IRB Infrastructure, India’s largest road developing giant, has declared the audited financial results for the Q4 and FY18. The Q4 net profit of the company is up by 16 per cent to Rs 240 crore. On the other hand, the FY18 net profit has surged 29 per cent to Rs 920 crore. The total income for Q4 stands at Rs 1,432 crores and Rs 5,683 crores for FY18.
Speaking about the development, IRB Infrastructure owner, Mr Virendra Mhaiskar said, “Not only Q4, but the whole of FY 18 was stupendous for us at IRB Infra, as it witnessed return of traffic growth post demonetization and GST across projects, resulting in robust revenue build-up.” During FY18, the company was also able to transfer seven of its projects to IRB InvIT, which was quite an achievement.
Commenting on the InvIT and HAM, the IRB chief said, “We have successfully listed IRB InvIT and transferred seven projects. 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 added four new projects to the portfolio, three under Hybrid Annuity and one under BOT model. We enter FY19 with strong momentum and more efficient Balance Sheet.”
The FY18 turned out to be a successful year for the company, wherein it achieved quite a few milestones. It raised Rs 5,035 crores by successfully launching and listing India’s first ever InvIT IPO on May 18, 2017, with a great response of 8.7 times from investors. On the other hand, it will be carrying on with the responsibility of maintenance management of seven projects transferred to IRB InvIT through its wholly-owned subsidiary.
Apart from this, it also received Rs 2,200 crore as consideration from InvIT and holds 16 per cent of unit capital in InvIT after a successful FY18. The debt equity ratio has also been decreased from 20.85 in FY17 to 1.87 in FY18 approximately. Another highlight for IRB Infrastructure in FY18 was achieving the financial closure for all the three 4 to 6-laning highway projects in Rajasthan. It started tolling after receiving the appointed date from the NHAI (National Highway Authority of India).
Furthermore, the company achieved COD for Kaithal–Rajasthan Border and Solapur–Yedeshi projects. One of the major achievement for the company was winning 3 Hybrid Annuity Projects and one BOT project totalling up to Rs 8,930 crore.
About IRB Infrastructure Developers Ltd
IRB Infrastructure Developers Ltd (IRB) is one of the largest private roads and highways infrastructure developer of India, with presence in BOT and HAM space.
The portfolio of the company consists of 17 owned projects and 7 projects under O&M contracts as a project manager for IRB InvIT. Out of the 17 owned projects, 7 are under operational BOT space, while 3 are under HAM space. Apart from this, 4 projects are under Tolling & Construction and another 2 projects are under advanced stages of construction and 1 project is under development stage. IRB has successfully completed 7 Concessions till date.
Under the leadership of Virendra Mhaiskar, the company has achieved a unique milestone of crossing 12,000 lane km in the 20th year of its journey. It has around 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private highways infrastructure developer in India.
The construction order books of the company stand at more than Rs 15,000 crore. IRB Infrastructure Developers Ltd has the privilege of launching and listing India’s first ever InvIT IPO and transferring seven projects under the same. It was recently honoured with the esteemed ‘FinanceAsia – Best India Deal – Achievement Award 2017’ at Hong Kong.