IRB Infra PAT likely to fall 21% in Q3

IRB Infrastructure is expected to report a consolidated profit after tax of Rs 105 crore in the third quarter of FY12, degrowth of 21% as compared to Rs 133 crore in a year ago quarter.

Consolidated income from operations is likely to go up by 2% to Rs 685 crore from Rs 669 crore year-on-year.

EBITDA is seen going up by 9% to Rs 321 crore in the quarter ended December FY12 versus Rs 293 crore in the corresponding quarter of last fiscal.

Operating profit margin is expected to be at 46.81% versus 43.89% during the same period.

Expectations

- Expect dip in E&C segment due to completion of Surat Dahisar and Kolhapur road projects; with remaining under construction projects being at a nascent stage

- Momentum in IRB is expected to slowdown temporarily till the ramp up at Ahmedabad-Vadodara happens

- Tumkur toll project started operations in June'11; toll revenues from which have been adding to the top line growth since Q2FY12

- Expect margins to improve on the back of higher share of high margin BOT segment

- Depreciation expected to be higher due to completion of Surat-Dahisar project

- Bottom line pressure expected due to higher interest costs