Shares of IRB Infrastructure Developers rose over 4 per cent on Tuesday after the company reported strong toll collection for the month of March. The stock traded with increased volume at Rs 27 per share on BSE.
The highway infrastructure developer said in an exchange filing that toll collection by wholly owned subsidiaries and joint ventures under its private InvIT increased by 21 per cent in March 2023.
During the same month last year, “the company’s toll revenue from its subsidiaries and joint venture entities was Rs 306.6 crore,” according to a regulatory filing.
As per the filing, the total toll collection for March stood at Rs 3,69.9 crore, as against Rs 306 crore in the same month last year. In February 2023, the toll collection was Rs 351 crore. The toll collection on a monthly basis in March 2023 was higher by 5.38 per cent as compared to the previous month.
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Its two wholly owned subsidiaries – IRB MY Expressway and IRB Ahmedabad Vadodara Super Express Tollway – also saw a jump in toll collection in March. Entities under the company’s trust registered a 40 per cent increase in toll collection to Rs 1,93.8 crore. Last year, in the same month, the collection came to Rs 137.8 crore.
IRB Infrastructure is the largest integrated private toll road and highway infrastructure developer in the country. It has a dominant presence in the Build-Operate-Transfer (BOT) space.
Shares of IRB Infra have declined 5 per cent in the last one month. The stock has gained 25 per cent in a span of six months. Its 52-week range is Rs 17.89 to Rs 34.90.