IRB Infrastructure FY20 PAT down 15 pc at Rs 721 cr
Jun 18, 2020
Mumbai (Maharashtra) [India], June 18 : India's largest highway infrastructure company IRB Infrastructure Developers Ltd said on Thursday that its profit after tax in FY20 fell by 15 per cent to Rs 721 crore due to Covid-19 lockdown across the country.
In FY19, it had reported a profit of Rs 850 crore. The company said that its consolidated income crawled up by 2 per cent in FY20 to Rs 7,047 crore from Rs 6,903 crore in FY19.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) was up by 1 per cent at Rs 3,166 crore from Rs 3,133 crore in the previous fiscal.
In the January to March quarter, IRB Infra posted consolidated income of Rs 1,635 crore, down 18 per cent from Rs 1,999 crore in Q4 FY19. The net profit dipped by 26 per cent to 154 crore from Rs 208 crore in the same period.
"Though the ongoing scenario has a dominance of Covid-19 pandemic, we sense gradual normalisation of operations with traffic gaining pace every single day as lockdown is gradually relaxed across the country," said Chairman and Managing Director Virendra D Mhaiskar.
"Except the last 15 to 20 days of March, rest of FY20 brought good developments for us, especially the investment deal with GIC affiliates in Singapore, getting re-awarded the prestigious Mumbai-Pune Expressway project under the toll-operate-transfer (TOT) model and commissioning of Goa-Kundapura NH-17 build-operate-transfer (BOT) project to make all our projects revenue-generating."
IRB Infrastructure had recently closed the largest deal of about Rs 4,400 crore with GIC affiliates in Singapore towards investment in the company's nine BOT assets under private infrastructure investment trust structure.
