Earnings Review
IRB Infra Jan-Mar consol PAT up 14% on yr as expenses fall
This story was originally published at 18:32 IST on 19 May 2025
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By Arya S. Biju
MUMBAI – Double-digit decline in road work and site expenses, finance costs, and tax expenses, and a rise in revenue supported by gains on infrastructure investment trust and related assets as per fair value measurement, drove up IRB Infrastructure and Developers Ltd.'s bottom line for the March quarter by nearly 14% on year.
The integrated transport infrastructure developer reported a consolidated net profit of INR 2.15 billion for the latest quarter, marking the seventh consecutive quarter of net profit growth for the company on a year-on-year basis.
The net profit, however, missed the analysts' estimate of INR 3.20 billion.
The company's consolidated revenue rose over 4.3% on-year to INR 21.49 billion, beating the analysts' estimate of INR 18.53 billion. The latest quarter marked the second consecutive quarter of an on-year rise in the company's consolidated revenue after falling over 9% in the September quarter.
The top line for the quarter was also the highest in the financial year 2024-25 (Apr-Mar). The consolidated revenue for the quarter included a gain of INR 2.85 billion on infrastructure investment trust and related assets as per fair value measurement and INR 216.5 million interest income from the infrastructure investment trust and related assets.
The company's total expenditure for the quarter fell 8% on year to INR 18.95 billion, driven by a 27% on-year fall in road work and site expenses to INR 6.31 billion and a nearly 26% decline in finance costs to INR 4.58 billion. Road work and site expenses accounted for over 33% of the company's total expenses in the reporting quarter, while finance costs accounted for 24%. The company's tax outgo for the quarter fell by over 10% on year to INR 1.08 billion. Raw material costs, however, more than doubled on-year to INR 2.56 billion.
For the financial year ended March, the company's consolidated net profit was INR 64.81 billion, nearly 11 times the INR 6.04 billion reported in the previous year. The company's revenue for the year rose 3% on year to INR 76.13 billion.
The company's earnings before interest, tax, depreciation, and amortisation for the quarter fell 20% on year to INR 10.66 billion. For FY25, the company reported an EBITDA of INR 40.24 billion, down 2% from a year ago. The aggregate toll revenue of the company and its private infrastructure investment trusts for FY25 rose over 23% on year to INR 63.60 billion, IRB Infrastructure said. For the March quarter, revenue from toll collection rose around 17% on year, it said.
Revenue from its build-operate-transfer or toll-operate-transfer projects segment rose nearly 4% on year to INR 6.41 billion during the March quarter. Revenue from the construction segment fell 17% on year to INR 11.98 billion and from the infrastructure investment trusts and related assets segment fell over 23% to INR 3.07 billion. EBITDA from the construction segment declined to INR 2.52 billion from INR 3.46 billion a year ago, while EBITDA from the infrastructure investment trusts and related assets segment fell to INR 2.76 billion from INR 3.99 billion reported in the year-ago quarter. However, EBITDA from the build-operate-transfer or toll-operate-transfer projects segment rose to 5.39 billion from INR 5.44 billion.
On Monday, shares of the company closed at INR 50.67 on the National Stock Exchange, down 1.1%. The company announced its March quarter earnings after market hours on Monday. End
Edited by Saji George Titus
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