IRB Infrastructure (IRB) reported revenue decline of 17% YoY to INR12.8b (11% below estimates) due to weak execution, impacted by a delay in the receipt of the appointed date for the Vadodara HAM (VM7) project. The EPC segment reported revenue/EBITDA decline of 27%/3% YoY. The outstanding EPC order book stood at INR121b, with an OB/revenue ratio of 2.9x. The EBITDA margin improved to 58%, with a higher share of toll revenues in the overall mix. EBITDA grew 3% YoY to INR7.4b (our estimate: INR6.9b). With COVID-related restrictions easing, toll collections are returning to...

Promoters unpledged 0.01% of shares in last quarter. Total pledge stands at 0.03% of promoter holdings

IRB Infrastructure Developers Ltd.

11 Aug 2021

19.18

-2.34%

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 below 30Day SMA today

IRB Infrastructure Developers Ltd.

28 May 2021

19.18

-2.34%

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 27.00 from 2 brokers.

IRB Infrastructure Developers Ltd.

19 Jan 2021

19.18

-2.34%

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 below 30Day SMA today

IRB Infrastructure Developers Ltd.

19 Jan 2021

19.18

-2.34%

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. is trading below all available SMAs

IRB Infrastructure Developers Ltd.

23 Nov 2020

19.18

-2.34%

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 0.01% of shares in last quarter. Total pledge stands at 0.03% of promoter holdings

Is IRB Infrastructure Developers Ltd. worth buying?

1033 Votes:

Buy 81.22%

Sell 6.97%

Hold 11.81%

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