IRB Infra Q3 Results Review - Inline; Execution Poised To Accelerate With A Robust Order Book: Motilal Oswal

Motilal Oswal Report

IRB Infrastructure Developers Ltd.'s revenue grew 30% YoY to Rs 19.7 billion in Q3 FY24 (8% above our estimate). Ebitda margin came in at 44.2% (down 500 basis points YoY, below our estimate of 45.8% margin). Ebitda grew 17% YoY to Rs 8.7 billion, in line with estimates. Higher interest cost was offset by lower tax outgo, which led to adjusted profit after tax growth of 33% YoY to Rs 1.9 billion, in line.

Construction revenues stood at Rs 13.5 billion, up 38% YoY during the quarter, while BOT revenue stood at Rs 6.15 billion (plus 16% YoY).

The order book stood at ~Rs 362 billion (excluding GST) at Q3 end. The operation and maintenance order book stood at Rs 293 billion and the construction order book stood at Rs 69 billion.

In Q3 FY24, IRB Infrastructure private InvIT was awarded TOT-12 and TOT-13 projects in Madhya Pradesh and Rajasthan. With these order wins, IRB Infrastructure market share in the TOT space rose to 38%, the highest among any private player in the sector.

Further, IRB Infrastructure witnessed 25% YoY growth in toll collection, driven by higher traffic and increased tariff.

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