Marginal miss in EBITDA; higher other income drives beat in APAT

Company
31 Oct 2024
5 Min read 
  • IRB Infrastructure's financial performance and valuation update.
  •  Marginal miss in EBITDA, higher other income drives beat in APAT.
  •  Revenue declined 9% YoY, EBITDA margin improved, APAT rose 4% YoY.
  •  Strong order pipeline, robust tender pipeline, and healthy order book.
  •  Management commentary on construction revenue, toll collections, and order inflows.
  •  Reiterate Neutral with a revised SoTP-based TP of INR60.
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