Indian Railway Finance Corporation Ltd

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Indian Railway Finance Corporation Ltd

₹ 150 0.84%
25 Apr - close price
irfc.co.in BSE: 543257 NSE : IRFC
About

Incorporated in 1986, Indian Railway Finance Corporation borrows funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways as finance lease[1]

Key Points

Business Overview:[1]
Company is a funding arm of the Indian Railways for mobilizing funds from domestic and overseas Capital Markets. IRFC is a Mini
Ratna I and Schedule A Public Sector Enterprise under the admin control of Ministry of Railways, Govt. of India. It is also registered as Systemically Important Non–Deposit taking NBFC and Infrastructure Finance Company.

Website BSE NSE
  • Market Cap ₹ 1,96,354 Cr.
  • Current Price ₹ 150
  • High / Low ₹ 193 / 31.2
  • Stock P/E 32.5
  • Book Value ₹ 36.9
  • Dividend Yield 1.00 %
  • ROCE 5.32 %
  • ROE 14.7 %
  • Face Value ₹ 10.0
Edit ratios

Pros

  • Company has delivered good profit growth of 25.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 30.7%

Cons

  • Stock is trading at 4.07 times its book value
  • Company has low interest coverage ratio.
  • Tax rate seems low
  • Company might be capitalizing the interest cost
  • Company has high debtors of 3,730 days.

* 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.

Peer comparison

Sector: Finance Industry: Finance - Term-Lending Institutions

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
3,932 4,455 4,582 4,690 5,096 5,932 5,627 5,810 6,218 6,236 6,679 6,767 6,742
7 51 3 28 9 82 23 34 31 47 29 34 35
Operating Profit 3,925 4,404 4,578 4,662 5,087 5,849 5,605 5,776 6,188 6,189 6,650 6,733 6,706
OPM % 100% 99% 100% 99% 100% 99% 100% 99% 100% 99% 100% 100% 99%
0 0 0 0 1 1 0 1 4 36 2 1 3
Interest 2,878 2,918 3,073 3,157 3,491 4,353 3,940 4,059 4,554 4,895 5,091 5,181 5,104
Depreciation 0 4 3 3 3 5 4 4 4 3 4 2 1
Profit before tax 1,047 1,483 1,502 1,501 1,594 1,493 1,662 1,714 1,633 1,328 1,557 1,550 1,604
Tax % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
1,047 1,483 1,502 1,501 1,594 1,492 1,662 1,714 1,633 1,328 1,557 1,550 1,604
EPS in Rs 0.88 1.13 1.15 1.15 1.22 1.14 1.27 1.31 1.25 1.02 1.19 1.19 1.23
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
4,642 5,550 6,197 6,939 7,507 9,047 9,267 11,134 13,421 15,771 20,299 23,892 26,424
9 22 19 34 38 26 38 48 66 113 123 134 146
Operating Profit 4,633 5,528 6,178 6,905 7,468 9,021 9,229 11,085 13,355 15,657 20,177 23,758 26,278
OPM % 100% 100% 100% 100% 99% 100% 100% 100% 100% 99% 99% 99% 99%
1 2 1 1 1 0 1 -0 0 0 2 41 42
Interest 3,620 4,075 4,607 4,992 5,519 6,888 6,638 8,183 10,163 11,237 14,075 17,447 20,271
Depreciation 0 0 0 0 0 0 0 0 0 4 14 14 11
Profit before tax 1,013 1,454 1,572 1,914 1,950 2,133 2,592 2,902 3,192 4,416 6,090 6,337 6,038
Tax % 53% 64% 55% 60% 56% 56% 21% 22% 0% 0% 0% 0%
481 522 701 758 849 934 2,055 2,255 3,192 4,416 6,090 6,337 6,038
EPS in Rs 228.73 221.76 209.04 211.58 187.50 143.08 3.15 2.40 2.69 3.38 4.66 4.85 4.63
Dividend Payout % 21% 21% 6% 20% 40% 40% 18% 18% 0% 31% 30% 31%
Compounded Sales Growth
10 Years: 16%
5 Years: 21%
3 Years: 21%
TTM: 12%
Compounded Profit Growth
10 Years: 28%
5 Years: 25%
3 Years: 26%
TTM: -7%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 92%
1 Year: 378%
Return on Equity
10 Years: 13%
5 Years: 14%
3 Years: 15%
Last Year: 15%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 2,102 2,352 3,352 3,584 4,526 6,526 6,526 9,380 11,880 13,069 13,069 13,069 13,069
Reserves 3,299 4,042 4,210 5,098 6,999 5,483 7,402 15,648 18,419 22,845 27,928 32,402 34,615
50,251 58,753 69,917 71,270 87,503 106,395 134,006 173,933 234,377 323,145 388,440 418,935 406,443
4,424 5,608 6,451 7,696 9,372 11,245 13,534 7,642 10,828 21,423 20,544 26,742 42,888
Total Liabilities 60,076 70,755 83,930 87,647 108,400 129,650 161,468 206,604 275,504 380,482 449,980 491,147 497,014
13 13 13 12 12 12 11 11 11 45 38 19 26
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 15 13 11 9 8 8 14 13 12 12 10 14 35
60,048 70,729 83,906 87,626 108,381 129,630 161,443 206,579 275,482 380,424 449,932 491,114 496,953
Total Assets 60,076 70,755 83,930 87,647 108,400 129,650 161,468 206,604 275,504 380,482 449,980 491,147 497,014

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-16,378 -19,455 -28,076 -41,748 -62,701 -89,907 -64,412 -28,584
2 2 2 1 1 0 -5 0
17,582 18,250 28,075 41,749 62,697 90,202 64,266 28,643
Net Cash Flow 1,206 -1,204 0 3 -2 296 -151 60

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 0 0 0 0 0 0 0 0 0 0 3,609 3,730
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 0 0 0 0 0 3,609 3,730
Working Capital Days -27 -171 -17 221 295 263 5,869 6,326 7,020 8,137 7,593 6,995
ROCE % 9% 9% 9% 8% 8% 7% 6% 6% 5% 5% 5%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36%
0.86% 1.06% 1.09% 1.12% 1.02% 1.05% 1.01% 1.15% 1.14% 1.14% 1.15% 1.08%
3.74% 3.18% 3.20% 3.18% 3.25% 3.39% 2.97% 2.62% 2.02% 1.63% 1.15% 0.89%
9.03% 9.40% 9.34% 9.33% 9.36% 9.19% 9.66% 9.87% 10.49% 10.88% 11.34% 11.68%
No. of Shareholders 14,49,11114,77,21215,19,48715,15,22614,90,30214,59,49716,05,72616,34,91918,05,74027,03,00032,51,99345,26,341

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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