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Buy IRB Infrastructure Developers; target of Rs 142: HDFC Securities

HDFC Securities is bullish on IRB Infrastructure Developers has recommended buy rating on the stock with a target price of Rs 142 in its research report dated June 21, 2020.

June 22, 2020 / 10:20 AM IST
 
 
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HDFC Securities' research report on IRB Infrastructure Developers

IRB delivered in-line revenue with EBITDA beat of 16% and APAT miss of 25%. IRB-GIC deal is now concluded. Rs 37bn of proceeds realised till date have been utilised towards IRB-GIC INVIT SPVs’ debt reduction to the tune of Rs 30bn making them FCF positive with no funding support requirement envisaged. Further, 1st tranche of Rs 65bn payment to MSRDC for MP expressway completed with Rs 55bn debt drawdown (of Rs 66bn sanctioned) and Rs 10bn equity.

Outlook

We maintain BUY with an SOTP based TP of Rs 142/Sh.


For all recommendations report, click here

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Broker Research
first published: Jun 22, 2020 10:20 am

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