IRB Infrastructure Developers Ltd. share price target

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.

Top takeaways from Q1FY17: Topline at Rs 15.2bn (+33% yoy) was driven by strong 49% yoy growth in EPC revenues. Toll collection grew by 15% yoy – driven by commencement of tolling on NH-8 for Vadodara-Ahmedabad project. Adjusting for new and completed projects, the like-forlike toll collection grew by 9% yoy (6% excl Mumbai-Pune).EPC orderbook is Rs 87bn – 2.6x book-to-sales (Rs 69bn adjusting for O&M contracts @ 2.2x book-to-sales). With the termination of the Zozila tunnel project, the orderbook (to be executed over the next three years) looks rather unimpressive.Phillip Capital maintain BUY with a price target of Rs 320 (unchanged) – BOT Rs 225 + EPC Rs 95.

Topline at Rs 15.7bn (+54% yoy) was driven by the EPC division (+90% yoy). EPC revenues also included Rs 1.25bn of utility shifting revenues at Goa-Kundapur project (pass through at EBITDA level) leading to higher revenues and lower margins....

IRB Infrastructure (IRB) posted a robust topline growth of 55.2% YoY to | 1536.8 crore and was above our estimate of | 1393.2 crore. It was led by sharp growth of 73.4% YoY in construction revenue to |...

Toll collection grew by 9% yoy a reversal from low growth in 2QFY16 (impacted by highrainfall)andinlinewiththetrendoffivesuccessivequartersbefore2Q. Adjustingfornewandcompletedprojects,likeforliketollcollectiongrewby11%yoy....

De-growth in toll revenue and lower traffic growth due to project specific issues:- IRB has reported QoQ de-growth in BOT segment by 9% due to project specific issues like 1) bad monsoon and landslide which affected...

Toll collection grew by only 10% yoy impacted by maintenance and diversion at MumbaiPuneandstoppageoftollcollectionatNKT,MKM,andKharpadaprojects. 8 Adjustingfornewprojects,likeforliketollcollectiongrewby6%yoy....