IRB Infrastructure Developers Ltd

IRB Infrastructure Developers is engaged in carrying out the construction works as per EPC contract entered between the Company and its subsidiaries.

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Pros:

Stock is trading at 0.56 times its book value

Stock is providing a good dividend yield of 5.00%.

Company has been maintaining a healthy dividend payout of 21.89%

Cons:

The company has delivered a poor growth of 9.08% over past five years.

Contingent liabilities of Rs.1106.09 Cr.

Company might be capitalizing the interest cost

Peer Comparison Sector: Infrastructure Developers & Operators // Industry: Construction

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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	1,517	1,291	1,411	1,627	1,817	1,199	1,296	1,382	1,538	1,432	1,789	1,948
	743	582	667	805	999	626	666	723	791	762	1,028	1,188
Operating Profit	774	709	744	822	818	572	630	659	747	670	760	760
OPM %	51%	55%	53%	51%	45%	48%	49%	48%	49%	47%	43%	39%
Other Income	31	34	30	29	54	146	45	50	45	53	47	51
Interest	328	340	339	326	285	236	237	209	248	272	287	314
Depreciation	221	227	180	226	182	126	121	115	134	137	132	136
Profit before tax	256	176	254	298	404	357	318	384	410	314	388	361
Tax %	29%	19%	28%	31%	41%	34%	35%	38%	39%	45%	44%	42%
Net Profit	182	142	184	207	238	235	207	240	250	173	219	208
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	306	733	992	1,705	2,438	3,133	3,687	3,732	3,849	5,128	5,846	5,694	6,707
	140	321	552	906	1,347	1,757	2,048	1,973	1,631	2,461	2,789	3,005	3,770
Operating Profit	165	412	440	799	1,091	1,376	1,639	1,758	2,218	2,666	3,057	2,689	2,937
OPM %	54%	56%	44%	47%	45%	44%	44%	47%	58%	52%	52%	47%	44%
Other Income	23	57	37	49	62	123	133	121	113	127	123	295	196
Interest	91	201	148	249	352	550	624	760	937	1,070	1,342	976	1,120
Depreciation	53	102	114	182	225	297	442	477	707	853	855	544	540
Profit before tax	45	167	215	417	576	651	707	642	686	870	984	1,464	1,473
Tax %	33%	24%	18%	3%	19%	24%	22%	28%	21%	26%	27%	37%
Net Profit	23	114	176	385	452	496	557	459	543	639	715	920	850
EPS in Rs		3.38	5.01	11.27	13.32	14.56	16.00	13.13	14.73	16.96	19.95	24.54
Dividend Payout %	0%	0%	32%	17%	11%	12%	24%	29%	26%	22%	25%	19%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	247	332	332	332	332	332	332	332	351	351	351	351	351
Reserves	130	1,288	1,398	1,708	2,100	2,524	2,923	3,228	4,009	4,485	4,920	5,341	5,964
Borrowings	2,518	2,021	2,486	2,915	4,624	7,072	8,776	11,084	12,576	15,626	13,963	13,832	15,719
	345	292	386	588	925	932	1,041	1,070	22,466	21,712	27,417	20,890	18,462
Total Liabilities	3,241	3,933	4,602	5,543	7,982	10,861	13,073	15,714	39,403	42,174	46,651	40,414	40,496
	1,887	1,885	2,016	3,467	3,362	5,554	5,509	8,554	31,764	35,149	24,388	31,071	36,704
CWIP	555	889	1,455	880	2,507	2,445	4,916	4,487	4,835	4,020	6,806	5,648	36
Investments	41	198	111	45	55	14	62	15	9	36	146	945	645
	757	961	1,020	1,150	2,057	2,847	2,586	2,659	2,795	2,969	15,311	2,749	3,111
Total Assets	3,241	3,933	4,602	5,543	7,982	10,861	13,073	15,714	39,403	42,174	46,651	40,414	40,496

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	247	212	262	903	1,069	1,110	1,445	1,655	1,823	2,340	3,192	2,132
	-1,168	-529	-605	-1,022	-2,373	-2,673	-2,243	-2,394	-2,297	-3,144	-2,981	-2,621
	931	408	331	143	1,341	1,758	699	925	475	671	-202	410
Net Cash Flow	11	91	-12	24	37	195	-99	186	2	-133	9	-79

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %		11%	9%	14%	15%	14%	12%	11%	10%	10%	12%	12%
Debtor Days	172	6	5	6	6	2	1	1	0	1	4	8
Inventory Turnover		24.68	7.76	9.09	14.62	19.21	17.93	14.43	14.57	18.03	17.67	13.56