IRB Infra posts consolidated net loss of ₹20 crore in Sept quarter2 min read . Updated: 12 Nov 2020, 05:21 PM IST
Total consolidated income during the Sept quarter declined to ₹1,169 crore as against ₹1,801 crore in the year-ago period
NEW DELHI : Highways developer IRB Infrastructure Developers Ltd (IRB) on Thursday reported a consolidated net loss of ₹20 crore for the quarter ended September 30, 2020.
The company had clocked a consolidated profit of ₹200 crore in the corresponding quarter of the previous fiscal, it said in a statement.
Total consolidated income during the quarter under review declined to ₹1,169 crore as against ₹1,801 crore in the year-ago period.
"Recovering from the COVID-19 pandemic impact in the first quarter of FY21, IRB Infrastructure Developers Ltd, India's one of the largest and leading highway infrastructure companies, saw its losses reducing to ₹20 crore while cash profit for the quarter stood at ₹150 crore with revenues of ₹1,122 crore," the company said.
It said results are not comparable due to transfer of 9 Assets to Pvt InvIT and impact of global Pandemic.
Virendra D Mhaiskar, chairman and managing director of the company, said, "Nationwide phased unlocking and onset of festive season in India led to a heartening rebound in toll collections across projects during the quarter. It is very pleasing to note the strong momentum continuing and breaching the pre-COVID levels in subsequent period.
"This is a reflection of strong uptick in economy across facets – whether consumption or manufacturing or government receipts – and, thus, is expected to continue for the rest of the year as well."
He said the company is in the process to raise ₹510 crore by way of rights issue in Private InvIT, likely to be closed within a week.
He added: "The pandemic has given us an opportunity to re-visit our strengths – refine, polish, and develop them to cater to the plethora of upcoming opportunities in the sector."
The company said there is strong surge in toll collections for all projects, as economic activity picked up across the country.
About the business performance, it said significant improvement has been seen in construction pace.
It said the company has received completion certificate from the NHAI for Yedeshi Aurangabad concession; leading to 15.5 per cent increase in tariff with commencement of Toll collection at full rates.
The statement said the company has been given letter of award for ₹1,755 crore Gandeva-Ena 27.5Km stretch under HAM (hybrid annuity mode) on the upcoming Vadodara Mumbai Expressway project.
It said the second tranche of fund raise in Pvt InvIT in process, by way of rights issue of ₹510 crore and is expected to be closed within a week.
IRB Infrastructure Developers Ltd (IRB) is the largest private roads and highways infrastructure developer in India, with an asset base of over ₹51,000 crore across the parent company and two InvITs.
IRB Group's portfolio (including private and public InvIT) comprises of 22 projects, including 19 BOT (build, operate and transfer), 1 TOT and 2 HAM projects.