The independent financial analyst theScreener just slightly lowered the general evaluation of IRB INFR.DEVELOPERS (IN), active in the Heavy Construction industry. The title has lost a star(s) at the fundamental level and now shows 1 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date Decembe...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q3FY20 result highlights IRB infrastructure reported consolidated revenue of Rs17.4bn, a decline of 2.6% yoy. The decline in revenues was primarily due to lower BOT revenues as concession agreement in Mumbai Pune Expressway Project expired in Q2FY20 (33% yoy decline in Q3FY20). EPC revenue during the quarter grew by 10% yoy to Rs13.9bn (vs our estimate of Rs14.8bn). Overall EBITDA in Q3FY20 declined by 6% yoy to Rs7.1bn led by decline in BOT EBITDA of 30% yoy to Rs3.2bn and partially offset ...
IRB INFRASTRUCTURE: Mumbai-Pune expressway homecoming provides a lifeline (IRB IN, Mkt Cap USD0.5b, CMP INR101, TP INR92, 8% Downside, Neutral) IRB’s fortunes appeared to be going downhill, as evident from the latest results with a PAT decline of 27% and an order book decline of 44%. However, the company has emerged as a sole bidder in the Mumbai-Pune TOT contract – arguably the best road asset in the country as per the earlier IRR enjoyed by IRB. The Mumbai-Pune project can change the fo...
Q2FY20 result highlights IRB Q2FY20 consolidated revenues came in at Rs17.5bn, growth of 22% yoy. Note that the growth has come despite end of concession agreement of Mumbai Pune Expressway Project. EPC revenues increased by 42% yoy to Rs13.3bn (vs est of Rs10bn) while BOT revenues declined by 15% to Rs4.2bn (along expected lines). As a result, EBITDA for Q2FY20 came in at Rs7.5bn (est of 6.5bn) led by 60% yoy growth in EPC EBITDA aided by 836bps margin expansion. Overall EBITDA margin was ...
Q1FY20 result highlights IRB Infrastructure Developer (IRB) has entered into an agreement with GIC to transfer its nine operating and under construction projects into a private INVIT where IRB will hold 51% of the stake and GIC will hold the remaining. The total length of the portfolio is 1200kms (5900 lane kms). The total cost of all the 9 operational and under construction projects is Rs225bn – similar as Enterprise Value of the portfolio. The trust will be funded by equity of Rs90bn and ...
IRB INFRASTRUCTURE: Surprises with asset monetization through second InvIT (IRB IN, Mkt Cap USD0.5b, CMP INR95, TP INR106, 11% Upside, Neutral) Strong execution inadequate to fully offset weak traffic growth in BOT portfolio: EPC revenue was up 16% YoY, implying strong execution of under-construction projects. EPC margin surprised at 28.7%, as lower-margin HAM projects (two of the total three) are yet to commence construction. Gross toll collection growth on a like-for-like basis was tepi...
Q4FY19 result highlights IRB Infrastructure Developer’s Q4FY19 consolidated revenues came in at Rs19.5bn, growth of 41% yoy. EPC revenues increased by 58% yoy to Rs14.1bn (vs est of Rs12.4bn) while BOT revenues grew by 9% to Rs5.4bn. FY19 revenues came in at Rs67bn, a growth of 18% yoy. EPC revenues grew by 19% to Rs46.3bn and BOT revenues grew by 15% to Rs20.8bn. IRB Infrastructure Developers’ (IRB) Q4FY19 EBITDA were in line with estimates at Rs7.6bn (est of 7.5bn) despite lower margin in ...
IRB Infrastructure: Better-than-expected performance; lower executable order book to impact growth (IRB IN, Mkt Cap USD0.7b, CMP INR133, TP INR130, 2% Downside, Neutral) Operating performance ahead of expectations: Revenues grew a healthy 41% YoY to INR19.5b (ahead of our est. of INR18.1b), supported by strong growth in Construction revenue (+59% YoY to INR14.1b) and increase in BoT revenue (+9% YoY to INR5.4b). Operating profit grew 15% YoY to INR7.6b (ahead of our est. of INR7.3b) with ...
Q3FY19 result highlights IRB Infrastructure Developers’ (IRB) Q3FY19 earnings were above our estimates led by strong EPC revenues. PAT grew 5.3%yoy to Rs2.2bn (our estimate: Rs2bn). Revenue grew 38%yoy to Rs17.9bn and was above our estimate of Rs16.2bn due to higher than expected EPC revenue. EPC revenue grew 49.8%yoy to Rs12.5bn (our estimate: Rs10.9bn) led by strong execution. BOT revenue grew 17.3%yoy to Rs5.4bn, largely in-line with our estimate of Rs5.3bn. However, gross toll collectio...
IRB Infrastructure: Better-than-expected performance led by execution pick-up (IRB IN, Mkt Cap USD0.7b, CMP INR139, TP INR155, 12% Upside, Neutral) Operating performance exceeds expectations: IRB’s revenue increased by a healthy 38% YoY to INR17.9b (ahead of our estimate of INR15.4b), supported by strong growth in construction revenue (+51% YoY to INR12.5b) and an increase in BoT revenue (+16% YoY to INR5.3b). Operating profit grew 13% YoY to INR7.6b (ahead of our estimate of INR7.2b), wi...
Q2FY19 result highlights IRB Infrastructure Developers’ (IRB) Q2FY19 earnings were below our estimates led by lower EPC revenue. PAT grew 32.0%yoy to Rs1.7bn (our estimate: Rs2bn) on pre-exceptional base of PY. On reported base including exceptional income of Rs1bn in PY, PAT declined 26.3% yoy. Revenue grew 19.5%yoy to Rs14.3bn and was below our estimate of Rs14.7bn due to lower than expected EPC revenue. EPC revenue grew 13.6%yoy to Rs9.4bn but was below our estimate of Rs9.8bn due to sea...
IRB Infrastructure: In-line quarter; execution pick-up at new HAM project is key (IRB IN, Mkt Cap USD0.6b, CMP INR126, TP INR145, 14% Upside, Neutral) Operating performance in line with expectations: IRB’s revenue increased by a healthy 28% YoY to INR14.3b (in-line), supported by strong growth in BoT assets (+38% YoY to INR5.1b) and an increase in Construction revenue (+15% YoY to INR8.6b). Operating profit grew 17% YoY to INR6.7b (our estimate of INR6.6b), with the margin shrinking 420...
Event IRB InvIT Fund (InvIT), in which IRB is a sponsor with 16% holding, has declared Q1FY19 results and distribution. Details Gross toll collection on a like-to-like basis grew 5.5% yoy to Rs3.8bn (we have grossed up 53 days of toll collection post-InvIT to 91 days in Q1FY18). Four of the assets witnessed toll hikes wef April 1 2018 with the average hike being 4.4%. Traffic growth remained impacted due to early onset of monsoon and due to temporary diversions on Surat-Dahisar and Bharuch-...
Q1FY19 result highlights IRB Infrastructure Developers’ (IRB) Q1FY19 earnings were ahead of estimate led by higher profits from BOT business due to accounting for claim of Rs96m. PAT grew 16.4%yoy to Rs2.5bn as against estimate of Rs2.4bn. Revenue declined 15.4%yoy to Rs15.4bn mainly due to lower BOT revenue but was marginally ahead of estimate of Rs14.7bn. EPC revenue declined 23.2%yoy to Rs10.1bn due to completion of large on-going projects like Solapur Yedshi and Kaithal Rajasthan, but w...
IRB Infrastructure: Operating performance below expectations; EPC segment disappoints (IRB IN, Mkt Cap USD1.0b, CMP INR202, TP INR225, 11% Upside, Neutral) Operating performance below expectations: IRB’s revenue declined 15% YoY to INR15.4b, below our estimate of INR19.9b due to weaker-than-estimated EPC revenue. Operating profit declined 9% YoY to INR7.5b, below our estimate of INR9.3b. Operating margin expanded 350bp YoY to 48.5%, led by better performance in the BoT segment (65.3% agai...
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