Bharat Road Network reports revenue growth of 121% in H1 FY19
Kolkata, November 15, 2018: Bharat Road Network Limited ("BRNL"), one of India's leading roads and highways BOT company has today reported standalone revenue of 4065.23 lakhs during the half year ended September 30, 2018 as compared to Rs 1840.25 lakhs during the corresponding period of previous year, registering a growth of 121%. Total revenue for the quarter ended September 30, 2018 increased by 47% to 2145.40 lakhs as against Rs 1460.95 lakhs recorded during the quarter ended September 30, 2017.
The company's standalone profit after tax during the half year ending September 30, 2018 was Rs 1167.54 lakhs as compared to Rs 836.54 lakhs in the corresponding period of previous year, a growth of 40%.
The company witnessed a healthy growth in traffic and revenue across all its operating projects. During the half year ending September 30, 2018, the average daily traffic (ADT) in passenger car unit (“PCU”) terms grew by 4.9% Year-on-Year. The total toll revenue across the portfolio for the half year ended September 30, 2018 increased by 7.07% to Rs 30,760 lakhs as against Rs 28,730 lakhs recorded for the half year ended September 30, 2017. Toll revenue during the quarter ended September 30, 2018 was Rs 14,760 lakhs against 14,110 lakhs during the corresponding quarter last year.
Commenting on the results and the business growth strategy, Bajrang Kumar Choudhary, Managing Director, BRNL, said that: “The operational assets in our portfolio continue to demonstrate a strong operating performance with steady improvement in traffic and robust increase in toll revenue despite a temporary slump due to Kerala floods affected revenue streams from our Kerala project, Guruvayoor Infrastructure Private Limited.
Amid speculative concerns over the tenacity of PPP in infrastructure due to a minor industry shake up, the steady growth in our operating metrics is a testimony of our robust fundamentals and our strong asset management capabilities to maintain our growth momentum. Based on strong profitability over the past few quarters and our solid growth model, we remain committed and confident about our growth prospect through improved operating performance and market expansion through secondary market acquisitions”.