How has been the historical performance of IRB Infra. Trust?

Answer:The historical performance of IRB Infra. Trust shows a significant increase in net sales over the past three years, rising from 2,716.16 Cr in Mar'23 to 5,425.89 Cr in Mar'25. Total operating income followed a similar trend, reaching 5,425.89 Cr in Mar'25, compared to 2,716.16 Cr in Mar'23. However, despite the growth in revenue, the company has faced challenges with profitability, as indicated by the negative profit before tax of -314.58 Cr in Mar'25, although this was an improvement from -783.80 Cr in Mar'24. The profit after tax also remained negative at -304.94 Cr in Mar'25, but improved from -665.02 Cr in the previous year.

The operating profit margin (excluding other income) improved to 43.05% in Mar'25 from 25.67% in Mar'24, indicating better operational efficiency. However, the PAT margin remained negative at -5.62% in Mar'25, though it was an improvement from -16.76% in Mar'24. The company's total liabilities increased significantly to 46,314.15 Cr in Mar'25 from 24,272.27 Cr in Mar'23, with long-term borrowings at 19,037.84 Cr in Mar'25. On the cash flow front, the cash flow from operating activities rose to 2,889.00 Cr in Mar'25, a notable increase from 239.00 Cr in Mar'24, contributing to a net cash inflow of 177.00 Cr in Mar'25.

Breakdown:
IRB Infra. Trust has demonstrated strong revenue growth, with net sales increasing from 2,716.16 Cr in Mar'23 to 5,425.89 Cr in Mar'25, reflecting a robust upward trend. Despite this growth, the company has struggled with profitability, as evidenced by a negative profit before tax that improved from -783.80 Cr in Mar'24 to -314.58 Cr in Mar'25. The profit after tax also showed improvement, moving from -665.02 Cr to -304.94 Cr over the same period. The operating profit margin saw a positive shift, increasing to 43.05% in Mar'25, indicating enhanced operational performance. However, the overall financial health is challenged by a significant rise in total liabilities, which reached 46,314.15 Cr in Mar'25, alongside long-term borrowings of 19,037.84 Cr. On a positive note, cash flow from operating activities surged to 2,889.00 Cr in Mar'25, contributing to a net cash inflow, marking a positive development in the company's liquidity position.