For 2Q FY 2012, IRB Infra reported a strong set of numbers, in-line with our
estimates. The company’s top line witnessed robust growth of 50.1% to Rs. 735.9 cr
( Rs. 490.3cr), marginally ahead of our estimate of Rs. 687.0cr. On the EBITDAM front,
margin came at 43.7% (48.2%), slightly lower than our estimate of 45.2%. Interest
cost came in at Rs. 141.1cr ( Rs. 69.3cr), registering a jump of 103.7%/20.2% on a
yoy/qoq basis.
At the earnings front as well, IRB Infra reported healthy growth of
22.1% to Rs. 147.6cr ( Rs. 120.9cr) and 11.1% to Rs. 110.1 cr ( Rs.99.1cr) on a yoy basis at
the PBT and PAT levels, respectively, against our estimate of Rs. 147.1 cr and
Rs. 107.3 cr for PBT and PAT, respectively.
Our valuation of Rs. 193/share for the consolidated business uses NPV/EV/EBITDAbased
valuation for BOT assets and the C&EPC arm, respectively. We factor in
CoE of 14% and a traffic growth rate of 5/6/7% for its BOT assets. We maintain
our view on the stock with a target price of Rs. 193.
Review By Angel Broking
estimates. The company’s top line witnessed robust growth of 50.1% to Rs. 735.9 cr
( Rs. 490.3cr), marginally ahead of our estimate of Rs. 687.0cr. On the EBITDAM front,
margin came at 43.7% (48.2%), slightly lower than our estimate of 45.2%. Interest
cost came in at Rs. 141.1cr ( Rs. 69.3cr), registering a jump of 103.7%/20.2% on a
yoy/qoq basis.
At the earnings front as well, IRB Infra reported healthy growth of
22.1% to Rs. 147.6cr ( Rs. 120.9cr) and 11.1% to Rs. 110.1 cr ( Rs.99.1cr) on a yoy basis at
the PBT and PAT levels, respectively, against our estimate of Rs. 147.1 cr and
Rs. 107.3 cr for PBT and PAT, respectively.
Our valuation of Rs. 193/share for the consolidated business uses NPV/EV/EBITDAbased
valuation for BOT assets and the C&EPC arm, respectively. We factor in
CoE of 14% and a traffic growth rate of 5/6/7% for its BOT assets. We maintain
our view on the stock with a target price of Rs. 193.
Review By Angel Broking
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