IRB InvIT Fund

₹ 56.7 1.05%
18 Aug - close price
About

IRB InvIT Fund is a trust established by its Sponsor & Project Manager, It is a private highway infrastructure developer in India. It has been set up to own, operate and maintain a portfolio of toll road concessions, managing 7 operational road assets at present, with an aggregate value of approximately Rs. 7250 Cr. spread across the states of Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, and Punjab with a Weighted Average life of Assets under InvIT Portfolio of around 16 years. [1]
The Investment Manager of the Trust is IRB Infrastructure Pvt Ltd which has 18 years of experience in operating a road BOT project and is also experienced in developing, operating, and maintaining toll plazas. [2]

Key Points

Investment Trust
InvIT is an asset class specifically pertaining to the infrastructure space. It is a collective investment vehicle that pools together funds from long-term investors to acquire income-generating infrastructure assets from developers[1]

  • Market Cap 3,290 Cr.
  • Current Price 56.7
  • High / Low 60.0 / 51.9
  • Stock P/E 9.35
  • Book Value 90.4
  • Dividend Yield %
  • ROCE 6.84 %
  • ROE 6.60 %
  • Face Value

Pros

  • Stock is trading at 0.63 times its book value

Cons

  • Tax rate seems low
  • Company has a low return on equity of 7.76% for last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Dec 2020 Jun 2021 Dec 2021 Jun 2022
159 160 155 160 152 151 149 148 150 145 139 136 129
4 4 4 -2 4 3 4 1 2 2 3 3 19
Operating Profit 156 156 151 162 148 147 146 147 148 143 136 132 110
OPM % 98% 98% 98% 101% 98% 98% 98% 99% 99% 99% 98% 97% 86%
1 -0 3 -14 -0 1 1 -4 -3 1 1 1 0
Interest 32 32 32 32 32 32 31 30 31 29 28 28 26
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 125 124 121 116 116 116 116 113 114 115 109 105 85
Tax % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Net Profit 125 124 121 116 116 116 116 113 114 115 109 105 85
EPS in Rs 2.15 2.14 2.09 1.99 2.00 2.01 1.99 1.94 1.96 1.99 1.87 1.81 1.46

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
745 900 987 0 511 617 594 576 545
75 172 161 0 11 15 14 8 84
Operating Profit 670 728 825 0 500 602 580 568 461
OPM % 90% 81% 84% 98% 98% 98% 99% 85%
17 17 18 0 4 11 6 3 3
Interest 376 445 435 0 64 128 125 117 111
Depreciation 356 425 468 0 0 0 0 0 0
Profit before tax -45 -126 -59 0 440 486 461 455 353
Tax % -5% 2% -29% 0% 0% 0% 0% 0%
Net Profit -48 -124 -76 0 440 486 461 455 353
EPS in Rs 7.58 8.37 7.94 7.83 6.08
Dividend Payout % 0% 0% 0% 139% 141% 118% 99% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: -4%
TTM: -5%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: -10%
TTM: -22%
Stock Price CAGR
10 Years: %
5 Years: -10%
3 Years: -5%
1 Year: 1%
Return on Equity
10 Years: %
5 Years: 9%
3 Years: 8%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,807 1,813 1,813 0 5,799 5,608 5,428 5,312 5,103
Reserves 216 92 15 0 25 -3 -18 100 145
4,848 4,788 4,628 0 1,533 1,501 1,467 1,466 1,413
8,022 7,852 7,705 0 10 4 19 2 8
Total Liabilities 14,197 13,847 13,462 0 7,368 7,109 6,896 6,880 6,668
13,585 13,416 12,989 0 0 0 0 0 0
CWIP 312 2 4 0 0 0 0 0 0
Investments 0 0 0 0 2,456 2,496 2,323 2,416 2,415
300 429 469 0 4,912 4,613 4,573 4,463 4,253
Total Assets 14,197 13,847 13,462 0 7,368 7,109 6,896 6,880 6,668

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
625 500 561 0 503 603 542 430 404
-454 -27 -37 0 -6,416 211 359 91 244
-272 -463 -548 0 5,972 -873 -805 -582 -680
Net Cash Flow -101 10 -24 0 59 -59 96 -60 -32

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 2 1 1 0 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 2 1 1 0 0 0 0 0
Working Capital Days -103 -26 -6 224 210 320 334 377
ROCE % 5% 6% 0% 14% 8% 8% 8% 7%

Shareholding Pattern

Numbers in percentages

Shareholding pattern is currently not available for this company.

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