Monday, February 19, 2018

509163-highway3IRB Infrastructure Developers Ltd. (IRB); India’s leading and one of the largest highways infrastructure developers, today announced its unaudited financial results for the second quarter of FY18.

While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “Q2 and first half performance is  encouraging as it set robust pace for coming quarters andinvolved major developments. We tied up Rs. 1,461 Crores Project Finance for Udaipur – Gujarat BorderProject; started tolling on two new projects; successfully transferred Pathankot Amritsar project to IRB InvIT and got two notches rating upgrade to A+ which likely to reduce finance cost.”

He further added, “We are out of GST led slowdown in traffic and, since September, have been witnessing promising growth across projects. We have entered second half with lot more gusto and look forward to large opportunities unfolding with latest Government initiatives”

The highlights of quarterly performance are:

  • Achieved Financial Closure for Udaipur – Gujarat Border 6 laning highway project on 5th July 2017and started tolling from4th September 2017, after receipt of Appointed Date from the NHAI.
  • Achieved COD for Kaithal – Rajasthan Border project on 8th September 2017.
  • Transferred Pathankot-Amritsar highway project to IRB InvIT on 28th September 2017 at a P/BV of ~1.3x, generating cashof Rs 544 Crs to IRB.
  • Debt Equity Ratio has further reduced, substantially, from 2.1:1 before InvIT IPOto 1.7:1 now and company stands at a net cash position, leading to credit rating upgrade by couple of notchesfrom A- to A+.
  • TotalOrder Book stands at approx.Rs.8,200 Crs,including Rs. 7,500 Crs of Construction order book, at the end of Q2FY18