InCred Equities - IRB Infrastructure Developers Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	74,090	76,246	81,775	88,791
Operating EBITDA (Rsm)	33,318	37,095	44,293	49,703
Net Profit (Rsm)	6,059	14,981	16,995	21,123
Core EPS (Rs)	0.9	2.4	2.8	3.5
Core EPS Growth	6.8%	161.9%	19.4%	24.3%
FD Core P/E (x)	57.41	21.92	18.35	14.77
DPS (Rs)	0.3	0.3	0.3	0.3
Dividend Yield	0.58%	0.65%	0.65%	0.65%
EV/EBITDA (x)	11.89	10.47	7.83	6.43
P/FCFE (x)	37.31	33.71	(13.51)	11.78
Net Gearing	131.5%	112.0%	81.7%	58.7%
P/BV (x)	2.27	2.07	1.89	1.69
ROE	4.0%	9.9%	10.8%	12.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	74,090	76,246	81,775	88,791
Gross Profit	41,100	45,748	49,065	53,274
Operating EBITDA	33,318	37,095	44,293	49,703
Depreciation And Amortisation	(9,949)	(10,654)	(11,232)	(12,258)
Operating EBIT	23,368	26,441	33,060	37,445
Financial Income/(Expense)	(11,566)	(12,952)	(12,133)	(11,314)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	11,803	13,488	20,927	26,131
Exceptional Items	860	800
Pre-tax Profit	12,663	14,288	20,927	26,131
Taxation	(3,456)	(857)	(6,278)	(7,839)
Exceptional Income - post-tax
Profit After Tax	9,207	13,431	14,649	18,291
Minority Interests	(3,148)	1,550	2,347	2,832
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,059	14,981	16,995	21,123
Recurring Net Profit	5,433	14,229	16,995	21,123
Fully Diluted Recurring Net Profit	5,433	14,229	16,995	21,123

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	33,318	37,095	44,293	49,703
Cash Flow from Invt. & Assoc.
Change In Working Capital	18,206	(729)	(1,644)	(2,086)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	860	800
Other Operating Cashflow
Net Interest (Paid)/Received	(11,566)	(12,952)	(12,133)	(11,314)
Tax Paid	(1,840)
Cashflow From Operations	38,978	24,213	30,515	36,302
Capex	(5,481)	(9,850)	0	(2,368)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(45,011)	4,226	(8,160)
Cash Flow From Investing	(50,492)	(5,625)	(8,160)	(2,368)
Debt Raised/(repaid)	19,873	(9,334)	(45,447)	(7,447)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,812)	(2,038)	(2,038)	(2,038)
Preferred Dividends
Other Financing Cashflow	(13,093)	(7,829)	13,105	(4,334)
Cash Flow From Financing	4,969	(19,201)	(34,380)	(13,819)
Total Cash Generated	(6,545)	(613)	(12,025)	20,116
Free Cashflow To Equity	8,359	9,254	(23,091)	26,488
Free Cashflow To Firm	4,729	35,418	38,365	49,126

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	17,626	20,495	8,434	27,876
Total Debtors	4,014	4,131	4,431	4,811
Inventories	2,931	3,107	3,332	3,618
Total Other Current Assets	21,599	22,227	23,839	25,884
Total Current Assets	46,170	49,960	40,036	62,189
Fixed Assets	148,370	147,566	136,333	126,443
Total Investments	96,420	92,195	100,355	100,355
Intangible Assets
Total Other Non-Current Assets	54,880	59,880	42,880	42,880
Total Non-current Assets	299,670	299,641	279,568	269,678
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	6,757	6,954	7,458	8,098
Other Current Liabilities	739	734	723	708
Total Current Liabilities	7,496	7,689	8,181	8,806
Total Long-term Debt	198,320	188,985	143,539	136,092
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	198,320	188,985	143,539	136,092
Total Provisions	2,538	2,538	2,538	2,538
Total Liabilities	208,354	199,212	154,258	147,437
Shareholders Equity	137,445	150,388	165,346	184,430
Minority Interests
Total Equity	137,445	150,388	165,346	184,430

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	25.1%	2.9%	7.3%	8.6%
Operating EBITDA Growth	18.9%	11.3%	19.4%	12.2%
Operating EBITDA Margin	45.0%	48.7%	54.2%	56.0%
Net Cash Per Share (Rs)	(29.92)	(27.90)	(22.37)	(17.92)
BVPS (Rs)	22.76	24.90	27.38	30.54
Gross Interest Cover	1.44	1.57	2.06	2.46
Effective Tax Rate	27.3%	6.0%	30.0%	30.0%
Net Dividend Payout Ratio	34.8%	14.4%	12.0%	9.6%
Accounts Receivables Days	53.47	19.50	19.11	18.99
Inventory Days	32.75	36.13	35.92	35.71
Accounts Payables Days	65.17	82.05	80.41	79.94
ROIC (%)	9.8%	11.8%	14.4%	18.5%
ROCE (%)	8.6%	8.9%	11.3%	13.0%
Return On Average Assets	6.0%	7.4%	8.0%	9.1%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

More Reports

Market Data

Source: Bloomberg