IRB Infra gains 5% as toll collection grows 19% in April

IRB Infrastructure Developers said that the continued toll collection growth has come on the back of traffic growth across all corridors, upward tariff revisions post construction completion in few projects and the annual tariff revision.

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Shares of IRB Infrastructure Developers gained 5 percent on May 10 as the company and its listed private InvIT – IRB Infrastructure Trust – has collectively registered toll collection growth of 19 percent YoY in April 2023.

The toll collection for April 2023 reached Rs 388 crore from Rs 327 crore in April 2022.

At 9:52am, the IRB Infrastructure Developers stock was quoting at Rs 28.47, up Rs 0.95, or 3.45 percent.

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Virendra D Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers, said that the continued toll collection growth has come on the back of traffic growth across all corridors, upward tariff revisions after the completion of construction of a few projects and the annual tariff revision effected from April 1 for the operational portfolio.

IRB Infrastructure had registered a rise of around 40 percent in FY23 over FY22. Its toll collection in FY23 was Rs 4,180 crore against Rs 2,986 crore in FY22.

As the largest integrated private toll roads and highways infrastructure developer in India, IRB Infrastructure has an asset base of over Rs 70,000 crore in 11 states across the parent company and two InvITs. The company has a strong track record of constructing, tolling, operating and maintaining around 17,200 lane kilometres pan India.