IRB Infra sees FY12 toll revenue exceed 1000 cr

IRB Infra sees FY12 toll revenue exceed 1000 cr

Mumbai: Road builder IRB Infrastructure Developers expects toll revenues to cross 1000 crore by end of fiscal year 2012, a 25% jump from the year ago, a top official said on Thursday.

“There is a tariff increase and traffic increase," chairman and managing director Virendra D. Mhaiskar said at the company’s annual general meeting.

Earlier this month, Mhaiskar told Reuters that IRB Infrastructure will raise toll rates on Surat-Dahisar highway by about 10%, effective 1 September.

IRB Infra expects to tie up 3,500 crore in debt for a road project by December, chairman added. The debt part will be 3,500 crore, which is 75% of the total cost of the 1000-lane-km Ahmedabad-Vadodara road project, Mhaiskar said.

India built about 1,800 km of roads in 2010-11 but will award a record 7,300 km of road-building contracts this year worth $12 billion, a top National Highway Authority of India (NHAI) official said in June.

IRB Infra posted a 13.6% rise in net profit of 134 crore for June quarter, beating consensus estimates of 114 crore. Shares of the firm ended down 3.68% at 146.75 in a weak Mumbai market.