IRB InvIT Fund

About

IRB InvIT Fund (the Trust) is an irrevocable trust set up under the Indian Trusts Act, 1882, and registered with the Securities and Exchange Board of India as an infrastructure investment trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (Registration Number: IN/InvIT/15-16/0001). The Trust primarily intends to own, operate and maintain a portfolio of six toll-road assets in the Indian states of Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu. These toll roads are operated and maintained pursuant to concessions granted by the NHAI.

  • Market Cap 3,369 Cr.
  • Current Price 58.0
  • High / Low 60.4 / 33.0
  • Stock P/E 12.7
  • Book Value 75.0
  • Dividend Yield %
  • ROCE 5.12 %
  • ROE 3.89 %
  • Face Value

Pros

  • Stock is trading at 0.77 times its book value
  • Company has been maintaining a healthy dividend payout of 303.76%

Cons

  • Tax rate seems low
  • Company has a low return on equity of 3.56% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
291 306 321 319 413 323 318 202 295 323 350 336
217 58 64 69 71 58 62 57 57 55 59 62
Operating Profit 75 248 256 250 342 265 256 145 238 268 291 275
OPM % 26% 81% 80% 78% 83% 82% 80% 72% 81% 83% 83% 82%
Other Income 0 5 5 3 13 7 -2 -3 1 10 -16 1
Interest 39 41 40 42 47 41 39 38 37 36 35 35
Depreciation 0 160 163 168 257 175 173 80 153 185 190 129
Profit before tax 35 52 58 44 50 56 42 24 49 58 50 111
Tax % 2% 1% 1% 2% 2% -1% -1% -0% 0% 0% 0% 3%
Net Profit 35 52 58 43 49 57 43 24 49 58 50 108
EPS in Rs 0.60 0.90 0.99 0.74 0.85 0.98 0.73 0.41 0.84 1.00 0.86 1.86

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
0 992 1,213 1,241 1,143 1,304
0 185 233 247 226 232
Operating Profit 0 807 979 993 917 1,072
OPM % 81% 81% 80% 80% 82%
Other Income 0 13 21 30 18 -5
Interest 0 100 160 164 146 143
Depreciation 0 487 641 685 608 657
Profit before tax 0 233 199 173 181 268
Tax % 0% 1% 0% -0%
Net Profit 0 232 198 173 181 265
EPS in Rs 4.00 3.41 2.98 3.12 4.56
Dividend Payout % 263% 347% 314% 250%
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:5%
TTM:4%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-8%
TTM:53%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-8%
1 Year:71%
Return on Equity
10 Years:%
5 Years:%
3 Years:4%
Last Year:4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
0 5,799 5,608 5,428 5,312
Reserves 0 -183 -499 -802 -959
Borrowings 0 1,772 1,799 1,765 1,764
0 6,617 6,420 6,203 6,124
Total Liabilities 0 14,005 13,327 12,594 12,241
0 13,627 12,975 12,290 11,629
CWIP 0 3 0 0 2
Investments 0 215 227 53 159
0 160 125 250 450
Total Assets 0 14,005 13,327 12,594 12,241

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
0 855 940 870 905
0 -5,825 -142 112 -118
0 5,064 -878 -806 -582
Net Cash Flow 0 93 -79 176 205

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0
Working Capital Days -130 -138 -127 -201
ROCE % 9% 5% 5% 5%

Shareholding Pattern

Numbers in percentages

Shareholding pattern is currently not available for this company.

Documents