BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
IRB Infrastructure Developers Ltd. reported 11% YoY revenue decline to Rs 14.3 billion (10% below our estimate) due to weak execution.
IRB Infra's construction segment reported revenue/Ebitda decline of 17%/40% YoY, respectively. The outstanding engineering, procurement and construction order book (including operations and maintenance) stood at Rs 161 billion.
The Ebitda margin contracted 258 bps YoY to 44.8% due to the significant decline in margins seen in the construction segment.
Ebitda decreased 16% YoY to Rs 6.4 billion (versus our estimate of Rs 7.4 billion).
With Covid-related restrictions easing, toll collections are returning to normal levels. Toll collections have improved 6% YoY to Rs 53 million per day in Q4 FY22 versus Rs 50 million per day in Q4 FY21.
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