IRB Infrastructure Q4 PAT seen up 6% at Rs 109 cr

Net sales are likely to go up by 9% to Rs 834 crore from Rs 767 crore year-on-year.

EBITDA is seen going up by 14% to Rs 360 crore from Rs 315 crore during the same period.

Operating profit margin is expected to improve at 43.17% for the January-March quarter of FY12 versus 41.03% in a year ago period.

Q4FY12 Expectations

Expect YoY decline in E&C revenues since Surat Dahisar and Kolahpur road projects have been completed
*** E&C business expected to remain relatively subdued prior to ramp up at Ahmedabad-Vadodara project which is likely to be from Q1FY13E

BOT segment revenues expected to grow YoY boosted by full Q collection in Tumkur-Chitradurg section and also toll rate reset at Surat-Dahisar and Bharuch-Surat in Q4

Margin expansion expected due to higher contribution from high margin BOT biz

Depreciation exps likely to jump significantly YoY due to the completion of Surat Dahisar Project

Interest costs expected to continue to weigh on the bottom line