Company Update : IRB Infrastructure Developers Ltd By Motilal Oswal Financial Services Ltd
Performance marginally above estimates
Earnings snapshot – 4QFY25
* Revenue grew 4% YoY to INR21.5b in 4Q FY25. Revenue included: 1) gain on InvITs & related assets as per fair value measurement and 2) dividend / Interest income from InvITs & related assets. This income would be recurring going forward.
* EBITDA margin came in at 46.4% (our estimate was 47.2%) in 4QFY25 (+230bp YoY and -220bp QoQ). EBITDA grew 12% YoY to ~INR10b.
* APAT grew 14% YoY to INR2.1b (vs. our estimate of INR2b).
* Construction revenue was INR12b (-17% YoY); BOT revenue stood at INR6.4b (+4% YoY); and InvIT & related assets revenue came in at INR3.1b (-23% YoY).
* The order book stood at ~INR300b (excl. GST) at the end of Mar’25.
* In FY25, revenue was INR76.1b (+3% YoY), EBITDA was INR36b (+8% YoY), EBITDA margin came in at 47.4%, and APAT was INR 6.8b (+12% YoY)
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