IRB Infrastructure Q3 Review - Weak Order Book Increases Dependency On New Order Wins: Motilal Oswal

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Motilal Oswal Report

IRB Infrastructure Developers Ltd.'s consolidated financials are not comparable YoY due to the monetisation of nine assets through the Infrastructure Investment Trust route and consolidation of the Mumbai-Pune Phase II project.

The Construction business reported a revenue/Ebitda/adjusted PAT decline of 22%/22%/53% YoY.

Normalcy in traffic led to strong (32% QoQ) growth in collections across 13 toll assets of IRB and IRB InvIT.

Though losses from the associates reduced sequentially, higher depreciation from Mumbai-Pune Phase II project led to a 29% miss on Motilal Oswal earnings estimate in spite of a beat on our revenue estimate.

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