IRB Infra surges 4% on strong toll collection in March

Toll collection by the company’s wholly owned subsidiaries and joint venture under its private InvIT increased 21 percent YoY to Rs 3,699.91 crore in March 2023.

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Shares of IRB Infrastructure Developers surged four percent on April 11 after the company reported strong toll collection for March 2023. At 9:18 am, shares of the company were trading 3.2 percent higher at Rs 26.71 on the BSE.

Toll collection by the company’s wholly-owned subsidiaries and joint venture under its private InvIT increased 21 percent YoY to Rs 3,699.91 crore in March 2023.

The entities under IRB Infrastructure Trust logged a 40 percent increase in toll collection at Rs 1,930.85 crore while the company’s subsidiaries raked in Rs 1,769.06 crores in toll collection, a rise of 5 percent YoY.

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The highway construction company has a major presence in the Build-Operate-Transfer (BOT) space.

According to HDFC Securities, the competition intensity cooled off with the top six listed players placing their bids at an average of 14.3 percent over and above the National Highways Authority of India (NHAI) cost as compared to a 6.5 percent discount in FY22.

Even Motilal Oswal Financial Services said the bidding aggression has reduced marginally in NHAI projects. “The tender pipeline is robust and IRB is targeting to win some projects in 4QFY23. IRB would continue to evaluate opportunities in BOT/TOT/HAM projects; however, it will maintain caution while bidding for projects.”

As of the end of December 2022, the highway developer’s order book stood at Rs 19,100 crore.