IRB Infrastructure Developers (IRB) Q1 24/25 earnings summary

Executive summary

• Tolling commenced on TOT-12 and TOT-13 from April 1, 2024, with collections exceeding initial estimates.

• Consolidated net profit for Q1FY25 rose 5% year-over-year to ₹1,400 million, with total income up 13% to ₹19,720 million.

• Cintra acquired a 24% stake from GIC in IRB Infrastructure Trust and MMK Toll Road Pvt Ltd; IRB retains 51% holding.

• Ganga Expressway Project SPV achieved over 50% construction completion and received a grant of INR 350 crore after full equity infusion.

• Board approved unaudited consolidated and standalone results for Q1FY25 and declared an interim dividend of ₹0.10 per share.

Financial highlights

• Q1FY25 consolidated income rose 13% year-over-year to INR 1,972 crore; EBITDA grew 10% to INR 976 crore.

• PAT after JV/Associates for Q1FY25: INR 1,400 million, up from INR 1,338 million in Q1FY24.

• Toll revenues increased 4% to INR 636 crore; construction revenue up 18% to INR 1,335 crore.

• Private InvIT declared a distribution of INR 72 crore for Q1 FY25; Public InvIT distributed INR 1.17 billion.

• Interest cost rose 15% to INR 439 crore; depreciation up 8% to INR 255 crore.

Outlook and guidance

• Order book stands at INR 33,600 crore, with EPC order book at INR 5,000 crore.

• Strong pipeline in BOT and TOT projects, with 53 projects worth Rs. 5,213 billion and 33 TOT projects worth Rs. 2,742 billion.

• Identified BOT opportunity exceeds INR 2 trillion; company to prioritize BOT, TOT, and HAM projects.

• Sector reforms and PPP opportunities expected to drive growth, with a USD 181 billion PPP opportunity by 2030.

• Expectation of robust BOT and TOT awards in Q2 and Q3 FY25.