IRB Infra Q4 Review – Execution Set To Improve: Motilal Oswal

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IRB Infrastructure Developers Ltd. reported 11% YoY revenue decline to Rs 14.3 billion (10% below our estimate) due to weak execution.

IRB Infra’s construction segment reported revenue/Ebitda decline of 17%/40% YoY, respectively. The outstanding engineering, procurement and construction order book (including operations and maintenance) stood at Rs 161 billion.

The Ebitda margin contracted 258 bps YoY to 44.8% due to the significant decline in margins seen in the construction segment.

Ebitda decreased 16% YoY to Rs 6.4 billion (versus our estimate of Rs 7.4 billion).

With Covid-related restrictions easing, toll collections are returning to normal levels. Toll collections have improved 6% YoY to Rs 53 million per day in Q4 FY22 versus Rs 50 million per day in Q4 FY21.

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