IRB Infra Q4 results: Net profit jumps 45% to Rs 189 cr, revenue up 27%

Co's toll revenue increased by 29 per cent in April, earned Rs 503 crore from its highways

Highway developer IRB Infrastructure Developers (IRB Infra) reported a 45 per cent year-on-year jump in net profit for the January-March quarter of 2023-24 to Rs 188.9 crore, according to quarterly earnings data released by the company on Tuesday.

Sequentially, IRB Infra’s net profit remained flat. In the October-December quarter, the company reported a net profit of Rs 187 crore.

The highway builder reported a year-on-year core revenue growth of 27 per cent to Rs 2,061 crore. Sequentially, net sales increased by 4.7 per cent.

As the largest integrated private toll roads and highways infrastructure developer in India, IRB Infra has an asset base of approximately Rs 80,000 crore in 12 states across the parent company and two Infrastructure Investment Trusts (InvITs).

“FY24 was an astounding year. We not only received three prestigious Toll-Operate-Transfer (TOT) awards but also tied up finances, made upfront payment of concession fees to the respective authorities, and commenced tolling on these projects well within the set timelines,” said Virendra D Mhaiskar, chairman and managing director, IRB Infra.

He added, “FY24 unequivocally firmed up our leadership position in the sector as the largest transport infrastructure developer in India’s highway sector in terms of the largest projects portfolio, operational lane kilometres, the largest asset base, and robust toll revenue growth.

With all these credentials and strong support from our global strategic partners, along with the high trust of our stakeholders and the ample opportunities available in the sector, we look forward to a more promising FY25 with this growth momentum continuing in the coming year.”

The company also saw a 29 per cent rise in its April toll revenues to Rs 503 crore from its operating roads.

“After witnessing 24 per cent growth in toll collection in FY24 over the previous year, having robust growth of 29 per cent at the start of the new year looks to be very promising. Considering the GDP projections, the government's focus on the infrastructure development of the nation, especially in the roads and highways segment, and the abundant opportunities coming up in the sector, we sincerely feel that the toll collection momentum will have an upward trend in FY25,” said Amitabh Murarka, deputy chief executive officer, IRB Infra.