Indian Railway Finance Corporation Ltd

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Indian Railway Finance Corporation Ltd

₹ 148 0.62%
03 Dec - close price
irfc.co.in BSE: 543257 NSE: IRFC
About

Incorporated in 1986, Indian Railway Finance Corporation borrows funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways as finance lease[1]

Key Points

Business Overview
The company serves as the funding arm of Indian Railways, mobilizing funds from domestic and overseas capital markets. IRFC is a Mini Ratna I and Schedule 'A' Public Sector Enterprise under the administrative control of the Ministry of Railways, Government of India. It is also registered as a Systemically Important Non-Deposit Taking NBFC and Infrastructure Finance Company. [1]

Website BSE NSE
  • Market Cap ₹ 1,93,649 Cr.
  • Current Price ₹ 148
  • High / Low ₹ 229 / 74.6
  • Stock P/E 29.8
  • Book Value ₹ 39.4
  • Dividend Yield 1.01 %
  • ROCE 5.73 %
  • ROE 13.7 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 30.8%

Cons

  • Stock is trading at 3.76 times its book value
  • Company has low interest coverage ratio.
  • Tax rate seems low
  • Company might be capitalizing the interest cost
  • Company has high debtors of 3,557 days.

* 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: Finance Industry: Finance - Term-Lending Institutions

Part of Nifty LargeMidcap 250 BSE 500 BSE 250 LargeMidCap Index Nifty100 ESG Nifty 500 Multicap 50:25:25

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Quarterly Results

Figures in Rs. Crores

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
4,690 5,096 5,932 5,627 5,810 6,218 6,194 6,679 6,761 6,737 6,474 6,766 6,900
28 9 82 23 34 31 47 29 34 35 34 33 38
Operating Profit 4,662 5,087 5,849 5,605 5,776 6,188 6,147 6,650 6,727 6,701 6,439 6,733 6,862
OPM % 99% 100% 99% 100% 99% 100% 99% 100% 100% 99% 99% 100% 99%
0 1 1 0 1 4 36 2 1 3 4 0 1
Interest 3,157 3,491 4,353 3,940 4,059 4,554 4,895 5,091 5,181 5,104 4,725 5,155 5,249
Depreciation 3 3 5 4 4 4 3 4 2 1 2 2 1
Profit before tax 1,501 1,594 1,493 1,662 1,714 1,633 1,285 1,557 1,545 1,599 1,717 1,577 1,613
Tax % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
1,501 1,594 1,492 1,662 1,714 1,633 1,285 1,557 1,545 1,599 1,717 1,577 1,613
EPS in Rs 1.15 1.22 1.14 1.27 1.31 1.25 0.98 1.19 1.18 1.22 1.31 1.21 1.23
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
5,550 6,197 6,939 7,507 9,047 9,267 11,134 13,421 15,771 20,299 23,722 26,645 26,875
22 19 34 38 26 38 48 66 113 123 134 133 140
Operating Profit 5,528 6,178 6,905 7,468 9,021 9,229 11,085 13,355 15,657 20,177 23,588 26,513 26,735
OPM % 100% 100% 100% 99% 100% 100% 100% 100% 99% 99% 99% 100% 99%
2 1 1 1 0 1 -0 0 0 2 41 10 9
Interest 4,075 4,607 4,992 5,519 6,888 6,638 8,183 10,163 11,237 14,075 17,447 20,101 20,233
Depreciation 0 0 0 0 0 0 0 0 4 14 14 9 6
Profit before tax 1,454 1,572 1,914 1,950 2,133 2,592 2,902 3,192 4,416 6,090 6,167 6,412 6,506
Tax % 64% 55% 60% 56% 56% 21% 22% 0% 0% 0% 0% 0%
522 701 758 849 934 2,055 2,255 3,192 4,416 6,090 6,167 6,412 6,506
EPS in Rs 221.76 209.04 211.58 187.50 143.08 3.15 2.40 2.69 3.38 4.66 4.72 4.91 4.97
Dividend Payout % 21% 6% 20% 40% 40% 18% 18% 0% 31% 30% 32% 31%
Compounded Sales Growth
10 Years: 16%
5 Years: 19%
3 Years: 19%
TTM: 4%
Compounded Profit Growth
10 Years: 25%
5 Years: 23%
3 Years: 13%
TTM: 8%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 85%
1 Year: 94%
Return on Equity
10 Years: 13%
5 Years: 14%
3 Years: 15%
Last Year: 14%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 2,352 3,352 3,584 4,526 6,526 6,526 9,380 11,880 13,069 13,069 13,069 13,069 13,069
Reserves 4,042 4,210 5,098 6,999 5,483 7,402 15,648 18,419 22,845 27,928 31,612 36,110 38,396
58,753 69,917 71,270 87,503 106,395 134,006 173,933 234,377 323,145 388,440 418,935 412,039 403,111
5,608 6,451 7,696 9,372 11,245 13,534 7,642 10,828 21,423 20,544 26,744 23,865 39,773
Total Liabilities 70,755 83,930 87,647 108,400 129,650 161,468 206,604 275,504 380,482 449,980 490,359 485,082 494,348
13 13 12 12 12 11 11 11 45 38 19 22 23
CWIP 0 0 0 0 0 0 0 0 0 0 0 4 0
Investments 13 11 9 8 8 14 13 12 12 10 14 54 56
70,729 83,906 87,626 108,381 129,630 161,443 206,579 275,482 380,424 449,932 490,326 485,003 494,269
Total Assets 70,755 83,930 87,647 108,400 129,650 161,468 206,604 275,504 380,482 449,980 490,359 485,082 494,348

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-16,378 -19,455 -28,076 -41,748 -62,701 -89,907 -64,412 -28,588 7,914
2 2 2 1 1 0 -5 0 -8
17,582 18,250 28,075 41,749 62,697 90,202 64,266 28,644 -8,046
Net Cash Flow 1,206 -1,204 0 3 -2 296 -151 56 -140

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 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 0 0 3,609 3,744 3,557
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 0 0 0 0 3,609 3,744 3,557
Working Capital Days -171 -17 221 295 263 5,869 6,326 7,020 8,137 7,593 7,033 6,243
ROCE % 9% 9% 9% 8% 8% 7% 6% 6% 5% 5% 5% 6%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36% 86.36%
1.09% 1.12% 1.02% 1.05% 1.01% 1.15% 1.14% 1.14% 1.15% 1.08% 1.11% 1.09%
3.20% 3.18% 3.25% 3.39% 2.97% 2.62% 2.02% 1.63% 1.15% 0.89% 1.08% 1.08%
9.34% 9.33% 9.36% 9.19% 9.66% 9.87% 10.49% 10.88% 11.34% 11.68% 11.45% 11.48%
No. of Shareholders 15,19,48715,15,22614,90,30214,59,49716,05,72616,34,91918,05,74027,03,00032,51,99345,26,34151,08,89355,00,054

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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