IRB InvIT Fund
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]
- Market Cap ₹ 3,549 Cr.
- Current Price ₹ 61.1
- High / Low ₹ 71.0 / 55.3
- Stock P/E 11.9
- Book Value ₹ 85.7
- Dividend Yield %
- ROCE 6.63 %
- ROE 5.66 %
- Face Value ₹
Pros
- Stock is trading at 0.71 times its book value
Cons
- The company has delivered a poor sales growth of 0.20% over past five years.
- Promoter holding is low: 18.6%
- Tax rate seems low
- Company has a low return on equity of 6.64% over 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.
Peer comparison
Sector: Infrastructure Investment Trusts Industry: Construction
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
745 | 900 | 987 | 0 | 511 | 617 | 594 | 576 | 545 | 515 | 623 | 647 | |
75 | 172 | 161 | 0 | 11 | 15 | 14 | 8 | 84 | 60 | 247 | 178 | |
Operating Profit | 670 | 728 | 825 | 0 | 500 | 602 | 580 | 568 | 461 | 456 | 376 | 468 |
OPM % | 90% | 81% | 84% | 98% | 98% | 98% | 99% | 85% | 88% | 60% | 72% | |
17 | 17 | 18 | 0 | 4 | 11 | 6 | 3 | 3 | 62 | 91 | 25 | |
Interest | 376 | 445 | 435 | 0 | 64 | 128 | 125 | 117 | 111 | 116 | 177 | 196 |
Depreciation | 356 | 425 | 468 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Profit before tax | -45 | -126 | -59 | 0 | 440 | 486 | 461 | 455 | 353 | 401 | 290 | 298 |
Tax % | 5% | -2% | 29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | ||
-48 | -124 | -76 | 0 | 440 | 486 | 461 | 455 | 353 | 401 | 290 | 298 | |
EPS in Rs | 7.58 | 8.37 | 7.94 | 7.83 | 6.08 | 6.91 | 5.00 | 5.13 | ||||
Dividend Payout % | 0% | 0% | 0% | 139% | 141% | 118% | 99% | 1,301% | 0% | 5% |
Compounded Sales Growth | |
---|---|
10 Years: | -2% |
5 Years: | 0% |
3 Years: | 3% |
TTM: | 7% |
Compounded Profit Growth | |
---|---|
10 Years: | 23% |
5 Years: | -10% |
3 Years: | -14% |
TTM: | -5% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 3% |
3 Years: | 3% |
1 Year: | -13% |
Return on Equity | |
---|---|
10 Years: | 7% |
5 Years: | 7% |
3 Years: | 7% |
Last Year: | 6% |
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 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 1,112 | 1,115 | 1,115 | 0.00 | 5,799 | 5,608 | 5,428 | 5,312 | 5,103 | 4,914 | 4,862 |
Reserves | 216 | 92 | 15 | 0 | 25 | -3 | -18 | 100 | 145 | 233 | 111 |
4,848 | 4,788 | 4,628 | 0 | 1,533 | 1,501 | 1,467 | 1,466 | 1,413 | 1,780 | 2,085 | |
8,022 | 7,852 | 7,705 | 0 | 10 | 4 | 19 | 2 | 8 | 3 | 5 | |
Total Liabilities | 14,197 | 13,847 | 13,462 | 0 | 7,368 | 7,109 | 6,896 | 6,880 | 6,668 | 6,930 | 7,063 |
13,585 | 13,416 | 12,989 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
CWIP | 312 | 2 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 0 | 0 | 0 | 0 | 2,456 | 2,496 | 2,323 | 2,416 | 2,415 | 2,482 | 2,221 |
300 | 429 | 469 | 0 | 4,912 | 4,613 | 4,573 | 4,463 | 4,253 | 4,448 | 4,842 | |
Total Assets | 14,197 | 13,847 | 13,462 | 0 | 7,368 | 7,109 | 6,896 | 6,880 | 6,668 | 6,930 | 7,063 |
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 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|
625 | 500 | 561 | 0 | 503 | 603 | 542 | 430 | 404 | 617 | 593 | |
-454 | -27 | -37 | 0 | -6,416 | 211 | 359 | 91 | 244 | -422 | -327 | |
-272 | -463 | -548 | 0 | 5,972 | -873 | -805 | -582 | -680 | -197 | -253 | |
Net Cash Flow | -101 | 10 | -24 | 0 | 59 | -59 | 96 | -60 | -32 | -2 | 13 |
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 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Inventory Days | |||||||||||
Days Payable | |||||||||||
Cash Conversion Cycle | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Working Capital Days | -103 | -26 | -6 | 224 | 210 | 320 | 334 | 377 | 372 | 349 | |
ROCE % | 5% | 6% | 0% | 14% | 8% | 8% | 8% | 7% | 8% | 7% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
9 Dec - Toll revenue report for November 2024 of IRB InvIT Fund.
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 26 Nov
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Reg 23(5)(i): Disclosure of material issue
14 Nov - Submission of half-yearly report for IRB InvIT Fund.
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Reg 23(5)(i): Disclosure of material issue
14 Nov - Receipt of preliminary offer for five tollway assets.
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Reg 23(5)(i): Disclosure of material issue
13 Nov - Re-commencement of toll collection after farmer protest.
Annual reports
Concalls
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Oct 2024TranscriptPPT
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Sep 2024TranscriptNotesPPT
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT
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Jan 2024TranscriptPPT
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Oct 2023TranscriptPPT
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Jun 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT
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Feb 2023TranscriptNotesPPT
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Oct 2022TranscriptNotesPPT
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Jul 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Feb 2022TranscriptPPT
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Dec 2021TranscriptNotesPPT
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Oct 2021TranscriptPPT
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Aug 2021TranscriptPPT
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May 2021TranscriptPPT
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Jan 2021Transcript PPT
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Oct 2020TranscriptPPT
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]