IRB Infrastructure Developers Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for IRB, BSE:532947 IRB Infrastructure Developers Ltd.

IRB Infrastructure Developers Ltd.

11 Aug 2021

43.08

2.23%

Q1FY22 Result Update - Construction drives growth - BUY

Buy: IRB Infrastructure Develop...

Target

Prabhudas Lilladhar

Newly awarded projects to start contributing for construction revenues, as appointment date is expected within 2-3 months. IRB's 1QFY22 results were ahead of estimate led by strong growth in construction revenues, as execution pace rises. In 1Q, toll revenues in 11...

IRB Infrastructure Developers Ltd.'s price crossed above 30Day SMA today

IRB Infrastructure Developers Ltd.

28 May 2021

43.08

2.23%

Q4FY21 Result Update - Construction segment to drive revenue growth - BUY

Buy: IRB Infrastructure Develop...

Target

Prabhudas Lilladhar

Construction revenues expected to remain strong with Rs77bn EPC order book to be executed over next 2 years. IRB's 4QFY21 results were a mixed bag with revenues missing estimates due to lower construction revenues, while margins surprised positively. In 4Q, toll...

IRB Infrastructure D.. has an average target of 50.00 from 1 broker.

IRB Infrastructure Developers Ltd.

19 Jan 2021

43.08

2.23%

Weak order book increases dependency on new order wins

Neutral: IRB Infrastructure Develop...

Target

Motilal Oswal

IRB's consolidated financials are not comparable YoY due to the monetization of nine assets through the InvIT route and consolidation of the Mumbai-Pune Phase II project. The Construction business reported a revenue/EBITDA/adjusted PAT decline of 22%/22%/53% YoY. Normalcy in traffic led to strong (32% QoQ) growth in collections across 13 toll assets of IRB and IRB InvIT. Though losses from the associates reduced sequentially, higher depreciation from Mumbai-Pune Phase II project led to a 29% miss on our earnings estimate in spite of a beat on our revenue estimate. For...

IRB Infrastructure Developers Ltd.'s price crossed above 30Day SMA today

IRB Infrastructure Developers Ltd.

19 Jan 2021

43.08

2.23%

Q3FY21 Result Update - Sharp uptick in toll revenues - BUY

Buy: IRB Infrastructure Develop...

Target

Prabhudas Lilladhar

Company targets Rs60-80bn order inflows in 4QFY21E on the back of strong NHAI bid pipeline. Order book stands at Rs113.1bn (2.9x TTM revenues). IRB reported strong quarterly performance, in line with our estimates primarily driven by sharp uptick in toll revenues. In 3Q, toll revenues came in...

IRB Infrastructure Developers Ltd. has lost -26.92% in the last 1 Year

IRB Infrastructure Developers Ltd.

23 Nov 2020

43.08

2.23%

IRB Infrastructure

IPO Note: IRB Infrastructure Develop...

ICICI Securities Limited

At the end of Q2FY21, IRB's order book (OB) was at ~| 12,150 crore (2.2x TTM revenues), largely contributed by the construction segment (| 5,129 crore) and O&M; job of BOT, ToT projects (| 7,035 crore). However, in contrast with industry focused asset-light EPC business, IRB's emphasis remains on BOT, ToT and HAM projects wherein it is targeting ~| 5,000 crore of order inflows in the rest of FY21. The company has also participated in the bidding process of the ToT-5 bundle. We note that order inflow will...

Promoters unpledged 55.21% of shares in last quarter. Total pledge stands at 0.24% of promoter holdings

IRB Infrastructure Developers Ltd.

18 Nov 2020

43.08

2.23%

IRB Infra

Buy: IRB Infrastructure Develop...

Dolat Capital

Given strong bid pipeline for BOT projects, management guided Rs60-70bn order inflows in FY21E. Order book stands at Rs121.6bn (2.9x TTM revenues) IRB reported decent quarterly performance in line with our estimates led by...

Promoters unpledged 55.21% of shares in last quarter. Total pledge stands at 0.24% of promoter holdings

IRB Infrastructure Developers Ltd.

14 Nov 2020

43.08

2.23%

Weak order book increases dependency on new order wins

Neutral: IRB Infrastructure Develop...

Target

Motilal Oswal

Promoters unpledged 55.21% of shares in last quarter. Total pledge stands at 0.24% of promoter holdings

IRB Infrastructure Developers Ltd.

25 Aug 2020

43.08

2.23%

Q1FY21 Result Update - Construction revenues to drive growth - BUY

Buy: IRB Infrastructure Develop...

Target

Prabhudas Lilladhar

Post relaxation in lockdown, company saw sharp revival in toll collection across projects which stood at an average ~80% YoY pre-covid levels in July'20, with some projects already reaching at pre-covid levels. On the back of extension of concession period by NHAI and RBI's relief of loan moratorium, management expects NPV of cash flow from its BOT portfolio to remain largely unaffected because of Covid-19 pandemic. IRB Infrastructure is one of the largest BOT toll operators in the country having market share of ~22% in the total Golden Quadrilateral projects with...

IRB Infrastructure Developers Ltd. is trading below its 50 day SMA of 43.2

IRB Infrastructure Developers Ltd.

21 Jul 2020

43.08

2.23%

Management Meet Update - Lean Balance sheet; Strong cash flows to sustain growth - BUY

Buy: IRB Infrastructure Develop...

Target

Prabhudas Lilladhar

primarily on BOT route (due to cash crunch at NHAI) with 15 BOT projects to bid in pipeline, already. The company expects to add few more projects to its portfolio. Recently IRB emerged as a preferred bidder in ~Rs26bn (18% higher than NHAI costs) BOT project- Palsit to Dankuni on NH-19; however, the bid just got terminated (our understanding is due to pricing) from NHAI. The balance sheet has strengthened with a) retention of Mumbai-Pune expressway on TOT mode (IRB tied up Rs66bn debt and completed equity infusion of Rs14.3bn equity in June'20) and b) conclusion of stake sale in a...

IRB Infrastructure Developers Ltd. has lost -26.92% in the last 1 Year

IRB Infrastructure Developers Ltd.

20 Jun 2020

43.08

2.23%

Asset monetization provides room for asset creation

Neutral: IRB Infrastructure Develop...

Target

Motilal Oswal

19 June 2020 On account of the IRB-GIC InvIT deal, the reported financials of IRB have undergone a change. This results in reported gross debt and leverage declining sharply and provides IRB with room to bid for new projects. The Mumbai-Pune Phase II contract has achieved financial closure and the company has also paid the upfront equity of INR14.4b to MSRDC. We expect the projects IRR at 18%+ a major booster for IRBs fortunes. EPC business growth looks challenging and is totally dependent on new ordering. EPC order book (OB) stands at just INR47.3b with OB/rev ratio of 0.9x, the lowest since IRBs listing. Till the time, the company refills its order book (through BOT model as per company strategy), the low EPC revenue visibility is likely to remain an overhang on the stock performance. We broadly maintain our earnings estimate (<5% cut), but have incorporated new reporting structure into our model.

Promoters unpledged 55.21% of shares in last quarter. Total pledge stands at 0.24% of promoter holdings

Is IRB Infrastructure Developers Ltd. worth buying?

943 Votes:

Buy 81.76%

Sell 7.0%

Hold 11.24%

RESEARCH REPORTS

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