IRB Infra sulks as consolidated net falls by a fourth

IRB Infrastructure Developers reported a 25-percent YoY decline in consolidated net profit to Rs 130.15 crore.

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Shares of IRB Infrastructure Developers dropped 4 percent on May 22 after the company reported a 25-percent YoY decline in consolidated net profit to Rs 130.15 crore.

At 10:31 am, IRB Infrastructure Developers was quoting at Rs 27.85, down 3.40 percent. It was trading with volumes of 474,579 shares so far today as compared with its five day average of 1,851,075 shares, a decrease of 74 percent.

However, consolidated revenue rose 13 percent YoY to Rs 1,619.98 crore. BOT and TOT projects along with construction projects witnessed healthy growth in revenue, which supported overall sales.

EBITDA was up 18 percent at Rs 758.74 crore while operating margin expanded to 46.84 percent during the quarter under review from 44.75 percent last year.

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Positive outlook

The company is engaged in the business of road infrastructure development. It secures contracts by submitting bids in response to tenders, in terms of which it is required to form Special Purpose Vehicle companies to execute the awarded projects. In conducting its business, its revenues include income from road infrastructure projects, dividends from its subsidiaries, and mutual funds amongst income from other sources.

Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers, said that “FY24 looks to be promising, as we had 19 percent toll revenue growth in first month itself; got another TOT project, taking our share in TOT space to around 37 percent, the largest by any player in the sector. We expect to continue growth momentum throughout the year”.