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Jul 27, 2012, 10.09 AM IST
Road building and real estate firm IRB Infrastructure is set to announce its results today for the quarter ended June 2012. Analysts on an average expect the profit after tax to fall by 15.5% year-on-year to Rs 113 crore in the quarter due to high interest and depreciation costs (on commissioning of projects).
They expect an increase of 70% YoY in depreciation and 32% YoY increase in interest expense.
But, net sales are seen going up by 5.5% YoY to Rs 845 crore and earnings before interest, tax, depreciation and amortisation (EBITDA) is likely to increase 13% to Rs 373 crore in the first quarter of financial year 2012-13.
Analysts expect revenue growth to be driven by the completion of the Surat-Dahisar project. Overall revenue growth momentum is expected to remain slow before the ramp up at Ahmedabad-Vadodara project, which is expected to be visible by the second quarter of FY13.
With share of high margin BOT (build, operate and transfer) segment expanding, they expect overall EBITDA and EBITDA margin of the company to improve as compared to a year ago period.
EBITDA margin too is seen improving 270 basis points to 44.1% from 41.4% during the same period.
Segment wise performance
Analysts expect a decline of 1% YoY in construction revenues.
However, they expect 16% YoY growth in BOT revenues led by inclusion of Namakkal-Omallur project from Q1FY13.
The company had an order book of Rs 8,510 crore as on March 31, 2012.
During the quarter, the company secured a new project from NHAI worth Rs 2,400 crore (four-laning project from the Goa/Karnataka border to Kundapur, Karnataka).
Analysts feel investors should watch out for toll collection or traffic growth on operational projects and progress in under construction projects (e.g. Ahmedabad-Vadodara projects).
Tags: IRB Infrastructure
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