IRB Infrastructure Developers' consolidated net profit dropped 25.8% to Rs 154.32 crore on 18.7% fall in net sales to Rs 1,584.45 crore in Q4 March 2020 over Q4 March 2019.
The company reported exceptional gain of Rs 57.38 crore in Q4 March 2020. Consolidated profit before tax (PBT) tanked 36% to Rs 231.05 crore in Q4 March 2020 as against Rs 361.20 crore in Q4 March 2019. Current tax expense slumped 49.6% to Rs 79.79 crore in Q4 March 2020 as against Rs 158.25 crore in Q4 March 2019. EBITDA declined 13% to Rs 705 crore in Q4 FY20 as compared to Rs 811 crore in Q4 FY19.
The board recommended a final dividend of Rs 5 per share. The Q4 result was announced after market hours yesterday, 18 June 2020.
Operations were impacted by the lockdown during pandemic for a large part of March 2020. The numbers include one month of tolling & O&M (Operations & Maintainence) of the newly bagged Mumbai Pune Expressway concession and exclude one month of contribution from nine assets transferred to IRB Private INVIT.
Commenting on the Q4 performance, Virendra D. Mhaiskar, the chairman & managing director (MD) of IRB Infrastructure Developers, has said that: "Except last 15-20 days of March 2020, rest of FY20 brought good developments for us; especially the investment deal with GIC Affiliates, Singapore; getting re-awarded prestigious Mumbai-Pune Expressway project under TOT model and commissioning of Goa-Kundapura NH-17 BOT project to make all our projects revenue generating. Though the ongoing scenario has a dominance of COVID-19 pandemic, we sense gradual normalization of operations, with traffic gaining pace every single day as lockdown is gradually laxed across the country."
In a separate announcement, the company informed that its special purpose vehicle (SPV), IRB MP Expressway, has successfully achieved financial closure for its first and India's largest toll-operate-transfer (TOT) project -Mumbai Pune Expressway. As a commitment towards the fee obligations in concession agreement, the company has today made the payment of first tranche of Rs 6,500 crore as upfront sub-concession fee to the Maharashtra State Road Development Corporation.
IRB Infrastructure Developers (IRB) is a private roads and highways infrastructure developer in India.
Shares of IRB Infrastructure Developers advanced 4.01% to Rs 72.55 on BSE. The stock traded in the range of Rs 70.25 to Rs 74.90 so far.
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