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IRB Infrastructure Developers – Results Review

June 19, 2008

IRB Infrastructure’s topline for FY2008 increased by 40% yoy to Rs7.3 bn driven by 28% growth in toll collection segment (Rs3.7 bn) and 46% growth in E&C segment (Rs3.6 bn). Operating profit for the year stood at Rs4.1 bn, a yoy improvement of 47% and accordingly the operating profit margin for the year improved by a healthy 300 bps to 56%. PAT after minority interest witnessed a strong growth of 86% yoy to Rs1.1 bn against expectations of Rs996 mn.

The order book of the E&C division stood at Rs65 bn. Out of this, pure E&C order backlog is at Rs38 bn (Rs34 bn captive E&C) which is expected to be completed in next 30 months. The balance is operations & maintenance order book of Rs27 bn, which is to be executed over next 10 years.

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