IRB InvIT Trust is the Registered Infrastructure Investment Trust under the InvIT Regulations. The Trust primarily intends to own, operate and maintain a portfolio of six toll-road assets in the Indian states of Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu. The Trust’s Sponsor is IRB Infrastructure Developers Limited, one of the largest infrastructure development and construction companies in India in terms of net worth in the roads and highways sector.
In terms of valuations, we have considered the conservative traffic growth (3-5%) and higher discounting factor of around ~11% which results in the return of 25-30% on the enterprise value. Further, reduction in cost of debt and increase in traffic growth will lead to further higher returns. Hence, considering the above positives coupled with attractive valuations, we recommend a SUBSCRIBE on the issue
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