Financials IRB Infrastructure Developers Limited

Equities

IRB

INE821I01022

Construction & Engineering

Market Closed - NSE India S.E. Other stock markets 07:43:47 2024-04-26 am EDT			5-day change	1st Jan Change
68.8 ^INR	+1.47%		+4.01%	+65.58%

Apr. 08	IRB Infrastructure Developers Limited Reports Toll Revenue Results for the Month of March 2024	CI
Apr. 01	India puts on hold proposed hike in road toll charges as elections approach	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,908	18,715	38,167	151,730	151,881	415,483	-	-
Enterprise Value (EV) ¹	192,173	81,120	179,539	296,629	295,191	572,585	575,810	553,822
P/E ratio	5.99 x	2.6 x	32.6 x	28.9 x	21.1 x	65.5 x	40 x	30.2 x
Yield	-	9.39%	4.6%	-	5.27%	0.51%	0.47%	0.58%
Capitalization / Revenue	0.76 x	0.27 x	0.72 x	2.61 x	2.37 x	5.68 x	5.22 x	4.74 x
EV / Revenue	2.87 x	1.18 x	3.39 x	5.11 x	4.61 x	7.83 x	7.23 x	6.32 x
EV / EBITDA	6.54 x	2.74 x	7.15 x	10.6 x	9.14 x	16.5 x	14.8 x	12.9 x
EV / FCF	-12.7 x	-5.76 x	-2.59 x	-28.9 x	22.1 x	26.3 x	16.3 x	15.9 x
FCF Yield	-7.85%	-17.4%	-38.6%	-3.46%	4.52%	3.81%	6.14%	6.29%
Price to Book	0.81 x	0.28 x	0.55 x	1.21 x	1.14 x	2.96 x	2.83 x	2.62 x
Nbr of stocks (in thousands)	3,514,500	3,514,500	3,514,500	6,039,000	6,039,000	6,039,000	-	-
Reference price ²	14.48	5.325	10.86	25.12	25.15	68.80	68.80	68.80
Announcement Date	5/28/19	6/18/20	5/27/21	5/17/22	5/19/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	67,070	68,522	52,986	58,037	64,016	73,119	79,614	87,620
EBITDA ¹	29,373	29,556	25,127	27,975	32,290	34,738	38,782	42,803
EBIT ¹	23,978	24,873	19,310	21,147	23,969	25,034	27,940	31,328
Operating Margin	35.75%	36.3%	36.44%	36.44%	37.44%	34.24%	35.09%	35.75%
Earnings before Tax (EBT) ¹	14,733	11,752	4,274	7,758	11,840	11,485	14,167	17,770
Net income ¹	8,500	7,209	1,171	3,614	8,895	7,223	9,925	12,535
Net margin	12.67%	10.52%	2.21%	6.23%	13.9%	9.88%	12.47%	14.31%
EPS ²	2.418	2.051	0.3330	0.8690	1.190	1.050	1.720	2.280
Free Cash Flow ¹	-15,089	-14,091	-69,265	-10,255	13,332	21,810	35,336	34,860
FCF margin	-22.5%	-20.56%	-130.72%	-17.67%	20.83%	29.83%	44.38%	39.79%
FCF Conversion (EBITDA)	-	-	-	-	41.29%	62.78%	91.11%	81.44%
FCF Conversion (Net income)	-	-	-	-	149.88%	301.94%	356.04%	278.1%
Dividend per Share ²	-	0.5000	0.5000	-	1.325	0.3500	0.3250	0.4000
Announcement Date	5/28/19	6/18/20	5/27/21	5/17/22	5/19/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	15,472	16,058	16,257	14,652	12,791	14,336	19,246	13,430	15,141	16,200	16,342	15,505	17,687	19,823
EBITDA ¹	7,200	7,601	6,999	7,176	7,384	6,416	10,606	6,651	7,446	8,376	7,243	7,271	8,108	8,681
EBIT ¹	5,286	5,827	5,635	5,525	5,460	4,527	8,575	4,732	5,295	-	4,876	4,960	-	6,355
Operating Margin	34.16%	36.29%	34.66%	37.71%	42.69%	31.58%	44.56%	35.24%	34.97%	-	29.84%	31.99%	-	32.06%
Earnings before Tax (EBT) ¹	1,355	1,761	1,407	1,147	2,176	3,028	5,434	1,798	2,185	2,423	2,174	1,877	3,200	3,036
Net income ¹	694.8	974.6	719.1	423.1	726.8	1,745	3,632	853.1	1,414	1,471	1,716	964	1,790	1,822
Net margin	4.49%	6.07%	4.42%	2.89%	5.68%	12.17%	18.87%	6.35%	9.34%	9.08%	10.5%	6.22%	10.12%	9.19%
EPS ²	0.1980	0.2770	0.2050	0.1200	0.2020	0.2890	-	0.1410	0.2340	-	0.2200	-	-	0.3000
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/18/21	5/27/21	8/10/21	10/26/21	2/10/22	5/17/22	8/5/22	10/21/22	2/13/23	5/19/23	7/31/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	141,265	62,406	141,372	144,899	143,311	157,102	160,327	138,339
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.809 x	2.111 x	5.626 x	5.18 x	4.438 x	4.522 x	4.134 x	3.232 x
Free Cash Flow ¹	-15,089	-14,091	-69,265	-10,255	13,332	21,810	35,337	34,861
ROE (net income / shareholders' equity)	14.2%	11.1%	1.72%	3.71%	6.86%	5.25%	7.22%	8.6%
ROA (Net income/ Total Assets)	2.1%	1.79%	0.29%	0.86%	2.08%	4.1%	4.2%	3.6%
Assets ¹	404,553	401,931	405,304	418,722	426,673	176,177	236,304	348,201
Book Value Per Share ²	18.00	19.00	19.60	20.80	22.20	23.30	24.40	26.30
Cash Flow per Share ²	-	10.80	2.460	0.8800	2.360	2.100	2.800	3.400
Capex ¹	42,189	52,052	77,933	13,896	4,309	40,233	2,509	2,184
Capex / Sales	62.9%	75.96%	147.08%	23.94%	6.73%	55.02%	3.15%	2.49%
Announcement Date	5/28/19	6/18/20	5/27/21	5/17/22	5/19/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IRB Infrastructure Developers Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

68.8 INR

Average target price

66 INR

Spread / Average Target

-4.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway & Bridge Construction

	1st Jan change	Capi.
IRB INFRASTRUCTURE DEVELOPERS LIMITED	+65.58%	4.98B
SICHUAN ROAD & BRIDGE GROUP CO.,LTD	-2.54%	8.78B
STERLING INFRASTRUCTURE, INC.	+20.43%	3.3B
G R INFRAPROJECTS LIMITED	+19.07%	1.58B
ZHEJIANG COMMUNICATIONS TECHNOLOGY CO., LTD.	+7.12%	1.4B
SHANDONG HI-SPEED ROAD&BRIDGE GROUP CO., LTD.	-0.18%	1.21B
NATIONAL HIGHWAYS INFRA TRUST	+6.75%	903M
DILIP BUILDCON LIMITED	+17.75%	794M
SHANGHAI PUDONG CONSTRUCTION CO.,LTD.	-6.03%	793M
SHREM INVIT	+1.72%	701M

Highway & Bridge Construction