VD Mhaiskar, CMD, IRB Infra says the company's current order book stands at Rs 11,000 crore and the Aurangabad toll project is its second largest after Ahmedabad-Baroda project.
IRB Infra achieved financial closure for its Aurangabad toll project. The total cost of the project is estimated at Rs 3,177 crore, of which Rs 1,756 crore will be funded through project finance and equity contribution by company will be around Rs 863 crore.
VD Mhaiskar, CMD, IRB Infra says the company's current order book stands at Rs 11,000 crore and the Aurangabad toll project is its second largest after Ahmedabad-Baroda project. The company expects to achieve 18-20 percent equity IRR (internal rate of return) for 26 years. This 26-year period will include construction phase as wel. The company will begin construction now.
Below is the verbatim transcript of VD Mhaiskar's interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.
Latha: What is your order book now?
A: The order book is close to Rs 11,000 crore at this point in time and this particular project forms a big part of it. I would say it is a second-largest project in the portfolio after Ahmedabad-Baroda and we are very thankful to lenders for their support in achieving this closure.
Latha: Your note says that it is 11.75 percent interest rate on that Rs 1,700-crore debt. What is the typical internal rate of return (IRR) for this project over those 26 years that you have concession?
A: We expect to make anywhere between 18 percent and 20 percent IRR depending on how the traffic pans up but on a traffic growth of around 5-6 percent, we should be able to do 18-20 percent equity IRR.
Latha: When does the construction get completed and you start making money?
A: As we have achieved closure, we would be starting the construction now and the construction is supposed to be completed over a period of 30 months post which we get rights to collect toll and the 26 year concession includes the construction period as well.
Stay tuned for more…
IRB Infra stock price
On March 17, 2015, at 11:10 hrs IRB Infrastructure Developers was quoting at Rs 233.35, up Rs 3.25, or 1.41 percent. The 52-week high of the share was Rs 289.40 and the 52-week low was Rs 92.05.
The company's trailing 12-month (TTM) EPS was at Rs 7.27 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 32.1. The latest book value of the company is Rs 51.95 per share. At current value, the price-to-book value of the company is 4.49.
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