IRB Infra announces financial results for Q1FY21

IRB Infrastructure Developers Ltd. (IRB); India's leading and one of the largest integrated highways infrastructure developers, today announced its unaudited financial results for the first quarter of the financial year 2021.

- Toll collection across all projects recovered to the extent of ~75% YoY in June 2020 and continues to improve further; normalcy for Collections as well as Construction segment expected over coming months

- Bagged Gandeva - Ena, 27.500 Kms HAM project in Gujarat which is part of the upcoming Vadodara - Mumbai Expressway with cost outlay of Rs.1,755 Crs

- Achieved financial closure for Mumbai Pune Expressway Concession with India's largest debt tie up of Rs.6,610 Crs; makes upfront payment of Rs. 6,500 Crs to the MSRDC as 1st tranche of the Concession Amount

The Company has reported the income of Rs. 1,073 Crs; along with the Cash Profit of Rs. 206 Crs; thus down by 41% and 43% respectively, compared to the corresponding quarter of FY20.

Commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director said, "Toll collections were temporarily soft due to frequent and persisting lockdowns during the quarter. With the phase-wise relaxations being implemented now, the normalcy is expected soon as is also reflected in collections for June 2020 surpassing 75% levels on YoY basis and improving further in July. Construction activity is bouncing back gradually as well". He added, "Credible track record of over two decades helped us raise sufficient liquidity even during these difficult times. This helped in continuation of smooth execution of projects and also in achieving financial closure for the largest TOT in the country in stipulated time. As NHAI awarding activity is picking up pace, we also succeeded in winning one HAM project in Gujarat worth Rs 1,755cr."

The Company, also emerged as the preferred bidder and was subsequently awarded the LoA by the NHAI for Gandeva - Ena - 27.500 Kms HAM project with cost layout of Rs.1,755 Crs, on upcoming Vadodara - Mumbai Expressway under the Bharatmala Pariyojana.

Shares of IRB INFRASTRUCTURE DEVELOPERS LTD. was last trading in BSE at Rs.124.65 as compared to the previous close of Rs. 127.5. The total number of shares traded during the day was 147349 in over 1708 trades.

The stock hit an intraday high of Rs. 129 and intraday low of 123.3. The net turnover during the day was Rs. 18408212.

Source : Equity Bulls

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