IRB Infrastructure Developers Ltd. share price target

Revenue rose by 11.66% to Rs. 1816.88 Cr in Q1FY18 when compared to the previous quarter. Revenue rose by 11.66% to Rs. 1816.88 Cr in Q1FY18 when compared to the previous quarter.

Maintain BUY with SOTP of Rs 288/sh. IRBs 1QFY18 Revenue, EBIDTA and PAT were 30/16.3/10.9% ahead of our estimates on account of robust EPC revenue growth of 45% YoY. EBITDA margins contracted ~600bps YoY to 45% led by change in revenue mix towards EPC (73% rev share vs 61% YoY) which has lower EBIDTA margins (30%) vs BOT Assets (85%). IRBs 1QFY18 order backlog of Rs 89.1bn (2.5x FY17 EPC revenue) provides growth visibility on EPC front with EPC revenue expected to grow 10-15% in FY18E.

IRB Infrastructure's (IRB) topline grew robustly by 19.7% YoY to | 1816.9 crore (our estimate: | 1478.0 crore) led by stellar growth of 44.7% YoY in construction revenues to | 1320.9 crore (our estimate: | 975.3 crore). However, with six BOT assets transferred to InVIT, toll revenue fell 17.8% YoY to | 496.0 crore (our estimate: | 502.7 crore) EBITDA margins declined sharply by 600 bps YoY to 45.0% (our estimate: 48.7%) due to a change in the revenue mix PAT grew robustly by 30.8% YoY to | 237.9 crore (our estimate:...

IRBs 4QFY17 Revenue, EBIDTA and PAT were 5.5/2.1/7.6% ahead of our estimates on account of execution pickup in EPC segment (8.6% YoY) and savings in depreciation, interest and tax. EBITDA margins expanded ~243bps YoY to 50.5% led by 445/99bps YoY increase in EPC/BOT margins.

With IRB having received Rs17bn from INViT, it is now well funded to bag new projects under the BOT model and is targeting to win another 500kms of projects in FY18 in addition to existing order book of Rs92bn that gives 2.5 years of EPC revenue visibility. We have revised our SOTP based value for IRB to Rs283) as we adjust for 6 BOT...

INVIT listing value of Rs59bn vs. our estimate of Rs70bn should not be taken as the benchmark value as INVIT investors would like to capture valuation upside from improving economic activity and implementation of GST. Retain Buy with TP of Rs305 and believe that INVIT listing is a long term positive as it...

Revenue grew by 9.32% to Rs. 1410.89 Cr in Q3FY17 when compared to the previous quarter. Also, it increased by 5.82% when compared with Q3FY16.

Execution to stay strong with new order wins IRB Infrastructure's (IRB) topline grew 5.8% YoY to | 1410.9 crore in line with our estimate of | 1401.7 crore. The topline growth was led...

ICICI Securities Ltd | Retail Equity Research The topline grew 12.3% YoY to | 1290.6 crore (our estimate: | 1411.4 crore) due to lower-than-expected growth of 7.5% in construction revenues to | 729.2 crore (our estimate: | 810 crore) The EBITDA margin expanded 230 bps YoY to 54.9% (our estimate: 53.4%) due to higher proportion of revenues from the relatively higher margin BOT division (43.5% in Q2FY17 vs. 40.4% in Q2FY16) Net profit de-grew 4.6% YoY to | 142.2 crore (our estimate: | 167.8...

IRB Infrastructure (IRB) posted a robust topline growth of 36.8% YoY to | 1517.3 crore & was above our estimate of | 1293.9 crore mainly on account of better than expected revenue growth in construction division of 54.8% YoY to | 913.1 crore (our estimate of | 700 crore).EBITDA margin contracted 569 bps YoY to 51.0% below our estimate of 54.7% due to change in revenue mix with higher proportion of revenues from low margin construction division .PAT grew 10.4% YoY to | 181.9 crore (our estimate: | 165 crore) due to better than expected execution in construction division. ICICI Securities Limited continue to maintain their HOLD recommendation on the stock with a revised SOTP based revised target price of | 230/share.