Any current/future new fundraising through debt or equity?

For FY24, IRB has an equity commitment of Rs. 2,500 crores (Rs. 1,000 crores excluding Hyderabad TOT and Rs. 1,500 crores including Hyderabad TOT). Equity funding will come from a combination of cash on hand, cash generated during the year, and part equity from the private InvIT. The private InvIT has room to raise debt up to 70% leverage, potentially higher than public InvITs, supporting faster CapEx-heavy project growth. Toll collections in the private InvIT are improving well, and increased dividends from this may help fund equity requirements, though no specific dividend guidance has been

Any current/future capex/capital investment/strategic investment?

For FY24, IRB plans equity investment of Rs. 2,500 crores, including Rs. 1,000 crores excluding Hyderabad TOT and Rs. 1,500 crores including it. Equity investment for FY25 is targeted at Rs. 250 crores for ongoing projects. Hyderabad ORR project involves total CapEx of around Rs. 8,400 crores (Rs. 5,400 crores debt, Rs. 3,000 crores equity; IRB’s share of equity ~Rs. 1,500 crores). The company targets order inflow (CapEx) around Rs. 10,000 crores in the upcoming year, which may include BOT, TOT, HAM project combinations. IRB is focusing on BOT, TOT, and HAM projects in that priority or

Future growth expectations in sales/revenue/volumes?

For FY24, IRB expects contract revenue between Rs. 4,900 crores to Rs. 5,000 crores, reflecting a 10%-15% growth over FY23. Toll income is anticipated to grow by 20%-25% in FY24, aided by tariff hikes (18% for Mumbai-Pune, 5% for Ahmedabad-Vadodara) and traffic growth of 5%-7%. Gross toll collections show robust growth, with private InvIT toll revenue growing 70% in FY23 over FY22. Management targets order inflows of around Rs. 10,000 crores for the next year, including potential BOT, TOT, and HAM projects. The Hyderabad ORR project, with significant EPC and O&M order book additions, e

Future growth expectations in earnings/operating earnings/profits/EPS?

FY24 contract revenue expected between Rs. 4,900 to Rs. 5,000 crores, a 10-15% increase over FY23. Stable operating margins forecasted between 23% to 25% for FY24. Toll collections to rise by 20-25% in FY24, supported by tariff hikes (18% for Mumbai-Pune, 5% for Ahmedabad-Vadodara) and traffic growth of 5-7%. Equity infusion plan includes Rs. 2,500 crores for FY24 (including Hyderabad TOT) and Rs. 250 crores for FY25 to support growth. Order inflow guidance of around Rs. 10,000 crores for FY24, including BOT, TOT, and HAM projects, indicating strong business expansion. Private InvIT dividend d

Current/ Expected Orderbook/ Pending Orders?

Current total order book stands at Rs. 20,500 crores. EPC order book is approximately Rs. 9,000 crores, providing revenue visibility for the next 3 years. O&M order book is about Rs. 2,000 crores for 3 years (excluding Hyderabad ORR). Hyderabad ORR project adds Rs. 450+ crores to EPC and Rs. 14,500 crores to O&M order book. Including Hyderabad ORR, total O&M order book exceeds Rs. 25,000 crores. Next year's order inflow guidance targets around Rs. 10,000 crores. Strategic focus on BOT, TOT, and HAM projects, leveraging private InvIT platform for funding and growth.

IRB Infrastructure Developers LtdQ4 FY23Construction

IRB Infrastructure Developers Ltd Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹15.73P/E: 19.3Market Cap: ₹19.0K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

For FY24, IRB expects contract revenue between Rs. 4,900 crores to Rs. 5,000 crores, reflecting a 10%-15% growth over FY23.
Toll income is anticipated to grow by 20%-25% in FY24, aided by tariff hikes (18% for Mumbai-Pune, 5% for Ahmedabad-Vadodara) and traffic growth of 5%-7%.
Gross toll collections show robust growth, with private InvIT toll revenue growing 70% in FY23 over FY22.
Management targets order inflows of around Rs. 10,000 crores for the next year, including potential BOT, TOT, and HAM projects.
The Hyderabad ORR project, with significant EPC and O&M order book additions, enhances revenue visibility for upcoming years.
The company maintains stable margins between 23%-25%.
Overall, the business aims for strong growth backed by healthy order inflows, toll revenue increase, and execution capacity.

Margin guidance

Category 3

FY24 contract revenue expected between Rs. 4,900 to Rs. 5,000 crores, a 10-15% increase over FY23.
Stable operating margins forecasted between 23% to 25% for FY24.
Toll collections to rise by 20-25% in FY24, supported by tariff hikes (18% for Mumbai-Pune, 5% for Ahmedabad-Vadodara) and traffic growth of 5-7%.
Equity infusion plan includes Rs. 2,500 crores for FY24 (including Hyderabad TOT) and Rs. 250 crores for FY25 to support growth.
Order inflow guidance of around Rs. 10,000 crores for FY24, including BOT, TOT, and HAM projects, indicating strong business expansion.
Private InvIT dividend distributions expected to improve, aiding equity funding needs.
No immediate asset monetization from HAM projects expected within FY24.
Overall outlook is positive with planned growth in revenues, toll income, and controlled margins, indicating potential improvement in earnings and EPS.

See what IRB Infrastructure Developers Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

For FY24, IRB has an equity commitment of Rs. 2,500 crores (Rs. 1,000 crores excluding Hyderabad TOT and Rs. 1,500 crores including Hyderabad TOT).
Equity funding will come from a combination of cash on hand, cash generated during the year, and part equity from the private InvIT.
The private InvIT has room to raise debt up to 70% leverage, potentially higher than public InvITs, supporting faster CapEx-heavy project growth.
Toll collections in the private InvIT are improving well, and increased dividends from this may help fund equity requirements, though no specific dividend guidance has been given.
No specific new debt fundraising announced, but ongoing projects and bids (including Hyderabad ORR and Samakhiyali project) involve large financing partly through debt and equity.
IRB aims to utilize private InvIT and internal resources for funding CapEx and equity needs for new and ongoing projects.

Order book

Yes

Current total order book stands at Rs. 20,500 crores.
EPC order book is approximately Rs. 9,000 crores, providing revenue visibility for the next 3 years.
O&M order book is about Rs. 2,000 crores for 3 years (excluding Hyderabad ORR).
Hyderabad ORR project adds Rs. 450+ crores to EPC and Rs. 14,500 crores to O&M order book.
Including Hyderabad ORR, total O&M order book exceeds Rs. 25,000 crores.
Next year's order inflow guidance targets around Rs. 10,000 crores.
Strategic focus on BOT, TOT, and HAM projects, leveraging private InvIT platform for funding and growth.

See what IRB Infrastructure Developers Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

For FY24, IRB plans equity investment of Rs. 2,500 crores, including Rs. 1,000 crores excluding Hyderabad TOT and Rs. 1,500 crores including it.
Equity investment for FY25 is targeted at Rs. 250 crores for ongoing projects.
Hyderabad ORR project involves total CapEx of around Rs. 8,400 crores (Rs. 5,400 crores debt, Rs. 3,000 crores equity; IRB’s share of equity ~Rs. 1,500 crores).
The company targets order inflow (CapEx) around Rs. 10,000 crores in the upcoming year, which may include BOT, TOT, HAM project combinations.
IRB is focusing on BOT, TOT, and HAM projects in that priority order and planning equity investments accordingly.
Funding sources for equity include cash on hand, internal accruals, and distributions from private InvIT, which is growing and expected to aid equity funding.
No immediate asset monetization from HAM projects expected in FY24 as projects are still under development.

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IRB Infrastructure Developers Ltd Q4 FY23 Earnings Call Analysis

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