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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 350.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 350.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long-term rating on Rs.350.00 crore non convertible debenture (NCD) facilities without assigning any rating of IRB Infrastructure Developers Limited (IRB). The rating withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective instrument/facility. The rating is being withdrawn on the account of request received from the company as all their facilicties are paid off and No Dues Certificate received from the banker. |
| About the Company |
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IRB Infrastructure Developers Limited (IRB), incorporated in 1998, is a Mumbai - based Engineering, Procurement and Construction (EPC) Company. The company has presence in road and highway, construction, airport and real estate construction segment. As of June 2023, IRB has a portfolio of three fully owned BOT, two TOT and three hybrid annuity mode (HAM) projects. Under the Private InvIT IRB has a 51% holding and balance 49% is held by GIC affiliates (a Singapore based sovereign fund) which houses 1 large TOT & 10 BOT projects of which 9 projects are in the operational BOT space and 1 project is under the tolling and construction phase aggregating to ~7,529 lane kms. IRB also holds a 16% stake as a sponsor in a Listed Public InvIT (IRB InvIT Fund), which has 5 BOT project and 1 HAM project in its portfolio of around ~2,421 lane kms. The company is promoted by Mr. Virendra D. Mhaiskar, CMD and is currently listed on both BSE and NSE. |
| Unsupported Rating |
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Not Applicable |
| Analytical Approach |
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Not Applicable |
| Key Rating Drivers |
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
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Not Applicable |
| Liquidity Position |
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Not Applicable |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
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None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 6451.70 | 5852.83 |
| PAT | Rs. Cr. | 720.01 | 361.40 |
| PAT Margin | (%) | 11.16 | 6.17 |
| Total Debt/Tangible Net Worth | Times | 1.25 | 1.33 |
| PBDIT/Interest | Times | 2.25 | 1.65 |
| Status of non-cooperation with previous CRA (if applicable) |
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Not Applicable |
| Any other information |
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None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
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About Acuité Ratings & Research |
