IRB Infrastructure Developers Shows Sharp Uptick In Toll Revenues In Q3: Prabhudas Lilladher

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Prabhudas Lilladher Report

IRB reported strong quarterly performance, in line with our estimates primarily driven by sharp uptick in toll revenues. In Q3, toll revenues came in at Rs 4.9 billion with 13 projects across IRB and private InVIT witnessing 32% sequential revenue growth on the back of sharp surge in passenger traffic and gradual growth in commercial traffic.

With receipt of PCOD in Agra Etawah project (66% tariff hike) and further 2-3 projects in private InVIT expected to achieve completion in Q4 FY21E, toll revenues are expected to strengthen further in Q4 FY21E and FY22E.

IRB Infrastructure is one of the largest BOT toll operators in the country having market share of ~22% in the total Golden Quadrilateral projects with over 3,700 km of total projects successfully executed. On the back of strong Q3 numbers, we have tweaked FY21 revenue estimates upwards by 5.5% while keeping FY22 and FY23 estimates largely unchanged.

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