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 ₹ 3,222 Cr.
- Current Price ₹ 55.5
- High / Low ₹ 69.8 / 54.2
- Stock P/E
- Book Value ₹ 67.4
- Dividend Yield %
- ROCE 9.21 %
- ROE 9.14 %
- Face Value ₹
Pros
- Stock is trading at 0.82 times its book value
Cons
- The company has delivered a poor sales growth of -2.62% over past five years.
- Promoter holding is low: 18.6%
- Company has a low return on equity of 8.30% 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| -0 | 992 | 1,213 | 1,241 | 1,143 | 1,392 | 1,442 | 1,062 | |
| -0 | 185 | 233 | 247 | 226 | 242 | 634 | 200 | |
| Operating Profit | -0 | 807 | 979 | 993 | 917 | 1,150 | 808 | 862 |
| OPM % | 81% | 81% | 80% | 80% | 83% | 56% | 81% | |
| -0 | 13 | 21 | 30 | 18 | 9 | 20 | 24 | |
| Interest | -0 | 100 | 160 | 164 | 146 | 142 | 193 | 272 |
| Depreciation | -0 | 487 | 641 | 685 | 608 | 681 | 261 | 230 |
| Profit before tax | -0 | 233 | 199 | 173 | 181 | 336 | 374 | 384 |
| Tax % | 0% | 1% | 0% | -0% | 10% | 1% | 3% | |
| -0 | 232 | 198 | 173 | 181 | 303 | 370 | 373 | |
| EPS in Rs | 4.00 | 3.41 | 2.98 | 3.12 | 5.21 | 6.37 | 6.43 | |
| Dividend Payout % | 263% | 347% | 314% | 250% | 1,517% | -0% | 4% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -3% |
| 3 Years: | -2% |
| TTM: | -26% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 28% |
| TTM: | 1% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 1% |
| 1 Year: | -18% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 8% |
| Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | -0.00 | 5,799 | 5,608 | 5,428 | 5,312 | 5,103 | 4,914 | 4,862 |
| Reserves | -0 | -183 | -499 | -802 | -959 | -963 | -908 | -947 |
| -0 | 1,772 | 1,799 | 1,765 | 1,899 | 1,896 | 3,038 | 3,049 | |
| -0 | 6,617 | 6,420 | 6,203 | 5,989 | 5,923 | 5,475 | 5,610 | |
| Total Liabilities | -0 | 14,005 | 13,327 | 12,594 | 12,241 | 11,958 | 12,519 | 12,574 |
| -0 | 13,627 | 12,975 | 12,290 | 11,629 | 10,951 | 10,692 | 10,461 | |
| CWIP | -0 | 3 | -0 | -0 | 2 | 1 | -0 | -0 |
| Investments | -0 | 215 | 227 | 53 | 159 | 215 | 185 | 138 |
| -0 | 160 | 125 | 250 | 450 | 790 | 1,642 | 1,975 | |
| Total Assets | -0 | 14,005 | 13,327 | 12,594 | 12,241 | 11,958 | 12,519 | 12,574 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| -0 | 855 | 940 | 870 | 929 | 1,027 | 809 | 987 | |
| -0 | -5,825 | -142 | 112 | -494 | -378 | -284 | -186 | |
| -0 | 5,064 | -878 | -806 | -581 | -679 | -516 | -784 | |
| Net Cash Flow | -0 | 93 | -79 | 176 | -146 | -30 | 9 | 17 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | -0 | -0 | -0 | -0 | -0 | |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 0 | 0 | -0 | -0 | -0 | -0 | -0 | |
| Working Capital Days | -142 | -152 | -149 | -201 | -192 | 9 | -48 | |
| ROCE % | 9% | 5% | 5% | 5% | 8% | 8% | 9% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
1d - Traffic diligence report for five toll road assets.
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Reg 23(5)(i): Disclosure of material issue
1d - Investor presentation of IRB InvIT Fund uploaded.
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Reg 23(5)(i): Disclosure of material issue
13 Feb - Resignation of CEO Vinod Kumar Menon and appointment of Jitender Kumar Chauhan.
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Reg 23(5)(i): Disclosure of material issue
10 Feb - Toll revenue report for January 2025 of IRB InvIT Fund.
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Reg 18(6): Disclosure of record date for purpose of distribution
27 Jan - Board approved Q3 FY25 results and Rs. 2/unit distribution.
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]