IRB Infrastructure Developers Ltd. share price target

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.

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....