IRB Infra Q2FY23 net profit more than doubles to Rs. 85 Crs from Rs. 42 Crs in corresponding quarter of FY22

· Total revenue for Q2FY23 at Rs. 1,439 Crs

· Toll revenue across IRB and Pvt InvIT entities together up by ~ 53% YoY for first half

· Company receives Appointed Date for Ganga Expressway project; starts construction in full swing to meet the set timeframe, with high quality and safety standards.

Mumbai, October 21, 2022: India’s leading and first multinational infrastructure player in the highways development sector, IRB Infrastructure Developers Limited has posted net profit at Rs. 85 Crs, i.e., more than double YoY.

The Company announced its financial results for Q2FY23 in a Board Meeting held online today.

While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, “We witnessed robust growth in toll collections Y-o-Y, even as monsoons kept the construction segment soft during the quarter. Overall, a strong movement on business front included Ganga Expressway receiving appointed date to commence construction activity, GIC’s equity funding for the project, shareholder’s nod for Vadodara Kim HAM project getting transferred to the Public InvIT, compensation for revenue loss during farmers agitations, etc. have been much encouraging for us.” He further added, “With construction on Ganga Expressway project getting into full execution mode, we are now confident of achieving construction turnover of approx. Rs. 4,500 Crs for FY23. Wish all our stakeholders a very safe, healthy and prosperous festival of lights.”

Financial Performance:

(In Rs Cr)

Particulars

Q2FY23

Q2FY22

% Change

H1FY23

*H1FY22

% Change

Total Income

1,439

1,504

(4%)

3,434

3,175

8%

EBITDA

761

757

1%

1,892

1,502

26%

Profit Before Tax

180

115

57%

723

255

184%

PAT before share of JV

110

78

41%

506

184

175%

PAT after share of JV

85

42

102%

448

114

293%

Cash Profit

302

243

24%

901

485

86%

*H1 of FY22 numbers reflect impact of partial lockdown due to COVID-19 second wave

The Business Performance:

Toll revenue across IRB and Pvt InvIT entities together up by ~ 53% YoY for first half. The toll revenue for H1FY23 was Rs.1,984 Crs as against Rs.1,298 Crs for H1FY22.

GIC, Singapore to invest Rs.1,045 Crs in Ganga Expressway project towards equity commitment of 49% stake in the project; IRB Infra to infuse balance 51%, i.e., Rs.1,088 Crs. First tranche of Rs.533 Crs received, with GIC contributing Rs. 261.29 Crs and IRB Rs. 271.90 Crs.

· Company will be a Project Manager for Ganga Expressway Group 1 project and will receive aggregate Rs.10,459 Crs for EPC and O&M in construction period and concession period.

· Vadodara Kim HAM project that is part of Delhi Mumbai Greenfield expressway, achieved full COD. Project is being transferred to the IRB InvIT Fund for consideration of Rs.1,297 Crs. Company to receive Rs.342 Crs along with debt reduction of Rs.955 Crs.

· Received part compensation of ~Rs. 59 Crs from NHAI against losses on Kaithal Rajasthan BOT project due to the farmers’ agitation