IRB Infrastructure Developers shares surged 4 per cent on Tuesday after the company reported strong toll collection for March month. The stock traded at Rs 27 apiece on BSE with an increased volume.
The highway infrastructure developer in an exchange filing informed that its March 2023 toll collection by wholly-owned subsidiaries and joint ventures under its private InvIT increased by 21 per cent YoY.
“During the same month last year, “the toll revenue from the subsidiaries and joint venture entities of the company was at Rs 306.6 crore,” according to a regulatory filing.
According to the filing, total toll collection for March came in 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. On a month-on-month basis, the toll collection in March 2023 was 5.38 per cent higher compared to the preceding month.
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Its two wholly-owned subsidiaries — IRB MY Expressway and IRB Ahmedabad Vadodara Super Express Tollway also logged a jump in toll collection in March. The entities under the company’s Trust registered a 40 percent increase in toll collection YoY at Rs 1,93.8 crore. In the same month last year, the collection came at Rs 137.8 crore.
IRB Infrastructure is the largest integrated private toll roads and highways infrastructure developer in the country. It has a major presence in the Build-Operate-Transfer (BOT) space.
IRB Infra shares have declined 5 per cent in the last one month. The scrip has advanced 25 per cent in a six months period. Its 52-week range is Rs 17.89 – Rs 34.90.