IRB INFRA Announces Quarterly Results (1QFY22); Net Profit Up 131.6%

Wed, 11 Aug

IRB INFRA has announced its results for the quarter ended June 2021. Here is a detailed performance review of the same:

IRB INFRA Quarterly Financials

No. of Mths Qtr. Ending		3 Jun-20*	3 Mar-21*	3 Jun-21*	QoQ Change	YoY Change
Net Sales	Rs m	10,223	16,058	16,257	1.2%	59.0%
Other income	Rs m	512	446	448	0.5%	-12.5%
Turnover	Rs m	10,735	16,504	16,705	1.2%	55.6%
Expenses	Rs m	5,447	8,458	9,258	9.5%	70.0%
Gross profit	Rs m	4,776	7,601	6,999	-7.9%	46.5%
Depreciation	Rs m	844	1,774	1,364	-23.1%	61.6%
Interest	Rs m	3,656	4,511	4,675	3.6%	27.9%
Profit before tax	Rs m	788	1,761	1,407	-20.1%	78.6%
Tax	Rs m	331	496	349	-29.7%	5.4%
Profit after tax	Rs m	457	1,265	1,059	-16.3%	131.6%
Gross profit margin	%	46.7	47.3	43.1
Effective tax rate	%	42.0	28.2	24.8
Net profit margin	%	4.3	7.7	6.3

Year-on-Year Performance:

• The company's operating income during the quarter grew 59.0% on a year-on-year (YoY) basis. The expenses were up by 70.0% YoY during the same period.
• The company's operating profit increased by 46.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 43.1% in 1QFY22 as against 46.7% in 1QFY21.
• Depreciation charges increased by 61.6% and finance costs increased by 27.9% YoY, respectively.
• Other income declined by 12.5% YoY during the quarter.
• Net profit for the quarter increased by 131.6% YoY. Net profit margins during the quarter increased from 4.3% in 1QFY21 to 6.3% in 1QFY22.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter grew 1.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 9.5% QoQ during the same period.
• The company's operating profit declined by 7.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 43.1% in 1QFY22 as against 47.3% in 4QFY21.
• Net profit for the quarter declined by 16.3% QoQ, while net profit margins declined from 7.7% in 4QFY21 to 6.3% in 1QFY22.

To see how IRB INFRA has performed over the last eight quarters,please visit here.

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IRB INFRA Share Price Performance

Over the last one year, IRB INFRA share price has moved up from Rs 119.3 to Rs 151.4, registering a Gain of Rs 32.1 or around 26.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 3,106.6 (down 0.9%). Over the last one year it has moved up from 1,639.6 to 3,106.6, a gain of 1,467 points (up 89.5%).

Overall, the S&P BSE SENSEX is up 42.6% over the year.

Current Valuations

At the current price of Rs 151.4, the price to earnings (P/E) ratio of IRB INFRA stands at 15.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.8 times.