IRB Infrastructure Developers on Ltd on Monday reported a 63.2 percent year-on-year (YoY) fall in net profit at Rs 133.8 crore for the first quarter that ended June 30, 2023. In the corresponding quarter last year, IRB Infrastructure Developers posted a net profit of Rs 363 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at Rs 1,634.2 crore during the period under review, falling 15.1 percent against Rs 1,924.6 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA declined 26.7 percent to Rs 777.8 crore in the first quarter of this fiscal over Rs 1,060.7 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 47.6 percent in the reporting quarter as compared to 55.1 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

For the quarter, the company witnessed aggregate toll collection growth of 18 percent year-on-year in the quarter under review in the assets under IRB Infra portfolio and the assets under IRB Infrastructure Trust. The toll collection for Q1FY24 was Rs 1,183 crore as against Rs 1,000 crore in the corresponding quarter of FY23.

The company bagged a prestigious TOT (Toll Operate & Transfer) concession for the Jawaharlal Nehru Outer Ring Road project in Telangana for a concession period of 30 years. The concession agreement has been executed with the Hyderabad Metropolitan Development Authority.

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With this TOT project in its portfolio, the company’s share in the TOT market has gone up to 37 percent of the total TOT projects awarded and is the largest by any private player in India.

Virendra D Mhaiskar, chairman and managing director of IRB Infrastructure Developers, said recently added projects of Hyderabad ORR TOT and Samakhiyali to Santalpur BOT project are set to commence during Q2 and will meaningfully contribute to both, toll collection as well as construction segment, from Q3 onwards.

The results came after the close of the market hours. Shares of IRB Infrastructure Developers ended at Rs 26.50, down by Rs 0.20, or 0.75 percent on the BSE.

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