IRB Infra gains after June toll revenue jumps 16%

IRB Infra and its private InvIT’s toll revenue has grown 16 percent in June at Rs 383 crore from the year-ago period

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Shares of IRB Infrastructure Developers climbed 1.44 percent to Rs 26.76 in the morning trade on July 10 after the highways developer posted strong toll revenue growth in June.

In a regulatory filing on July 10, the company said IRB Infrastructure Developers Limited and its private InvIT, IRB Infrastructure Trust, registered a toll revenue growth of 16 percent in June at Rs 383 crore against Rs 329 crore in the same month the previous year.

The aggregate toll revenue of both entities for Q1 FY24 was at Rs 1,183 crore, up from Rs 1,000 crore in the corresponding quarter of FY23, an increase of 18 percent.

“The first quarter of FY24 looks much positive as an upward trend is seen in aggregate toll revenue as compared to the corresponding quarter of the last fiscal. We expect similar momentum for the rest of FY24,” said Amitabh Murarka, Deputy Chief Executive Officer, IRB Infrastructure Developers Limited.

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In a recent note, domestic brokerage Motilal Oswal said IRB Infrastructure’s revenue grew 13 percent YoY to Rs 16.2 billion in 4Q FY23, while the EBITDA margin came in above expectations at 46.8 percent.

“With its strong order book size of Rs 206 billion as of Mar’23 as well as robust tender pipeline, we expect IRB to record 13 percent revenue CAGR over FY23-25,” it added.

The share has lost 15 percent this year but the 1-year return stands at 26 percent.

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