Revenue and Profitability Trends
The fund's net sales have exhibited moderate variability, peaking at ₹1,441.72 crores in March 2023 before settling at ₹1,107.01 crores in March 2025. Total operating income closely mirrors net sales, reflecting the absence of other operating income throughout the period. Operating profit margins have remained robust, consistently above 80% in most years except for a dip to 56.03% in 2023, indicating efficient cost management overall.
Profit after tax (PAT) has shown a positive trajectory, rising from ₹197.77 crores in 2019 to ₹355.58 crores in 2025. The PAT margin improved significantly from 15.56% in 2021 to over 32% in 2025, underscoring enhanced profitability. Earnings per share (EPS) followed a similar pattern, increasing from ₹3.12 in 2021 to ₹7.49 in 2025, reflecting growing shareholder value.
Interest expenses have increased over the years, reaching ₹294.26 crores in 2025, which aligns with the fund's rising debt levels. Despite this, the fund maintained a healthy gross profit (PBDT), indicating strong operational cash flows.
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Balance Sheet and Asset Quality
The fund's total assets have remained relatively stable, hovering around ₹12,000 crores from 2019 to 2025. Net block values, representing the fund's fixed assets after depreciation, have gradually declined from ₹12,289.92 crores in 2020 to ₹10,203.20 crores in 2025, reflecting asset depreciation and possible asset optimisation.
Shareholders' funds have decreased modestly from ₹4,625.40 crores in 2020 to ₹3,806.88 crores in 2025, influenced by negative reserves. Meanwhile, total debt has nearly doubled from ₹1,692.88 crores in 2020 to ₹3,197.51 crores in 2025, indicating increased leverage to support operations or growth initiatives.
Current assets have improved, reaching ₹1,056.98 crores in 2025, with cash and bank balances rising to ₹163.37 crores, suggesting enhanced liquidity management. Net current assets have also turned positive in recent years, signalling better short-term financial health.
Cash Flow and Financial Stability
Operating cash flows have been consistently strong, with ₹960 crores generated in 2025, supporting the fund's ability to service debt and invest in growth. Investing activities have seen negative cash flows, reflecting ongoing capital expenditure or asset acquisitions, with ₹389 crores spent in 2025.
Financing activities have resulted in net outflows, indicating repayments or reduced borrowings, with ₹578 crores utilised in 2025. The fund's net cash position remains stable, with minor fluctuations, closing at ₹33 crores in 2025.
Overall, IRB InvIT Fund's financial performance reveals a stable revenue base, improving profitability, and prudent cash flow management, despite rising debt levels. Investors should weigh these factors alongside sector dynamics when considering the fund's prospects.
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Conclusion
In summary, IRB InvIT Fund has maintained a consistent operational performance with strong margins and growing net profits over the past several years. The fund's balance sheet reflects increased leverage, balanced by solid cash flows and liquidity. While the fund has faced some fluctuations in revenue and expenses, its overall financial health appears stable, making it a noteworthy consideration for investors seeking exposure to infrastructure investment trusts.
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