IRB Infrastructure jumps over 2% on strong June toll revenue growth | News on Markets

IRB Infrastructure jumps over 2% on strong June toll revenue growth | News on Markets

IRB Infrastructure jumps over 2% on strong June toll revenue growth | News on Markets

IRB Infrastructure Developers

IRB Infrastructure stock rises: Shares of IRB Infrastructure soared as much as 2.40 per cent to hit an intraday high of Rs 69.79 per share. 

The uptick in the stock price came after the company announced a strong set of June toll revenue collections.

In an exchange filing, the company said, “In continuation of the growth momentum seen in the first two months of Q1FY25, IRB Infrastructure Developers Limited and the IRB Infrastructure Trust have collectively reported Y-o-Y toll revenue growth of 35 per cent for the month of June 2024.”

The robust growth continued into the first quarter of FY25, where toll collections totaled Rs 1,556 crore compared to Rs 1,183 crore in the same quarter of FY24, representing a year-on-year growth of 32 per cent.

The toll collection for June 2024 amounted to Rs 517 crore, marking a major increase from Rs 383 crore collected in June 2023. 

Amitabh Murarka, deputy chief executive office (CEO) of IRB Infrastructure Developers Limited said, “We have experienced a strong start to the new financial year FY25, marked by robust growth in Q1FY25. The recent implementation of the tariff revision will further improve the collection, and we anticipate this positive trend to continue in the forthcoming quarters of FY25.” 

IRB Infrastructure Developers Ltd (IRB) is an Integrated Multi-National Transport Infrastructure Developer, specialising in the Roads & Highways segment. 

With a substantial asset base of approximately Rs 80,000 crore across the parent company and two InvITs, IRB has established a dominant presence in the infrastructure sector. Over its 25-year tenure in India, IRB has excelled in constructing, tolling, operating, and maintaining approximately 18,500 lane Kms of roads nationwide, currently managing 15,500 lane Kms.

The company holds a notable 38 per cent market share in the TOT (Toll-Operate-Transfer) space and contributes considerably to India’s North-South highway connectivity with a 12 per cent share. 

Having successfully delivered 13 Concessions to nodal agencies, IRB Group’s project portfolio now encompasses 26 road projects, comprising 18 BOT (Build-Operate-Transfer), 4 TOT, and 4 HAM (Hybrid Annuity Model) projects, underscoring its leadership in infrastructure development and management in India.

At 9:27 AM, shares of the company were trading 69.04 per share. In comparison, BSE Sensex was up 0.12 per cent at 80,017.95 levels.

First Published: Jul 11 2024 | 9:36 AM IST

Source link

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *