In-line performance; execution poised to accelerate with a robust order book

Company
11 Mar 2024
5 Min read 
  • IRB Infrastructure reported 3QFY24 results with revenue growth of 30% YoY.
  •  EBITDA margin came in below estimates at 44.2%.
  •  The company's order book stood at INR 362b, providing revenue visibility for the next few years.
  •  IRB's Private InvIT was awarded TOT-12 and TOT-13 projects, increasing its market share in the sector.
  •  Toll collection saw a 25% YoY growth, driven by higher traffic and increased tariff.
  •  The company successfully concluded debt refinancing, leading to interest rate reduction and savings.
  •  The construction vertical is expected to have a CAGR of 15-20% over the next few years.
  •  The company's valuation remains neutral with a revised target price of INR 60 per share.
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