IRB Infrastructure Developers Ltd - Stock Valuation and Financial Performance

BSE: 532947 | NSE: IRB | Engineering - Construction | Mid Cap

IRB Infra.&Developer Share Price

69.12 -0.07 -0.10%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on IRB Infra.&Developer

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

IRB Infrastructure Developers stock performance -

mw4me loader
P/E Ratio (SA):
82.80
Market Cap:
41,783.8 Cr.
52-wk low:
25
52-wk high:
73

Is IRB Infrastructure Developers Ltd an attractive stock to invest in?

1. Is IRB Infrastructure Developers Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that IRB Infrastructure Developers Ltd is a below average quality company.

2. Is IRB Infrastructure Developers Ltd undervalued or overvalued?

The key valuation ratios of IRB Infrastructure Developers Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is IRB Infrastructure Developers Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of IRB Infrastructure Developers Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of IRB Infra.&Developer:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
IRB Infrastructure Developers Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 12.2%7.6%9.8%7.3%8.6%6.5%5.7%4.5%6.1%4.2%-
Value Creation
Index
-0.1-0.5-0.3-0.5-0.4-0.5-0.6-0.7-0.6-0.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2,2141,9572,7743,4222,9003,3853,9922,7502,6004,1604,464
Sales YoY Gr.--11.6%41.7%23.4%-15.2%16.7%17.9%-31.1%-5.5%60%-
Adj EPS 0.90.40.80.61.30.90.80.50.50.60.8
YoY Gr.--55.2%112.8%-31.3%119.3%-24.8%-16%-32.9%0%5.7%-
BVPS (₹) 5.26.16.87.17.17.57.38.114.114.815.6
Adj Net
Profit
288138292202440329279187317337507
Cash Flow from Ops. 514648536619-1,7271,065-4251,422-291250-
Debt/CF from Ops. 4.33.95.55.9-3.14.3-18.97-18.823.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.3%7.5%1.4%60%
Adj EPS -4.8%-14.8%-10.8%5.7%
BVPS12.3%15.7%26.6%5.5%
Share Price 19.2% 37.8% 87.8% 161.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
17.57.112.98.317.612.810.76.95.63.95.5
Op. Profit
Mgn %
10.310.38.510.91113.413.113.72610.49.4
Net Profit
Mgn %
137.110.55.915.29.776.812.28.111.4
Debt to
Equity
1.31.21.21.52.21.83.13.50.60.7-
Working Cap
Days
445666557341366356369627697547162
Cash Conv.
Cycle
2121136456231232837-139

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 5.50%

Debt to equity has declined versus last 3 years average to 0.65

Sales growth is good in last 4 quarters at 21.44%

Sales growth has been subdued in last 3 years 1.39%

Net Profit has been subdued in last 3 years -10.84%

Latest Financials - IRB Infrastructure Developers Ltd.

Standalone Consolidated
TTM EPS (₹) 0.8 0.9
TTM Sales (₹ Cr.) 4,464 6,968
BVPS (₹.) 15.6 22.9
Reserves (₹ Cr.) 8,786 13,227
P/BV 4.45 3.02
PE 82.80 76.37
From the Market
52 Week Low / High (₹) 24.97 / 73.00
All Time Low / High (₹) 4.60 / 73.00
Market Cap (₹ Cr.) 41,784
Equity (₹ Cr.) 603.9
Face Value (₹) 1
Industry PE 41.9

Management X-Ray of IRB Infra.&Developer:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *17.1049.3849.3849.1249.1249.1249.1249.1148.8548.85
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of IRB Infra.&Developer

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales2,2141,9572,7743,4212,9003,3853,9922,7502,6004,160
Operating Expenses 1,9851,7562,5383,0472,5802,9333,4692,3721,9243,729
Manufacturing Costs1,9451,7262,4772,9392,4292,8063,2252,2341,7843,579
Material Costs00000098000
Employee Cost 21152959885361434876
Other Costs 19153250647486969174
Operating Profit 229201236374320452523378676431
Operating Profit Margin (%) 10.3%10.3%8.5%10.9%11.0%13.3%13.1%13.7%26.0%10.4%
Other Income 296244393223426239171320476403
Interest 214271280306231230323495722375
Depreciation 0000000000
Exceptional Items 000000-2000
Profit Before Tax 312174349292516460368203430459
Tax 2435578972131891411087
Profit After Tax 288138292203444329279189320372
PAT Margin (%) 13.0%7.1%10.5%5.9%15.3%9.7%7.0%6.9%12.3%8.9%
Adjusted EPS (₹)0.90.40.80.61.30.90.80.50.50.6
Dividend Payout Ratio (%)46%102%48%86%40%27%63%0%0%32%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 1,7272,1502,3722,5052,5092,6332,5662,8568,4878,953
Share Capital 332351351351351351351351604604
Reserves 1,3941,7982,0212,1542,1582,2812,2142,5057,8838,349
Minority Interest0000000000
Debt1,8291,9972,4973,0794,7523,8487,5009,7605,3615,527
Long Term Debt1,3331,4051,1841,6019579181,4735,2023,0152,823
Short Term Debt4955921,3131,4793,7952,9296,0274,5582,3452,703
Trade Payables8504558189715696656309116651,235
Others Liabilities 1,5102,5442,3012,7102,8032,8672,4141,5491,1391,293
Total Liabilities 5,9167,1467,9889,26510,63410,01313,10915,07615,65217,007

Fixed Assets

Gross Block0000000000
Accumulated Depreciation0000000000
Net Fixed Assets0000000000
CWIP 0000000000
Investments 1,8672,3172,5025,4015,8046,4186,4508,9758,2708,752
Inventories0000000000
Trade Receivables131921019708452239171293549
Cash Equivalents 8478859609788859351,2562,0591,4931,679
Others Assets3,0703,8514,4262,8773,2362,2095,1653,8715,5986,028
Total Assets 5,9167,1467,9889,26510,63410,01313,10915,07615,65217,007

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 514648536619-1,7271,065-4251,422-290250
PBT 312174349292516460368203430459
Adjustment -9017-15043-200-6150172251-32
Changes in Working Capital 336497387354-1967683-7971094-930-151
Tax Paid -44-40-50-70-76-72-146-46-42-26
Cash Flow From Investing Activity -684-1,087-437-1,03145952-2,362-2,391-269-26
Capex 0000000000
Net Investments -243-504-190-64-484-785-1,243-860-99-429
Others -441-584-247-967943837-1,119-1,531-170404
Cash Flow From Financing Activity 136430-643821,262-1,1173,1241,201-12-31
Net Proceeds from Shares 04400000005,2870
Net Proceeds from Borrowing 849238-330567-54762349-772-1,2670
Interest Paid -207-260-244-280-226-226-322-494-713-318
Dividend Paid -166-66-211-70-281-880-1760-75
Others -340797211652,316-8653,0972,643-3,320362
Net Cash Flow -34-936-29-60337232-571193
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)17.487.1412.928.3317.7112.7910.746.955.644.27
ROCE (%)14.5910.3112.610.4410.619.117.755.948.595.81
Asset Turnover Ratio0.420.30.370.40.290.330.350.20.170.25
PAT to CFO Conversion(x)1.784.71.843.05-3.893.24-1.527.52-0.910.67
Working Capital Days
Receivable Days2121136456332273337
Inventory Days0000000000
Payable Days0000001,241000

IRB Infrastructure Developers Ltd Stock News

IRB Infrastructure Developers Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of IRB Infra.&Developer on 12-Apr-2024 10:20 is ₹69.12.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of IRB Infra.&Developer stood at ₹41,783.8.
The latest P/E ratio of IRB Infra.&Developer as of 12-Apr-2024 10:20 is 82.80.
The latest P/B ratio of IRB Infra.&Developer as of 12-Apr-2024 10:20 is 4.45.
The 52-week high of IRB Infra.&Developer is ₹73.00 and the 52-week low is ₹24.97.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of IRB Infra.&Developer is ₹4,464 ( Cr.) .

About IRB Infrastructure Developers Ltd

Incorporated way back in year 1998, IRB Infrastructure Developers Ltd. has become India’s leading and one of the largest Infrastructure Developing Company in BOT Space, committed to the Roads & Highway sector. Ever since the first ever project completed by the Company, is actions have been guided by the sole objective of delivering value.

Over the years, it has reinforced commitment by delivering large, technically complex projects across India, on difficult terrains and in a tough industry environment. Building seamless connections and facilitating Socio-Economic-Cultural developments, the company is proud to be part of India’s transformation.

Business area of the company

IRB Infrastructure Developers is among India’s leading infrastructure developers specialising in roadways and highways. It enjoys robust in-house integrated project execution capabilities - Engineering, Procurement and Construction (EPC) and Operation and Maintenance (O&M) - across all its business verticals.

Products & services offered by the company

  • Highway Projects
  • BOT Projects
  • HAM Projects
  • TOT Projects
  • Airport Divison
  • Equipment & Technology

Awards

FY 2018-19

  • ET Edge Maharashtra Achievers’ Award 2018 - Best Infra Person of the Year
  • Asia's Dream Company to Work for Award 2018
  • Construction Times Awards 2018 - Best BOT Project of the Year - Solapur-Yedeshi Project
  • EPC Company of the Year 2018 Award conferred on by the EPC World
  • EPC World Award 2019 - BEST EPC Company of the Year
  • National Best Employer Brand in Construction and Engineering Sector at the World HRD Congress

FY 2019-20

  • Young Turk of the Year- Mr. Virendra D. Mhaiskar, Chairman & Managing Director of IRB, was chosen as the “Young Turk of the Year” at the 6th Edition of CNBC TV18 India Business Leader Awards presented by Honorable Finance Minister, Shri Prana Mukherjee on December 11, 2010 at Mumbai.
  • FinanceAsia Achievement Award 2017- Best India Deal’ Award by Hong Kong based FinanceAsia, on successfully launching and listing India’s first InvIT IPO and raising Rs 50 billion.
  • ET Edge Maharashtra Achievers’ Award 2018 was conferred on to Shri Virendra D. Mhaiskar. Chairman & Managing Director, IRB Infrastructure Developers Ltd.,as ‘The Best Infra Person of the Year’ for his visionary leadership as well as valuable contribution to the Infrastructure Sector.
  • Construction Times Award by Construction Times & Equipment Times, for Solapur Yedeshi Project under category - Best BOT (Road Project of the Year) 2018.
  • National Best Employer Brand in the construction and engineering Sector at the World HRD Congress
  • CNBC TV 18 Essar Steel Infrastructure Excellence Award IRB has been awarded the CNBC TV18 Essar Steel Infrastructure Excellence Award in the Highways & Flyovers category for Mumbai - Pune section of National Highways (NH-4). This award was in recognition of the high-quality work implemented on the development and maintenance of the Mumbai-Pune section of NH-4.

Milestones

1998

  • IRB Infrastructure Developers Limited incorporated

2004

  • Upfront payment of Rs 9,180 million to MSRDC for Mumbai - Pune Project

2006

  • Upfront payment of Rs 5,040 million to NHAI for Bharuch - Surat

2008

  • Successful launch of IRB Infrastructure Developers Limited IPO
  • Raised Rs 9,445.7 million

2009

  • First ever Airport Project in IRB’s portfolio
  • Greenfield Airport Project in Sindhudurg, Maharashtra.
  • Project Development Agreement executed with MIDC
  • Awarded Surat - Dahisar Project, the first mega highway project of the country
  • Awarded Integrated Road Development (IRD) programme in Kolhapur city
  • Awarded 3 National Highways Authority of India (NHAI) Projects:
  • Amritsar - Pathankot,Punjab
  • Talegaon - Amravati, Maharashtra
  • Jaipur - Deoli, Rajasthan

2010

  • Awarded Tumkur Chitradurga BOT Project of NHAI on DBFOT pattern in the state of Karnataka.

2011

  • Awarded “Ahmedabad Vadodara Project”, the First ever Ultra Mega project of NHAI on BOT basis & DBFOT pattern in the state of Gujarat

2013

  • Awarded “Goa/ Karnataka Border to Kundapur Project on NH-17 in the state of Karnataka

2014

  • Acquired M.V.R. Infrastructure and Tollways Pvt. Ltd
  • Awarded 3 NHAI Projects on DBFOT Pattern
  • Soalpur - Yedeshi (Maharashtra)
  • Yedeshi - Aurangabad (Maharashtra)
  • Kaithal -Rajasthan Border (Rajasthan)

2015

  • Awarded project of Six Laning of Agra - Etawah section of NH-2
  • Successfully raised Rs 4,400.06 million by way of QIP

2016

  • Awarded 3 Nos. of Six Laning Projects of NHAI on DBFOT Pattern in the state of Rajasthan
  • Udaipur to Gujarat Border section on NH-8
  • Gulabpura to Chittorgarh section on NH-79
  • Kishangarh to Gulabpura section of NH-79

2017

  • Achieved COD for Kaithal - Rajasthan Border four laning highway project.
  • Successfully Launched India’s first ever Infrastructure Investment Trust Fund and raised Rs 5032 crore
  • Executed Concession Agreement with NHAI for Kishangarh - Gulabpura Section of NH-79 & NH-79A

2018

  • Bagged Hapur - Moradabad Bypass Project of 99.867 Kms under BOT space in UP, with Cost Outlay of Rs 3,400 crore
  • Bagged Padra - Kim project of 23.740 Kms stretch on upcoming Vadodara - Mumbai Expressway in Gujarat under Hybrid Annuity (HAM) with Cost Outlay of Rs 2,043 crore
  • Achieved COD for Solapur - Yedeshi four laning highway project in Maharashtra

2019

  • Achieved COD for Yedeshi - Aurangabad four laning highway project in Maharashtra

2020

  • Bagged Gandeva - Ena project of 27.500 Kms stretch on upcoming Vadodara - Mumbai Expressway in Gujarat, under the Hybrid Annuity Model (HAM) with Cost Outlay of Rs 1,755 crore
  • Achieved Financial Closure for prestigious Mumbai Pune Expressway Concession through a single largest debt tie-up of Rs 6,610 crore, in the stipulated time, amidst COVID-19 pandemic
  • Upfront payment of the 1st Installment of Rs 6,500 crore made to the MSRDC out of the total consideration of Rs 8,262 crore
  • Achieved COD for its Goa/Karnataka Border - Kundapur four laning highway project
  • Bagged prestigious Mumbai - Pune Expressway and Old Mumbai Pune NH-48 Projects under Toll-Operate-Transfer model.
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