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Motilal Oswal Report
IRB Infrastructure Developers Ltd. revenue grew 13% YoY to Rs 18.5 billion in Q1 FY25 (in line). Ebitda margin came in at 46.3% (estimate 45.7%), down 130bp YoY and up 300bp QoQ. Ebitda grew 10% YoY to Rs 8.6 billion, in line with our estimate. adjusted profit after tax rose 5% YoY to Rs 1.4 billion (in line).
Construction revenues stood at Rs 12.4 billion (+18% YoY), while build-operate-transfer revenue came in at Rs 6.1 billion (+4.8% YoY).
The order book stood at ~Rs 336 billion (exclusive GST) as of Q1 end. The O&M order book stood at Rs 288 billion, while the construction order book stood at Rs 48 billion.
IRB Infrastructure performance was in line with our estimates. Given its strong order pipeline of Rs 2 trillion and track record of winning 25-30% of its targeted bids, we expect IRB Infrastructure order inflows to pick up going ahead.
With a strong order book and a robust tender pipeline, driven by BOT projects, we expect a revenue compound annual growth rate of ~13% over FY24-26. We broadly retain our estimates for FY25/FY26. Reiterate Neutral with a revised SoTP-based target price of Rs 61.
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