External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

<p>We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.</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>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
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.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

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

India

IRB Infrastructure Developers Limited is an infrastructure development and construction company in India with significant experience in the roads and highways sector.  The Company is also involved in the real estate development sector.

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IRB Infrastructure Developers (IRB IN)

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

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

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...

HDFC Securities

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