IRB · Construction
IRB Infrastructure Developers Ltd. reported revenue of ₹1,586 cr for July to September 2024, −9.1% on the year and −14.4% on the quarter.
Operating profit (EBITDA) was ₹683 cr, a margin of 43.1%, +186 bps on the year and −32 bps on the quarter. Over the last 6 quarters the margin has ranged from 36.6% to 44.3%, averaging 41.7%. Operating costs grew −12.0% against revenue growth of −9.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹100 cr, +4.2% on the year and −28.6% on the quarter, with earnings per share of ₹0.08. Profit before other income, one-offs and tax fell 67.3%, so 71 points of the headline growth came from outside the core business. The tax rate was 46% against an average of 37% over the previous 5 quarters, which weighed on profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹0.52 over the last four quarters, the stock at ₹18.27 trades at 35.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,969 cr | ₹2,061 cr | ₹1,853 cr | ₹1,586 cr | ₹2,025 cr | ₹2,149 cr | ₹2,099 cr | ₹1,751 cr | ₹1,871 cr | ₹1,927 cr | ₹2,137 cr | ₹1,897 cr |
| YoY | — | — | +13% | −9% | +3% | +4% | +13% | +10% | −8% | −10% | +2% | +8% |
| EBITDA margin | 41.6% | 36.6% | 43.4% | 43.1% | 48.6% | 46.4% | 45.4% | 52.8% | 54.6% | 56.2% | 53.9% | 55.6% |
| Other income, % of PBT | 45% | 143% | 52% | 91% | 96% | 21% | 23% | 19% | −1% | 12% | 8% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 39% | 39% | 46% | 2% | 33% | 29% | 46% | 29% | 27% | 26% | 32% |
| Net profit | ₹187 cr | ₹189 cr | ₹140 cr | ₹100 cr | ₹6,026 cr | ₹215 cr | ₹202 cr | ₹141 cr | ₹211 cr | ₹296 cr | ₹306 cr | ₹260 cr |
| YoY | — | — | +4% | +4% | +3,122% | +14% | +44% | +41% | −96% | +38% | +52% | +85% |
| Core profit YoY | — | — | +4% | −67% | +93% | — | +100% | +1,144% | +15% | +40% | +73% | +60% |
| EPS | ₹0.16 | ₹0.16 | ₹0.12 | ₹0.08 | ₹4.99 | ₹0.18 | ₹0.17 | ₹0.12 | ₹0.17 | ₹0.25 | ₹0.25 | ₹0.22 |
| Flags | 2 | 1 | 1 | 2 | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
IRB Infrastructure Developers Ltd. reported revenue of ₹1,586 cr (−9.1% on the year) and net profit of ₹100 cr (+4.2% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −67.3% on the year, against +4.2% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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