IRB Infra shares gain 2% as Feb toll collection jumps 27%

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March 10, 2023
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NCC | CMP: Rs 91.50 | The share price surged over 9 percent after the company received 5 new order aggregating to Rs 3,601 crore in the month of December, 2022. Out of these orders, 2 orders valuing Rs 187l crore relating to Water Division, 2 orders valuing Rs 993 crore relating to Electrical Division and one order valuing Rs 738 crore relating lo irrigation Division, the company said.

IRB Infrastructure Developers firmed up 2 percent on March 10 on the back of a 27 percent on-year surge in toll collection last month.

At 10:51am, shares of the company traded 1.1 percent higher at Rs 29.79 on the BSE. The stock is trading closer to its 52-week high of Rs 34.9 crore. It has given more than 300 percent returns in the past three years.

The cumulative toll collected by IRB Infrastructure Developers, along with its private infrastructure investment trust (InvIT) arm IRB Infrastructure Trust, surged 27 percent to Rs 352 crore in February, the company said in a regulatory filing, as against Rs 277.47 crore a year back.

For the third quarter this year, toll collections came in at Rs 1,100 crore, clocking a 33 percent growth over the last year.

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The company has guided for an order inflow of Rs 6,000-8,000 crore in Q4 of FY23. The order book stood at Rs 19,120 crore, which is 3.2 times of FY23 revenue, as of December 2022, with engineering, procurement and construction contributing 58.5 percent (Rs 11,180 crore) and operations and maintenance contributing 41.5 percent (Rs 7,940 crore), HDFC Securities noted.

The company’s net sales stood at Rs 1,514.14 crore in December 2022, up 18 percent over the previous year, while profit after tax soared 95 percent to Rs 141.36 crore.