IRB Q1 PAT soars 404% to Rs 363 cr

In a statement, the company said its Board has approved transfer of the Vadodara Kim hybrid annuity model (HAM) project in Gujarat at an enterprise value of Rs1,297 crore to IRB InvIT Fund.

IRB Q1 PAT soars 404% to Rs 363 cr
Its total income rose to Rs1,995 crore in the quarter under review, up 19% from Rs1,670 crore a year earlier.

IRB Infrastructure Developers (IRB) on Friday reported a whopping 404% rise in its first quarter profit after tax (PAT) to Rs363 crore on a 75% rise in toll collection year on year (YoY). During the same quarter last fiscal, in which the second wave of the pandemic restricted traffic movement, the company had reported Rs72 crore PAT.

Its total income rose to Rs1,995 crore in the quarter under review, up 19% from Rs1,670 crore a year earlier. IRB Group’s portfolio, including private and public InvIT, has 22 road projects comprising 17 build-operate-transfer (BOT), one toll-operate-transfer (TOT) and four HAM projects.

“The quarter marks a resounding start to FY23, as we move back to normal business routine. Leaving pandemic impact behind, we have successfully completed all nine assets transferred to Pvt InvIT as well as the first HAM project in IRB’s fold. Further, we have realised a robust 75% YoY growth in toll collections across project portfolio, achieved financial closures for all new wins and started construction thereof,” said IRB’s CMD Virendra D Mhaiskar.

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In a statement, the company said its Board has approved transfer of the Vadodara Kim hybrid annuity model (HAM) project in Gujarat at an enterprise value of Rs1,297 crore to IRB InvIT Fund. “Post transfer of the project, debt to the extent of Rs955 crore will be reduced from consolidated debt of IRB. Further, IRB will receive Rs342 crore, subject to necessary approvals,” the company said.

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