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 0.45 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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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

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

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

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
Compounded Sales Growth
10 Years:21.06%
5 Years:12.44%
3 Years:9.36%
TTM:28.20%
Compounded Profit Growth
10 Years:16.89%
5 Years:12.91%
3 Years:9.76%
TTM:-13.46%
Return on Equity
10 Years:15.42%
5 Years:14.21%
3 Years:14.43%
Last Year:14.04%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

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

Ratios Consolidated Figures in Rs. Crores / View Standalone

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