IRB Infrastructure eyes 15-20% topline growth in FY12

IRB Infrastructure Developers has announced its fourth quarter results. The company's Q4 consolidated net profit was down 28% at Rs 102 crore versus Rs 142 crore. Its consolidated net sales were up 53% at Rs 767 crore versus Rs 502 crore.

In an interview with CNBC-TV18, VD Mhaiskar, CMD, IRB Infrastructure Developers Ltd says, he expects 15-20% top-line and bottom-line growth in FY12. Also read: IRB Infra Q4 cons PAT down 28% at Rs 102 cr Below is a verbatim transcript of his interview with CNBC-TV18's Sonia Shenoy and Mitali Mukherjee. Also watch the accompanying video. Q: There is some disappointment on the revenues you have reported this time round. Can you just walk us through what the big project executions and order wins were for you in the quarter gone by? A: I think the revenues for the quarter have gone up to Rs 790 crore as against Rs 513 crore for the corresponding quarter last year. All the major projects that are under execution are going as per schedule, except the Goa project, which has got delayed. Q: What is it that you hope to do now in terms of sales, considering the fact that you also got that big NHAI order coming in? For FY12, what would you set out as a revenue target? A: The new order that we got on the Ahemdabad-Baroda is likely to kick in only in FY12. That will be close to end of the next year. But in terms of the target for this year, we would be expecting to grow at the rate of around 15-20% in terms of bottom-line and top-line both. Q: What has your margin picture been like this time around? What do you hope to do as a stable margin performance in FY12? A: This year if you look at the Q4, we have done a profit before tax (PBT) of around Rs 139 crore as against Rs 109 crore for the corresponding quarter last year. And as I said for the full year, we would be hoping to do 15-20% growth on the profit after tax (PAT) margins as well. Q: Your operating profit margin this time around I think has come in at 41%. Is that correct? A: Yes, close to that. The operating margins would largely depend upon the mix of the both verticals. We have two verticals, a BOT segment and the construction segment. This year, with the construction segment giving out more turnover, the operating margins are about to be less. The construction business is a 20% earnings before interest, taxes, depreciation and amortization (EBITDA) business and the BOT business is the 85% EBITDA business. _PAGEBREAK_ Q: Two part question, what have you finished FY11 with in terms of revenue growth in a percentage basis? I understand how 15-20% compels to FY11. For this 15-20%, what is the order book that you have presumed or accounted for in FY12? A: For the full year, we completed the year, FY11 at Rs 2,503 crore as against Rs 1,754 crore for the last year and that