IRB Infrastructure shares rally 4% after toll revenue surges 24% in Aug

Shares of IRB Infrastructure zoomed nearly 4 percent on September 11 after toll revenue surged 24 percent to Rs 417 crore.

At 11:31am, the IRB Infrastructure stock was trading 3.87 percent higher at Rs 34.75 on the NSE.

The Mumbai-based highway developer reported a toll revenue of Rs 417 crore for August 2023, rising 24 percent against Rs 336 crore a year back. Its wholly owned subsidiaries, which manage Mumbai Pune project and Ahmedabad Vadodara project, reported aggregate toll revenue of Rs 198 crore, up 20 percent during the same period, while the joint ventures entities under IRB Infrastructure Trust, Private InvIT clocked toll revenue of Rs 219 crore in August 2023, up 28 percent on-year.

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Brokerage views

Motilal Oswal has given a ‘neutral’ rating to IRB Infrastructure in a recent research report. Additionally, they have set a target price of Rs 30 per share.

Stock performance

The IRB Infrastructure stock has given a return of 18.79 percent over the last six months. The benchmark Nifty50 index has given a return of 15.54 percent over the same duration.

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