IRB Infra toll collection rises 32% in December; stock flat

The company had reported a toll collection of Rs 294.16 crore in December 2021. On a sequential basis, month-on-month comparison, the collection increased 6 per cent from Rs 365.96 crore in November 2022.

IRB Infrastructure Developers have shared their toll collection updates for the month of December 2022 with the exchanges on Monday. However, the stock remained range-bound, mostly flat.

IRB Infrastructure Developers and its Private InvIT Arm, IRB Infrastructure Trust, have collectively reported a 32 per cent rise in the toll collection at Rs 388 crore in the month of December 2022 on year-on-year (YoY) basis, across all projects.

The company had reported a toll collection of Rs 294.16 crore in December 2021. On a sequential basis, month-on-month comparison, the collection increased 6 per cent from Rs 365.96 crore in November 2022.

The updates include collection from two wholly owned subsidiaries of IRB Infrastructure Developers and 10 joint venture entities under IRB Infrastructure Trust.

However, IRB Infrastructure Developers’ share remained flat on Tuesday, rising just a per cent to Rs 307.50, despite the strong company updates. The scrip had settled at Rs 304.35 on Monday.

“The consistent increase in the toll collection on all our projects reflects not only that the economy is on a growth trajectory, but also these corridors are playing a vital role in this growth,” said Virendra D Mhaiskar, Chairman & Managing Director at IRB Infrastructure Developers.

Earlier this month, the company had announced the sub-division of its equity shares in a 1:10 ratio, subject to approval from shareholders and relevant regulatory authorities. IRB Infra is likely to complete corporate action on or before February 28.

Kotak Securities has a ‘buy’ rating on IRB Infrastructure with a target price of Rs 340 as it sees a strong visibility of revenue with an order book of Rs 20,000 crore, adjusted with GST.

IRB Infrastructure Developers is a homegrown multinational infrastructure player in the highways segment, which has a base of more than Rs 60,000 crore in 10 States across the parent company and two InvITs.

IRB Infra has a strong track record of constructing, tolling, operating and maintaining around 15,500 lane kilometer (km) pan India and has an ability to construct over 500 kms in a year. It has about 20 per cent share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.

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