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 percent
Q4FY17 (In Rs. Cr.) - 1,656
YoY - 14 percent
Profit before tax
Q4FY18 (In Rs. Cr.) - 384
Q3FY18 (In Rs. Cr.) - 318
QoQ - 21 percent
Q4FY17 (In Rs. Cr.) - 298
YoY - 29 percent
Net Profit
Q4FY18 (In Rs. Cr.) - 240
Q3FY18 (In Rs. Cr.) - 207
QoQ - 16 percent
Q4FY17 (In Rs. Cr.) - 207
YoY - 16 percent
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
Percent Increase / (Decrease) - (two percent)
Profit before tax
FY18 (In Rs. Cr.) - 1,338
FY17 (In Rs. Cr.) - 984
Percent Increase / (Decrease) - 36 percent
Net Profit
FY18 (In Rs. Cr.) - 920
FY17 (In Rs. Cr.) - 715
Percent Increase / (Decrease) - 29 percent
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 return of traffic growth, post demonetisation and GST, across projects resulting into 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. 5,035 Crores, 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. 2,200 Crs as consideration from InvIT; holds 16 percent 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. 8,930 Cr comprising three Hybrid Annuity Projects and one in BOT space.
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