MUMBAI:
IRB Infrastructure Developers Ltd., India’s one of the leading and largest integrated highway infrastructure developers today announced its Q1FY22 Financial Results, in a Board Meeting, held at Mumbai.
The numbers have a clear reflection of impact of nation-wide lockdown in Q1FY21 resulting out of the first wave of COVID-19 Pandemic and partial lockdown and restricted business activities in Q1FY22 as well on account of COVID-19 second wave. Recovery in toll collections and construction activity has been strong with easing economic activity.
Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “We continue to tread ahead and overcome challenges posed by the pandemic. Q1FY22 was impacted due to COVID-19 second wave in April and May, albeit at softer level than the first. Strong resilience has been visible June onwards, with a pick-up in economic activities; and we now look forward to a better and stronger FY22.”
He further said, “We also raised Rs 382cr via right issue for our Private InvIT; achieved full COD for Udaipur – Shamlaji BOT Project in Rajasthan; won arbitration award as the EPC Contractor for Pathankot Amritsar project; and received clarity on cash compensation and extension for projects suffering from Farmer’s agitation – all in all, we are marching ahead firmly and strongly on the growth path.”
The highlights of business performance for Q1FY22 are:
· Raised Rs.381.63 Crs for its Private InvIT by way of Rights Issue.
· Achieved full COD for Udaipur – Shamlaji BOT project in Rajasthan that made the Company eligible for recovering user fees at full rate; thus, increasing the same by 55%.
· Won arbitration claim of Rs.252.25 Crs plus interest for Pathankot Amritsar project towards time and cost overrun suffered on account of reasons not attributable to EPC Contractor.
· NHAI approves cash compensation and extension in Concession period for toll loss due to farmers’ agitation in line with Concession Agreement
· The FASTag penetration for IRB Group crossed 92%; with strong push for a 100% conversion to FASTag by the Government.
· Significant improvement in construction pace with eased lockdowns.
· Company also facilitated Vaccination for its more than 60% frontline workers.
