Smallcap stock under ₹50: IRB Infrastructure Developers hits 52-week high on robust toll collection | Mint
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Business News/ Markets / Stock Markets/  Smallcap stock under 50: IRB Infrastructure Developers hits 52-week high on robust toll collection
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Smallcap stock under ₹50: IRB Infrastructure Developers hits 52-week high on robust toll collection

IRB Infrastructure shares were locked in at 3 per cent upper circuit after India's largest toll operator reported a 20 percent on year rise in gross toll collections in November.

A file photo of a toll road in Gurgaon, Haryana. IRB Infrastructure Developers Ltd, India's largest toll road operator. Photo: Madhu Kapparath/Mint (Madhu Kapparath/Mint)Premium
A file photo of a toll road in Gurgaon, Haryana. IRB Infrastructure Developers Ltd, India's largest toll road operator. Photo: Madhu Kapparath/Mint (Madhu Kapparath/Mint)

Shares of IRB Infrastructure Developers were locked at over 3 per cent upper circuit at 40.95 apiece on the BSE, hitting its new 52-week high mark on Friday, December 8. This came after India's largest toll operator reported a 20 percent on year rise in gross toll collections in November 2023. 

The company clocked in toll collections worth 437.05 crore in November compared to 366 crore in the year-ago period. The rise in toll collections came despite the slower economic activities on account of festival holidays during the month.

Also Read: IRB Infrastructure share price jumps over 5% on 4,428 crore project win, strong Q2 results

On Friday, shares of IRB Infrastructure Developers opened at 40.10 and gained 2.11 per cent to hit a 52-week high o 40.95 apiece on the BSE. Shares settled 3.67 per cent higher at 39.84 apiece on the BSE.

“We have witnessed a continued rise in toll collection, despite Diwali holidays, which briefly slowed down momentum of economic activities across the nation for almost a week’s time,'' said Amitabh Murarka, Dy CEO of the company.

‘’Overall, it’s promising to see the persistent growth momentum gained in first eight months of FY24. The second half of the year is always better from toll collection perspective; accordingly, we expect the growth momentum to continue, especially with Gujarat BOT commencing tolling soon,'' he added.

Last month, IRB Infrastructure Developers said that its associate IRB Lalitpur Tollway has signed a concession agreement with the NHAI for tolling and operations and maintenance of the Lalitpur-Lakhnadon stretch of NH44 in Madhya Pradesh.

The project involves paying upfront 4,428 crore to NHAI for tolling and O&M of 316 km stretch of NH44 for a revenue-linked concession period of 20 years, IRB Infrastructure Developers said in a statement.

IRB has an asset base of over 75,000 crore in 12 states across the parent company and two InvITs. It has approximately 20 per cent share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India. In the toll-operate-transfer (TOT) space, the group commands a market share of around 42 per cent, according to its exchange filing.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 08 Dec 2023, 07:53 PM IST
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