HDFC Securities' research report on IRB Infrastructure Developers
IRB delivered in-line revenue with EBITDA beat of 16% and APAT miss of 25%. IRB-GIC deal is now concluded. Rs 37bn of proceeds realised till date have been utilised towards IRB-GIC INVIT SPVs’ debt reduction to the tune of Rs 30bn making them FCF positive with no funding support requirement envisaged. Further, 1st tranche of Rs 65bn payment to MSRDC for MP expressway completed with Rs 55bn debt drawdown (of Rs 66bn sanctioned) and Rs 10bn equity.
Outlook
We maintain BUY with an SOTP based TP of Rs 142/Sh.
IRB Infrastructure Developers 22062020
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