IRB Infra Q1 Results: Net profit declines 63% to ₹133 crore on lower income, toll collection up 18% YoY
IRB Infrastructure Developers announced its April-June quarter results for fiscal 2023-24 (Q1FY24) reported a decline of 63 per cent in net profit at ₹133.67 crore, compared to ₹363.19 crore in the corresponding quarter last year. The fall in profit was dragged by lower income during the quarter-under-review. The company's total income in the first quarter of the current fiscal also declined to ₹1,745.47 crore, compared to ₹1,995.40 crore a year ago.
The company witnessed an aggregate toll collection growth of 18 per cent year-on-year for the quarter under review in the assets under IRB Infra portfolio and the assets under IRB Infrastructure Trust. The toll collection for the April-June quarter stood at ₹1,183 crore, compared to ₹1,000 crore in the corresponding quarter of the last fiscal. IRB Infra bagged the TOT concession for Jawaharlal Nehru outer ring road project in Telangana for the concession period of 30 years.
The concession agreement has been executed with the Hyderabad Metropolitan Development Authority. With the project, the company’s share in the TOT market went up to 37 per cent of the total TOT projects awarded - the largest by any private player in India. The company also executed the concession agreement for Rs.2,132 crore Samakhiyali Santalpur BOT Project in Gujarat.
It is in process of achieving financial closures for Hyderabad ORR TOT project and Samakhiyali Santalpur BOT project and is in advance stages. “We continue to witness robust momentum in toll collection. Recently added projects of Hyderabad ORR TOT and Samakhiyali to Santalpur BOT project are set to commence during Q2 and will meaningfully contribute to both, toll collection as well as construction segment, from Q3 onwards,'' said Virendra
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