IRB Infrastructure Developers (IRB) Q4 23/24 earnings summary

Executive summary

• Achieved consolidated revenue of ₹82,018 million in FY24, up 22% year-over-year, with strong growth in both toll and construction revenues.

• EBITDA increased 17% to ₹41,246 million, while PAT declined 16% to ₹6,058 million due to higher interest and depreciation costs.

• Net worth rose to ₹137,445 million, and the asset base reached ₹795,980 million.

• Maintained a robust order book of ₹348,107 million, providing revenue visibility for the next 2-3 years.

Financial highlights

• Consolidated revenue: ₹82,018 million (FY24), up from ₹67,033 million (FY23).

• EBITDA: ₹41,246 million (FY24) vs. ₹35,307 million (FY23).

• PAT: ₹6,058 million (FY24) vs. ₹7,200 million (FY23).

• Net debt to equity: 0.87 (FY24), among the lowest in the sector.

• Dividend payout: ₹1,811 million for FY24.

• Raised $540 million via 7.11% senior secured USD notes due 2032, used for refinancing.

Outlook and guidance

• Positioned to capitalize on upcoming BOT, TOT, and HAM opportunities, with a focus on asset rotation and capital recycling.

• Anticipates increased BOT awards from NHAI and plans to bid for viable projects.

• Well-capitalized to pursue growth, with net debt/equity below 1:1 and strong support from global investors.