IRB Infra hits 52-week high as gross toll collections rise 20% in Nov
by mydhanush on 8 December 2023, 3 min read
IRB Infrastructure Developers share price hit 52-week high intraday on December 8 after the company reported a 20 percent on year rise in gross toll collections in November.
At 12:38 PM, the stock was trading at Rs 39.75 per share on NSE, up Rs 1.30 or 3.38 percent. It hit intraday high level of Rs 40.95.
In November, the company recorded toll collections worth Rs 437.05 crore, surpassing the Rs 366 crore collected during the same period last year. This increase in toll collections occurred despite reduced economic activities due to festival holidays.
Amitabh Murarka, the company’s Deputy CEO, noted, “Despite the slowdown in economic activities during Diwali, we observed a consistent rise in toll collection.”
He further expressed optimism, stating, “The growth momentum in the first eight months of FY24 is promising. Traditionally, the latter half of the year yields higher toll collections, and we anticipate this growth trend to persist.”
Key contributors to the company’s toll collections were projects such as the Mumbai Pune Expressway & Old Mumbai Pune Highway (NH4), Hyderabad Outer Ring Road, and Ahmedabad Vadodara Expressway.
It has approximately 20 percent share in India’s prestigious Golden Quadrilateral project. It is the largest by any private infrastructure developer in India. In the TOT (toll operate transfer) space, the group commands a market share of around 42 percent.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
Image Credit: Freepik
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