Bharat Road Network takes balance stake in Guruvayoor Infrastructure Consolidates 100% stake.

In consonance with the growth strategy through acquisitions, as outlined in IPO in September (last month), Bharat Road Network Limited ("BRNL"), a Srei initiative, today announced consolidation of 100% stake in Guruvayoor Infrastructure Private Limited ("GIPL") by acquiring the remaining 51% shares in the project (subject to regulatory approval) from KMC Infratech Road Holdings Ltd. (Group Company of KMC Constructions) at a considerationof Rs 97crores. This will give the Company access to Rs 100crores of free cash flow in the project. The transaction is subject to necessary regulatory approvals.

BRNL also reported standalone revenue of Rs 1461lakhs during the quarter ended September 30, 2017 as compared to Rs 387lakhs during the corresponding period of last year, registering a growth of 2.8 times. The company's standalone profit after tax during the quarter ended September 30, 3017 was Rs 787lakhs as compared to Rs 7.6lakhs in the corresponding quarter of previous year, registering a growth of 101times.

The Board of Directors at its meeting here today approved the company's financial accounts for the quarter ended September 30, 2017 and recommended an interim dividend of 5% (0.50 p/share) to the shareholders.                       

Commenting on the acquisition and the financial performance, Bajrang Kumar Choudhary, Managing Director, BRNL, said: "We are pleased to demonstrate our capability to enhance shareholder value through improved operating metrics and acquisition. The recent announcements on massive highway expansion programmes under 'Bharatmala' make us confident that opportunities for growth and value creation will continue to expand. We will continue to leverage our unique and proven track record in managing infrastructure assets under public private partnership model to drive long-term growth. We remain confident of increasing our operating profits and managing interest costs and capital expenditures efficiently."   

Traffic Volume of Portfolio Assets in Passenger Car Unit (PCU) Terms

* SJEPL has received its first Provisional COD on January 12 2017,

** No P&L as the project was under Construction