Despite transfer of BOT projects, IRB Infra witnesses minimal revenue degrowth

IRB Infrastructure Developers reported consolidated revenue for the quarter at Rs. 1,296.2 crore, registering 8.1 per cent yoy decline. This was mainly on account of 23.3 per cent yoy decline in BOT projects.

The company had transferred of seven of its BOT projects to IRB InvIT, which is IRB's infrastructure investment trust. However, 2.7 per cent yoy growth in construction segment (~64.2 per cent of total revenue) restricted further fall in revenue. EBITDA for the quarter fell by 15.2 per cent yoy to Rs. 630.3 crore with a corresponding margin contraction of 407 bps. EBITDA margin for the quarter stood at 48.6 per cent.

The PAT for the quarter came in at Rs. 207.3 crore, yoy increase of 12.5 per cent. This was primarily due to sharp jump in other income to Rs. 45.5 crore from Rs. 29.8 crore in corresponding quarter of last year.

The company also declared second interim dividend of Rs. 2.50 per share for FY18.