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Yes Securities Report
IRB Infrastructure Developers Ltd. reported strong set of numbers which were above our estimates, led by healthy toll revenue of Rs 5.3 billion. Construction revenue witnessed a revenue growth of 16%YoY with Ebitda margins of 44%.
This was mainly on account of one-off income with respect to Pathankot Amritsar arbitration award having an effect of Rs 4.1 billion /Rs 3.7 billion/2.7 billion on revenue/Ebitda/profit after tax.
Toll revenues in 11 projects (across IRB and private Investment trust) witnessed 16% growth QoQ in revenue on the back of tariff rates revision of 10% from April 2022 in majority of the projects along with growth in traffic momentum.
For FY23E, management expects toll revenue of ~Rs 21 billion. Board approval has been received for transfer of VK-1 expressway project to IRB Invit fund for a consideration of ~Rs 13 billion, would enable IRB Infra to reduce the debt level thereby strengthening the balance sheet.
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