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IRB
For 2QFY2012, IRB Infra reported a strong set of numbers, in-line with our
estimates. The company’s top line witnessed robust growth of 50.1% to `735.9cr
(`490.3cr), marginally ahead of our estimate of `687.0cr. On the EBITDAM front,
margin came at 43.7% (48.2%), slightly lower than our estimate of 45.2%. Interest
cost came in at `141.1cr (`69.3cr), registering a jump of 103.7%/20.2% on a
yoy/qoq basis. At the earnings front as well, IRB Infra reported healthy growth of
22.1% to `147.6cr (`120.9cr) and 11.1% to `110.1cr (`99.1cr) on a yoy basis at
the PBT and PAT levels, respectively, against our estimate of `147.1cr and
`107.3cr for PBT and PAT, respectively.
Our valuation of `193/share for the consolidated business uses NPV/EV/EBITDAbased
valuation for BOT assets and the C&EPC arm, respectively. We factor in
CoE of 14% and a traffic growth rate of 5/6/7% for its BOT assets. We maintain
our view on the stock with a target price of `193.
Visit http://indiaer.blogspot.com/ for complete details �� ��
IRB
For 2QFY2012, IRB Infra reported a strong set of numbers, in-line with our
estimates. The company’s top line witnessed robust growth of 50.1% to `735.9cr
(`490.3cr), marginally ahead of our estimate of `687.0cr. On the EBITDAM front,
margin came at 43.7% (48.2%), slightly lower than our estimate of 45.2%. Interest
cost came in at `141.1cr (`69.3cr), registering a jump of 103.7%/20.2% on a
yoy/qoq basis. At the earnings front as well, IRB Infra reported healthy growth of
22.1% to `147.6cr (`120.9cr) and 11.1% to `110.1cr (`99.1cr) on a yoy basis at
the PBT and PAT levels, respectively, against our estimate of `147.1cr and
`107.3cr for PBT and PAT, respectively.
Our valuation of `193/share for the consolidated business uses NPV/EV/EBITDAbased
valuation for BOT assets and the C&EPC arm, respectively. We factor in
CoE of 14% and a traffic growth rate of 5/6/7% for its BOT assets. We maintain
our view on the stock with a target price of `193.