homebusiness Newscompanies NewsIRB Infra says toll collection revenue to rise 10 12% next financial year
IRB Infra says toll collection revenue to rise 10-12% next financial year
IRB Infrastructure Developers Ltd on Monday reported an in line set of numbers for Q3. Profit after tax nearly doubled while toll collections also rise year on year. Speaking to CNBC-TV18, Tushar Kawedia, CFO of IRB Infra stated that toll collections are expected to rise 10-12 percent in FY24.
IRB Infrastructure Developers on Monday reported near estimate numbers for the third quarter of financial year 2023. Net Profit nearly doubled while toll collections also rising as compared to the corresponding period a year ago.
Speaking to CNBC-TV18, Tushar Kawedia, CFO of IRB Infra stated that toll collections are expected to rise 10-12 percent in FY24.
“For the fourth quarter the numbers should be in line with what we have achieved in the third quarter close to Rs 500-550 crore and that is the number what we are projecting for the fourth quarter as well.” said Kawedia.
He also mentioned that the Ganga Expressway Project will contribute Rs 500-600 crore in each quarter.
“We have received the appointed date in the third quarter of this fiscal and this project will contribute to the construction revenue in the next year as well. The project will at least contribute somewhere around Rs 500-600 crore every quarter.” he added.
The current order book for IRB Infra stands at Rs 19,000 crore, including 8,000 crore for EPC and Rs 11,000 crore for O&M.
“We expect to grow our order book from this available pipeline somewhere around Rs 6,000 to 8,000 crore, which will be at least 20 percent higher than what we have consumed this year. So that is our expectations and with the pipeline available, we are quite confident to achieve that kind of order book growth.” he added.
IRB Infra reported a 94.49 percent jump in its consolidated net profit to Rs 141.35 crore for the quarter ended December 31, 2022. Its total income during October-December 2022 rose to Rs 1,570 crore, from Rs 1,497.78 crore in the year-ago period. The firm's expenses fell to Rs 351.72 crore from Rs 1,280.22 crore.
Kawedia noted that the company's construction revenue was impacted by GST last year, but execution for this year is on track. For FY23, construction revenues are expected to be between Rs 4,400-4,500 crore and for FY24, they are expected to reach Rs 5,000 crore.
For full interview, watch accompanying video
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