IRB Infrastructure Q2 PAT seen up 4% at Rs 102 cr

IRB Infrastructure, a road developer, is expected to report a consolidated profit after tax of Rs 102 crore in the second quarter of FY12, a rise of 4% as compared to Rs 99 crore in a year ago period.

Net sales are likely to go up 41% to Rs 690 crore from Rs 490 crore during the same period.

EBITDA is seen going up 27% to Rs 300 crore in the July-September quarter of FY12 versus Rs 236 crore in the corresponding quarter of last fiscal.

Operating profit margin is likely to be at 43.43% versus 48.21% year-on-year.

Expectations

Top line growth expected on the back of strong execution of construction order book

Tumkur toll project started operations in June 2011; toll revenues from which will add to the top line growth as well

Need to watch for any improvement in toll collection on operating BOT projects

Bottom line growth to be muted due to change in revenue mix, high interest costs, forex losses due to earlier hedges

Higher depreciation and tax expenses to also impact bottom line

IRB could also provide for Rs 15 crore for IT raids which could impact bottom line further