Earnings Review
IRB Infra PAT highest in 10 yrs on INR 58-bln one-time gain
This story was originally published at 20:31 IST on 31 January 2025
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--IRB Infra Oct-Dec consol net profit INR 60.26 bln
--Analysts saw IRB Infra Oct-Dec consol net profit INR 1.75 bln
--IRB Infra Oct-Dec consol net profit INR 60.26 bln vs INR 1.87 bln yr ago
--IRB Infra Oct-Dec consol revenue INR 20.25 bln vs INR 19.69 bln year ago
--IRB Infra: One-time income of INR 58.04 bln in Oct-Dec
--IRB Infra to pay INR 0.10 per share interim dividend; record date Feb 6
--IRB Infra Apr-Dec consol net profit INR 62.66 bln vs INR 4.17 bln year ago
--IRB Infra Apr-Dec consol revenue INR 54.64 bln vs INR 53.48 bln year ago
--IRB Infra Oct-Dec consol construction sales INR 11.29 bln vs INR 13.48 bln
--IRB Infra Oct-Dec consol EBITDA INR 10.49 bln vs INR 9.78 bln year ago
--IRB Infra Oct-Dec toll collection INR 16.55 bln, up 21% on year
By Aman Aryan
MUMBAI – A one-time income along with a gain and dividend from infrastructure investment trusts and related assets during the December quarter drove IRB Infrastructure and Developers Ltd.'s consolidated net profit. The transport infrastructure developer posted its highest net profit in at least 10 years, beating analysts' estimate by a wide margin.
The company's consolidated net profit for the quarter spiked to INR 60.26 billion from INR 1.87 billion in the year-ago quarter. However, excluding the exceptional gain of INR 58.04 billion, the company's consolidated net profit rose 19% on year, still managing to beat the Street's view of INR 1.75 billion. IRB Infrastructure received a one-time income related to its investment segment.
IRB Infrastructre's consolidated revenue for the December quarter rose 3% on year to INR 20.25 billion, boosted by a gain of INR 2.28 billion on infrastructure investment trusts and related assets, and dividend or interest income of INR 167.58 million from such trusts. Excluding these extra gains, the company's revenue would have fallen nearly 10% on year.
Apart from this, a 14% on-year fall in road work and site expenses aided growth in the company's earnings before interest, tax, depreciation, and amortisation for the quarter under review. IRB Infrastructure's EBITDA for the quarter rose 7% on year to INR 10.49 billion.
IRB Infrastructure has announced its third interim dividend of INR 0.10 per share for the current financial year. The company has set Feb. 6 as the record date and said it will pay the interim dividend on or before Mar. 1.
During the December quarter, the private IRB Infrastructure's InvIT offered five matured assets, valued at around INR 150 billion, to the public IRB Infrastructre InvIT, the company said in a release. The transaction is expected to be completed in the first half of the next financial year, subject to necessary approvals.
The company will receive INR 275.1 million corresponding to its 51% stake in the private InvIT, which announced to distribute an aggregate of INR 539.2 million to its unit holders. IRB Infrastructure's Meerut Budaun Expressway is now a part of the private IRB Infrastructure InvIT, the company said. During the quarter, the company sold 41% stake in the expressway for an aggregate consideration of INR 8.75 billion. The company continues to hold the balance 10% stake in the highway.
Revenue from its build-operate-transfer or toll-operate-transfer projects segment rose 5% on year to INR 6.48 billion during the December quarter. However, the company's construction segment generated revenue of INR 11.29 billion during the December quarter, down 16% on year. Consequently, EBITDA from the construction segment fell to INR 2.70 billion during the quarter from INR 3.49 billion a year ago and EBITDA from build-operate-transfer or toll-operate-transfer projects segment rose 2.5% to INR 5.61 billion, according to the company's investor presentation.
The aggregate toll collection for the company and its private InvIT grew nearly 21% on year to INR 16.55 billion for the quarter under review, IRB Infrastructure said.
The public InvIT distributed INR 3.48 billion during the nine months ended December, of which the company received INR 556 million, according to the investor presentation. As of Dec. 31, the company had orders worth INR 315 billion, of which INR 283 billion worth of orders are for operations and maintenance and INR 32 billion for engineering, procurement, and construction.
During the December quarter, the company had issued additional senior secured notes of $200 million of 7.11% coupon, maturing on Mar. 11, 2032. For Apr-Dec, the company's consolidated net profit was INR 62.66 billion compared to INR 4.17 billion a year ago and its revenue was INR 54.64 billion, up from INR 53.48 billion a year ago.
On Friday, shares of the company closed at INR 57.32 on the National Stock Exchange, up 6.8%. The company disclosed its earnings after market hours on Friday. End
US$1 = INR 86.60
Edited by Avishek Dutta
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