HDFC Securities: IRB Infra Posts In-Line Q1 Performance; Liquidity Position Comfortable
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HDFC Securities Report
IRB Infrastructure Developers Ltd. reported revenue at Rs 10.2 billion, 15% ahead of our estimate.
However, the company registered loss of Rs 301 million, marginally behind our estimated loss of Rs 276 million, on account of higher finance cost, taxes, and losses from the joint ventures/associates.
Toll collection in June reached to 80% of June 2019 level.Consolidated net debt stood at Rs 119 billion, with net debt to equity at 1.75 times.
Including the order of Rs 17 billion won in August 2020, orderbook now stands at Rs 129 billion.
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