External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

IRB Infrastructure Developers / Equity Bottom-Up

<p>IRB Infra: IRB Infra (IRB) reported revenue/EBITDA/APAT at INR 16.1/7.6/1.0bn for 4QFY21, largely in line with our estimate. While the average daily toll collection rose 4.5% QoQ, April/May-21 saw 20-25% sequential dip in collections across projects on partial lockdown in the country. Impact on labour availability has been minimal, keeping execution level intact. IRB secured INR 50bn orders during FY21. It is hoping for a better show in FY22 as the NHAI is targeting 15-20% orders through BOT mode.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

IRB Infra: IRB Infra (IRB) reported revenue/EBITDA/APAT at INR 16.1/7.6/1.0bn for 4QFY21, largely in line with our estimate. While the average daily toll collection rose 4.5% QoQ, April/May-21 saw 20-25% sequential dip in collections across projects on partial lockdown in the country. Impact on labour availability has been minimal, keeping execution level intact. IRB secured INR 50bn orders during FY21. It is hoping for a better show in FY22 as the NHAI is targeting 15-20% orders through BOT mode.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Cummins, City Union Bank, IRB Infra, NOCIL