*IRB Infra Developers Q4 (Consolidated,YoY)*
Revenue down 18.7% at Rs 1584.5 crore (Est Rs 1,646 crore)
Net profit down 25.8% at Rs 154.3 crore (Est Rs 114 crore)
Ebidta down 13.8% at Rs 655 crore (Est Rs 632 crore)
Margins at 41.3% versus 39% (Est 38.4%)
Exceptional gain of Rs 57.4 crore in current quarter
BOT projects revenue down 34% at Rs 354.5 crore
Construction segment revenue down 13% at Rs 1,227.1 crore
*Numbers include 1 month of tolling, operation and maintenance of the newly bagged Mumbai-Pune Expressway concession; and exclude 1 month of contribution from 9 assets transferred to IRB Private INVIT
View: Result is declined and slightly below expectation, company has announced INR 5 dividend to their shareholders at CMP 70 dividend yield comes around 7% further company has also won Mumbai Pune expressway toll management for next 10 years this show sustainable business model. Keep eye on this CMP 70 can go till 74/78 with SL 66