Equity Analysis /
India

IN : IRB Infrastructure Developers Ltd - Robust growth in toll income

    CGS-CIMB
    20 January 2021
    Published byCGS-CIMB

    The 3QFY21 EBITDA of Rs7.2bn was 30% of our FY21F, ahead of our Rs4.9bn estimate mainly due to higher-than-expected construction segment EBITDA. Toll collections, excluding Mumbai Pune project (including the private and public Infrastructure Investment Trusts – InvITs), grew 12% yoy. We roll forward our target valuations to Mar 2022. We raise our TP to Rs194 (from Rs160) and reiterate our Add rating.