IRB Infra posts Rs 30-crore loss in June quarter

By: |
August 25, 2020 9:04 AM

The company reported revenue from operations of Rs 1,022 crore, which came in lower by 42% on a year-on-year basis.

IRB Infrastructure Developers,covid 19, Ebitda, National Highways Authority of India, Toll collections,Vadodara-Mumbai Expressway, Bharatmala PariyojanaWith the phase-wise relaxations being implemented now, normalcy is expected soon as is also reflected in collections for June 2020 surpassing 75% levels on a y-o-y basis and improving further in July.

IRB Infrastructure Developers on Monday posted a net loss of Rs 30 crore in the June quarter versus a net profit ofRs 207 crore in the corresponding quarter last year, as toll collections remained impacted due to the Covid-19-led disruptions.

The company reported revenue from operations of Rs 1,022 crore, which came in lower by 42% on a year-on-year basis. The company’s Ebitda declined nearly 42% y-o-y to Rs 529 crore.

IRB Infrastructure CMD Virendra D Mhaiskar said: “Toll collections were temporarily soft due to frequent and persisting lockdowns during the quarter. With the phase-wise relaxations being implemented now, normalcy is expected soon as is also reflected in collections for June 2020 surpassing 75% levels on a y-o-y basis and improving further in July. Construction activity is bouncing back gradually as well.” The company also emerged as the preferred bidder and was subsequently awarded Gandeva-Ena – a 27.5-km HAM project by the National Highways Authority of India with a cost layout of Rs 1,755 crore on the upcoming Vadodara-Mumbai Expressway under the Bharatmala Pariyojana.

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