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 0.45 times its book value

Company has been maintaining a healthy dividend payout of 18.00%

Cons:

Company might be capitalizing the interest cost

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

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	1,291	1,411	1,627	1,817	1,199	1,296	1,382	1,538	1,432	1,789	1,948	1,773
	582	667	805	999	626	666	723	791	762	1,028	1,188	918
Operating Profit	709	744	822	818	572	630	659	747	670	760	760	855
OPM %	55%	53%	51%	45%	48%	49%	48%	49%	47%	43%	39%	48%
Other Income	34	30	29	54	146	45	50	45	53	47	51	48
Interest	340	339	326	285	236	237	209	248	272	287	314	363
Depreciation	227	180	226	182	126	121	115	134	137	132	136	154
Profit before tax	176	254	298	404	357	318	384	410	314	388	361	387
Tax %	19%	28%	31%	41%	34%	35%	38%	39%	45%	44%	42%	47%
Net Profit	142	184	207	238	235	207	240	250	173	219	208	207
EPS in Rs	4.05	5.24	5.90	6.77	6.68	5.90	6.82	7.12	4.92	6.23	5.92	5.88
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	733	992	1,705	2,438	3,133	3,687	3,732	3,849	5,128	5,846	5,694	6,707	6,942
	321	552	906	1,347	1,757	2,048	1,973	1,631	2,461	2,789	3,005	3,763	3,896
Operating Profit	412	440	799	1,091	1,376	1,639	1,758	2,218	2,666	3,057	2,689	2,944	3,046
OPM %	56%	44%	47%	45%	44%	44%	47%	58%	52%	52%	47%	44%	44%
Other Income	57	37	49	62	123	133	121	113	127	123	295	196	198
Interest	201	148	249	352	550	624	760	937	1,070	1,342	976	1,126	1,235
Depreciation	102	114	182	225	297	442	477	707	853	855	544	540	559
Profit before tax	167	215	417	576	651	707	642	686	870	984	1,464	1,473	1,451
Tax %	24%	18%	3%	19%	24%	22%	28%	21%	26%	27%	37%	42%
Net Profit	114	176	385	452	496	557	459	543	639	715	920	850	806
EPS in Rs	3.38	5.01	11.27	13.32	14.56	16.00	13.13	14.73	16.96	19.95	26.17	24.18	22.95
Dividend Payout %	0%	32%	17%	11%	12%	24%	29%	26%	22%	25%	19%	10%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	332	332	332	332	332	332	332	351	351	351	351	351
Reserves	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	2,021	2,486	2,915	4,624	7,072	8,776	11,084	12,576	15,626	13,963	13,832	16,599
	292	386	588	925	932	1,041	1,070	22,466	21,712	27,417	20,890	18,488
Total Liabilities	3,933	4,602	5,543	7,982	10,861	13,073	15,714	39,403	42,174	46,651	40,414	41,402
	1,885	2,016	3,467	3,362	5,554	5,509	8,554	31,764	35,149	24,388	31,071	32,943
CWIP	889	1,455	880	2,507	2,445	4,916	4,487	4,835	4,020	6,806	5,648	3,797
Investments	198	111	45	55	14	62	15	9	36	146	945	645
	961	1,020	1,150	2,057	2,847	2,586	2,659	2,795	2,969	15,311	2,749	4,017
Total Assets	3,933	4,602	5,543	7,982	10,861	13,073	15,714	39,403	42,174	46,651	40,414	41,402

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	212	262	903	1,069	1,110	1,445	1,655	1,823	2,340	3,192	2,132	2,710
	-529	-605	-1,022	-2,373	-2,673	-2,243	-2,394	-2,297	-3,144	-2,981	-2,621	-4,081
	408	331	143	1,341	1,758	699	925	475	671	-202	410	1,438
Net Cash Flow	91	-12	24	37	195	-99	186	2	-133	9	-79	66

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	11%	9%	14%	15%	14%	12%	11%	10%	10%	12%	12%	12%
Debtor Days	6	5	6	6	2	1	1	0	1	4	8	6
Inventory Turnover	24.68	7.76	9.09	14.62	19.21	17.93	14.43	14.57	18.03	17.67	13.56	14.43