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.

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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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

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

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

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
Compounded Sales Growth
10 Years:22.76%
5 Years:9.08%
3 Years:13.95%
TTM:17.79%
Compounded Profit Growth
10 Years:22.10%
5 Years:8.40%
3 Years:15.54%
TTM:-7.58%
Return on Equity
10 Years:15.43%
5 Years:14.16%
3 Years:14.43%
Last Year:15.24%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

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

Ratios Consolidated Figures in Rs. Crores / View Standalone

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