IRB Infrastructure Developers Ltd – Financial & Business Summary

• Company Overview: IRB Infrastructure Developers Ltd is one of India’s largest infrastructure and highway construction companies, primarily engaged in the development, maintenance, and operation of roads and highways. The company also invests in infrastructure development through public-private partnerships (PPP) and build-operate-transfer (BOT) models. • Market Capitalization: ₹27,539 crore (large-cap). • Business Segments: • BOT Toll Road Projects • BOT Annuity Projects • HAM (Hybrid Annuity Model) Projects • Construction & EPC Segment • Revenue & Profitability: • Revenue (TTM): ₹9,682 crore • Net Profit (TTM): ₹1,182 crore • EBITDA: ₹3,925 crore • Profit Margin: ~12.2% • ROE: 12.8% • ROCE: 10.1% • Valuation Metrics: • Current Price: ₹77.2 • P/E Ratio: 22.7 • Book Value: ₹28.6 • P/B Ratio: 2.7 • EV/EBITDA: 13.2 • Dividend Yield: 0.52% • Shareholding Pattern (Q1 FY25): • Promoters: 34.3% • FIIs: 35.5% • DIIs: 10.2% • Public: 20% • Strengths: • Strong order book in highway development projects. • Increasing presence in HAM and annuity projects ensures stable cash flows. • High institutional holding indicates strong investor confidence. • Consistent profit growth over last 3 years. • Risks: • Highly leveraged balance sheet (Debt to Equity: 2.05). • Revenue concentration in road/highway segment. • Sensitive to government policies and regulatory approvals. • High dependence on toll revenues (vulnerable to economic slowdown and traffic growth). • Future Outlook: • NHAI’s push for infrastructure development provides strong growth opportunities. • BOT/HAM projects pipeline ensures revenue visibility. • Expected improvement in balance sheet as more projects reach operational stage. • Long-term growth potential with government’s focus on road infrastructure.