before tax

FY18 (In Rs. Cr.) - 1,338

FY17 (In Rs. Cr.) - 984

Per cent Increase / (Decrease) - 36 per cent

Net Profit

FY18 (In Rs. Cr.) - 920

FY17 (In Rs. Cr.) - 715

Per cent Increase / (Decrease) - 29 per cent

Note: The drop in YoY Total Income is on account of transfers of seven projects to InvIT

"Not only Q4, but the whole of FY18 was stupendous for us at IRB Infra, as it witnessed a return of traffic growth, post demonetisation and GST, across projects resulting in robust revenue build-up. We successfully listed IRB InvIT and transferred seven projects to it. On construction activities front, Rajasthan projects received appointed dates to commencing tolling and construction simultaneously after achieving financial closure. We also commissioned toll collection on two projects post construction and above all added four new projects to the portfolio, 3 under Hybrid Annuity and one under BOT model. We enter FY19 with strong momentum and more efficient Balance Sheet,"said Virendra D. Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers Ltd.

The highlights of company's business performance in FY18 are:

Successfully launched and listed India's first ever InvIT IPO on 18th May 2017 that raised Rs 50.35 billion, with an overwhelming response of 8.7 times from investors.

Transferred seven projects to the IRB InvIT; and, continues with the responsibility of maintenance management of these projects through its wholly-owned subsidiary.

Received Rs 22 billion as consideration from InvIT; holds 16 per cent of Unit Capital in InvIT.

Debt Equity Ratio is reduced substantially from 2.85 in FY17 to approx. 1.87 in FY18; thus witnessing two-notch rating upgrade to A+.

Achieved Financial Closure for all the three - 4 to 6 laning - highway projects in Rajasthan and started tolling after receipt of Appointed Date from the NHAI.

Achieved COD for Kaithal - Rajasthan Border and Solapur - Yedeshi projects.

Bagged four projects totaling up to Rs. 89.3 billion comprising three Hybrid Annuity Projects and one in BOT space.