IRB Infra Q3 PAT down 27 pc at Rs 160 cr

IRB Infrastructure Developers on Friday reported a 27 percent decline in consolidated profit after tax (PAT) at Rs 159.73 crore for the quarter ended December 2019. The infrastructure company had clocked a consolidated PAT of Rs 218.90 crore for the corresponding period a year ago, it said in a regulatory filing to the BSE.

Total income for the quarter declined to Rs 1,790.17 crore as against Rs 1,835.02 crore in the year-ago period. Total expenses increased to Rs 1,534.36 crore, from Rs 1,446.82 crore earlier.

The company's Chairman and Managing Director Virendra D Mhaiskar said, "Our execution pace continues to be strong and the quarter marked a return of traffic growth - presumably led by slight pick-up in economic activity across India. With Goa Kundapur project getting commissioned, all of our projects are now revenue-generating." He added the company is expecting closure of the deal with GIC affiliates soon and also a decision on the Mumbai-Pune expressway project.

"Also, we are keenly evaluating a large pipeline of upcoming bids, comprising approx. Rs 10,000 cr TOT (toll-operate-transfer), Rs 26,000 cr BOT (build-operate-transfer) and Rs 48,000 cr HAM (hybrid annuity model) projects, expected to be awarded over the next 1-3 quarters," Mhaiskar said. The company said it has received a provisional completion certificate for Goa/Karnataka Border-Kundapur four-laning project on NH-17 and has started tolling.

All approvals for transferring nine road assets to the IRB Infrastructure Trust are in place, the statement said. The company has emerged as the single bidder for the prestigious Mumbai-Pune Expressway TOT project and is awaiting final outcome from the authorities. Toll collection has seen a growth of 9 percent QoQ for ongoing concessions.

IRB Infrastructure Developers Ltd (IRB) is a private roads and highways infrastructure developer having a track record of constructing over 12,600 lane kms in two decades.