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Buy IRB Infra, target price Rs 142: HDFC Securities

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HDFC Securities has given a buy rating to IRB Infrastructure with a target price of Rs 142. The share price moved up by 0.72 per cent from its previous close of Rs 124.65. The stock’s last traded price is Rs 125.55.

IRB Infrastructure Developers Ltd., incorporated in the year 1998, is a Mid Cap company (having a market cap of Rs 4421.24 Crore) operating in Infrastructure sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1022.30 Crore, down 35.48 % from last quarter Sales of Rs 1584.45 Crore and down 42.34 % from last year same quarter Sales of Rs 1773.04 Crore. The Company reported net profit after tax of Rs 45.72 Crore in latest quarter.


irb infra-graph
Investment Rationale
IRB reported revenue at Rs 10.2bn, 15% ahead of the estimates. However, the company registered loss of Rs 301mn, marginally behind estimated loss of Rs 276mn, on account of higher finance cost, taxes, and losses from the JVs/associates. Toll collection in June reached to 80% of June-19 level. Consolidated net debt stood at Rs 119bn, with net D/E at 1.75x. Including the order of Rs 17bn won in August-20, orderbook now stands at Rs 129bn. The brokerage maintains BUY on IRB with SOTP based target price of Rs 142/Sh.


Promoter/FII Holdings
Promoters held 57.74 per cent stake in the company as of June 30, 2020, while FIIs held 14.64 per cent, DIIs 12.83 per cent and public and others 14.79 per cent.

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