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Shares of IRB Infrastructure Developers gained over 6 percent on Monday after the company reported a multi-fold increase in consolidated net profit at Rs 363.19 crore for the quarter ended June 30.
The stock closed 5.28 percent higher at Rs 264 per share on BSE.
Total consolidated income during the quarter under review rose to Rs 1,995.40 crore as against Rs 1,670.48 crore in the year-ago period. Its expenditure declined to Rs 1,452 crore during the June quarter, compared to Rs 1,529.73 crore earlier.
Revenue rose 18 percent to Rs 1,925 crore compared to last year's Rs 1,626 crore. Earnings before interest, taxes, depreciation, and amortization or EBITDA — a measure of a company's overall financial performance — jumped over 50 percent from Rs 701 crore to Rs 1,061 crore.
“We have seen a definitely good growth in the toll collections for this quarter on the backdrop of tariff hike in most of the projects, and we have seen a tariff hike of around 10 percent. The toll collections have improved almost 37 to 38 percent on a year-on-year basis and this is on backdrop of volume and tariff both," Tushar Kawedia, Group CFO, IRB Infrastructure, said in an interview with CNBC-TV18. Kawedia expects a similar growth in toll volumes in the coming quarters as well.
The company expects Rs 2,100 crore in toll revenues and Rs 4,000-5000 crore in construction revenue for FY23. "It will lead to a similar kind of number that we have seen in 2019-2020," he added.
On Ganga Expressway, the company said that the project will start contributing to the construction revenue from the second quarter of FY23.
“Consolidated net debt is around Rs 14,000 crore, which includes the SPV (special purpose vehicle) debt of almost Rs 10,000," said Kawedia.
For full interview, watch accompanying video.