On a consolidated basis, the infrastructure developer recorded a net loss of Rs 30.14 crore in Q1 June 2020 compared with net profit of Rs 206.62 crore in Q1 June 2019.
Consolidated net sales slumped 42.3% to Rs 1,022.30 crore in Q1 June 2020 over Q1 June 2019. Profit before tax (PBT) tanked 99.2% to Rs 2.95 crore in Q1 June 2020 as against Rs 387.17 crore in Q1 June 2019. Current tax expense for the quarter dropped 68.3% to Rs 54.38 crore as against Rs 171.34 crore paid in Q1 June 2019. The Q1 result was declared after market hours yesterday, 24 August 2020.
The company's toll collection across all projects recovered to the extent of 75% Y-o-Y (year-on-year) in June 2020 and continues to improve further, normalcy for collections as well as construction segment are expected over the upcoming months. The firm bagged Gandeva-Ena, 27.500 km HAM project in Gujarat which is part of the upcoming Vadodara-Mumbai Expressway with cost outlay of Rs 1,755 crore.
IRB Infrastructure Developers also achieved financial closure for Mumbai-Pune Expressway concession with a debt tie up of Rs 6,610 crore; makes an upfront payment of Rs 6,500 crore to the MSRDC as first tranche of the concession amount.
Speaking on the Q1 figures, Virendra D. Mhaiskar, chairman and managing director (MD) of IRB Infrastructure Developers, said, "Toll collections were temporarily soft due to frequent and persisting lockdowns during the quarter. With the phase-wise relaxations being implemented now, the normalcy is expected soon as is also reflected in collections for June 2020 surpassing 75% levels on Y-o-Y basis and improving further in July. Construction activity is bouncing back gradually as well. Credible track record of over two decades helped us raise sufficient liquidity even during these difficult times. This helped in continuation of smooth execution of projects and also in achieving financial closure for the largest TOT in the country in stipulated time. As NHAI awarding activity is picking up pace, we also succeeded in winning one HAM project in Gujarat worth Rs 1,755 cr."
Shares of IRB Infrastructure Developers advanced 2.45% to Rs 127.70 on BSE. IRB is a private roads and highways infrastructure developer in India.
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