IRB Infra up 4% on strong toll collection in May

Shares of IRB Infrastructure Developers surged 4 percent in the morning trade on June 9 after the company clocked a year-on-year (YoY) growth of 20 percent in toll collection at Rs 411 crore in May 2023. Toll collections were at Rs 343 crore in the year-ago period.

At 9.39 am, shares of the integrated multinational infrastructure player in the highways sector were up 1.9 percent on the BSE at Rs 28.5.

Virendra D Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers said, “After a promising start in April 2023 on toll collection front, it seems the momentum is continued in May 2023, thus, reinforcing consistency and robustness in growth across all highway corridors we manage across India”.

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The company’s order book stood at Rs 20,600 crore as of March 2023, with EPC at Rs 8,900 crore and operation and maintenance in BOT/TOT projects at Rs 11,700 crore. The robust order book provides revenue visibility over the next three years, Motilal Oswal Financial Services said.

With a strong order book along with a robust tender pipeline, the domestic brokerage firm expects IRB Infrastructure Developers to record approximately 13 percent revenue over FY23-25 on a compounded annual growth rate basis.

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