Financials IRB Infrastructure Developers Limited

Equities

IRB

INE821I01022

Construction & Engineering

Market Closed - NSE India S.E. Other stock markets 07:43:54 2024-07-12 am EDT			5-day change	1st Jan Change
68.36 ^INR	+0.32%		+1.18%	+64.52%

Jul. 11	IRB Infrastructure Developers Clocks 35% Jump in June Toll Collection	MT
Jun. 11	Cintra Reportedly Pruning Stake in IRB Infrastructure Via Block Deal	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,908	18,715	38,167	151,730	151,881	412,826	-	-
Enterprise Value (EV) ¹	192,173	81,120	179,539	296,629	295,191	522,491	571,141	531,957
P/E ratio	5.99 x	2.6 x	32.6 x	28.9 x	21.1 x	58.6 x	42.1 x	33.1 x
Yield	-	9.39%	4.6%	-	5.27%	0.51%	0.59%	0.56%
Capitalization / Revenue	0.76 x	0.27 x	0.72 x	2.61 x	2.37 x	4.77 x	5.02 x	4.51 x
EV / Revenue	2.87 x	1.18 x	3.39 x	5.11 x	4.61 x	7.05 x	6.94 x	5.81 x
EV / EBITDA	6.54 x	2.74 x	7.15 x	10.6 x	9.14 x	15.7 x	14.7 x	12.4 x
EV / FCF	-12.7 x	-5.76 x	-2.59 x	-28.9 x	22.1 x	13.7 x	17.2 x	16.5 x
FCF Yield	-7.85%	-17.4%	-38.6%	-3.46%	4.52%	7.3%	5.82%	6.07%
Price to Book	0.81 x	0.28 x	0.55 x	1.21 x	1.14 x	2.57 x	2.55 x	2.24 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	68.36	68.36	68.36
Announcement Date	5/28/19	6/18/20	5/27/21	5/17/22	5/19/23	5/7/24	-	-

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	74,090	82,314	91,487
EBITDA ¹	29,373	29,556	25,127	27,975	32,290	33,318	38,726	42,841
EBIT ¹	23,978	24,873	19,310	21,147	23,969	23,368	29,741	30,707
Operating Margin	35.75%	36.3%	36.44%	36.44%	37.44%	31.54%	36.13%	33.56%
Earnings before Tax (EBT) ¹	14,733	11,752	4,274	7,758	11,840	12,663	14,432	17,396
Net income ¹	8,500	7,209	1,171	3,614	8,895	6,058	9,874	12,383
Net margin	12.67%	10.52%	2.21%	6.23%	13.9%	8.18%	12%	13.54%
EPS ²	2.418	2.051	0.3330	0.8690	1.190	1.000	1.625	2.064
Free Cash Flow ¹	-15,089	-14,091	-69,265	-10,255	13,332	38,148	33,250	32,273
FCF margin	-22.5%	-20.56%	-130.72%	-17.67%	20.83%	51.49%	40.39%	35.28%
FCF Conversion (EBITDA)	-	-	-	-	41.29%	114.5%	85.86%	75.33%
FCF Conversion (Net income)	-	-	-	-	149.88%	629.69%	336.76%	260.62%
Dividend per Share ²	-	0.5000	0.5000	-	1.325	0.3000	0.4045	0.3834
Announcement Date	5/28/19	6/18/20	5/27/21	5/17/22	5/19/23	5/7/24	-	-

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	2025 Q1
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	16,807
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	7,784
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	4,707
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%	28.01%
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	2,264
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	1,134
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%	6.75%
EPS ²	0.1980	0.2770	0.2050	0.1200	0.2020	0.2890	-	0.1410	0.2340	-	0.2200	-	-	0.3000	0.1000
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	168,908	158,315	119,131
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.809 x	2.111 x	5.626 x	5.18 x	4.438 x	5.07 x	4.088 x	2.781 x
Free Cash Flow ¹	-15,089	-14,091	-69,265	-10,255	13,332	38,148	33,251	32,273
ROE (net income / shareholders' equity)	14.2%	11.1%	1.72%	3.71%	6.86%	4.47%	6.45%	7.98%
ROA (Net income/ Total Assets)	2.1%	1.79%	0.29%	0.86%	2.08%	1.38%	4.16%	3.13%
Assets ¹	404,553	401,931	405,304	418,722	426,673	438,426	237,543	395,784
Book Value Per Share ²	18.00	19.00	19.60	20.80	22.20	22.80	26.80	30.60
Cash Flow per Share ²	-	10.80	2.460	0.8800	2.360	6.690	3.030	3.230
Capex ¹	42,189	52,052	77,933	13,896	4,309	2,390	5,770	3,205
Capex / Sales	62.9%	75.96%	147.08%	23.94%	6.73%	3.23%	7.01%	3.5%
Announcement Date	5/28/19	6/18/20	5/27/21	5/17/22	5/19/23	5/7/24	-	-

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

68.36 INR

Average target price

72.5 INR

Spread / Average Target

+6.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway & Bridge Construction

	1st Jan change	Capi.
IRB INFRASTRUCTURE DEVELOPERS LIMITED	+64.52%	4.94B
SICHUAN ROAD & BRIDGE GROUP CO.,LTD	+0.40%	9.04B
STERLING INFRASTRUCTURE, INC.	+39.19%	3.78B
CONSTRUCTION PARTNERS, INC.	+29.80%	2.98B
G R INFRAPROJECTS LIMITED	+50.74%	2B
ZHEJIANG COMMUNICATIONS TECHNOLOGY CO., LTD.	0.00%	1.31B
SHANDONG HI-SPEED ROAD&BRIDGE GROUP CO., LTD.	-9.04%	1.1B
DILIP BUILDCON LIMITED	+39.02%	936M
NATIONAL HIGHWAYS INFRA TRUST	+8.02%	912M
SHANGHAI PUDONG CONSTRUCTION CO.,LTD.	-15.08%	716M

Highway & Bridge Construction