Q4 2024 IRB Infrastructure Developers Ltd Earnings Call Transcript
Key Points
- IRB Infrastructure Developers Ltd (BOM:532947) successfully issued and allotted USD 540 million in senior secured notes, oversubscribed by 4.25 times.
- The company received multiple ISO certifications, including ISO 9001, ISO 14001, ISO 45001, and ISO 27001, marking significant achievements in quality, environment, and information security management.
- Toll collections for key projects like Mumbai-Pune and Ahmedabad Vadodara increased significantly, with a 17% growth year-over-year.
- The company declared an interim dividend of 10% face value, amounting to INR 60.3 crore for Q4 FY24, with a cumulative dividend of INR 181 crores for the year.
- The total order book stands at almost INR 35,000 crores, providing strong construction visibility for the next two years.
- Interest costs increased by 65% year-over-year, from INR 373 crores to INR 615 crores in Q4 FY24.
- Depreciation expenses rose by 23%, from INR 222 crores to INR 274 crores in Q4 FY24.
- The company faced a setback in the arbitration award for the Ahmedabad Vadodara project, with no compensation awarded for the competing road.
- The share of profit/loss in JV and associate remains volatile, impacting financial stability.
- The Reserve Bank of India's proposed guidelines for higher provisions for under-construction infrastructure projects could impact future financials.
Good evening, ladies and gentlemen. Welcome to the IRB Infrastructure Developers conference call for discussing the financial results for the quarter and year ended March 31, 2024, along with the recent development.
We have with us on the call today, Mr. Virendra Mhaiskar; Mr. Sudhir Hoshing; Mr. S S Rana; Mr. Anil Yadav; Mr. Mehul Patel; Ms. Poonam Nishal and Mr. Tushar Kawedia. (Operator Instructions) Please note that this conference is being recorded.
Thank you. Good evening, everyone. I welcome all the investors and analysts to our earnings call for Q4 result of the financial year 2023, '24. Hope you all have gone through our detailed numbers, as well as the presentation. I will briefly cover key highlights for the quarter.
We have, as always, endeavor to ensure the business stability by strengthening our liquidity position. IRB have successfully completed issuance and allotment of USD 540 million, 7.1% senior secured note having a final maturity in FY32. This
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