IRB Infrastructure share price soars 4% on robust May toll collection

IRB Infrastructure Developers shares rise: Shares of IRB Infrastructure Developers rallied as much as 3.69 per cent to hit an intraday high of Rs 72.75 per share on Friday.

The uptick in share price came on the back of strong toll revenue collection in May 2024.  

In May 2024, the combined toll revenue for IRB Infra and IRB Infrastructure Trust saw a growth of 30 per cent compared to the same period last year.

During May 2024, the toll collection for both entities amounted to Rs 536 crore, from Rs 411 crore recorded in May 2023.

"It is encouraging to observe the sustained momentum in toll collection in May 2024. This reinforces the consistency and robustness of growth across all highway assets we manage in India. With the annual toll tariff revision now effective from June 3, 2024, and the strong GDP numbers, we expect this positive trend in toll collections to continue in the upcoming quarters,” said Amitabh Murarka, deputy CEO, IRB Infrastructure Developers.

IRB Infrastructure Developers Ltd (IRB) is India's pioneer integrated multi-national transport infrastructure developer within the roads & highways sector. IRB boasts an asset base of approximately Rs 80,000 crore spread across 12 states through its parent company and two InvITs.

With a robust track record spanning 25 years in India, IRB has constructed, tolled, operated, and maintained approximately 18,500 lane kilometres nationwide, with 15,500 lane kilometres currently operational. Holding a notable market share of around 38 per cent in the TOT (Toll-Operate-Transfer) domain, the group also commands a 12 per cent share in India's North-South highway connectivity.

Having successfully executed 13 concessions and transitioning them to the nodal agencies, the IRB Group's project portfolio, inclusive of Private and Public InvITs, now includes 26 road projects, comprising 18 BOT (Build-Operate-Transfer), 4 TOT, and 4 HAM (Hybrid Annuity Model) projects.

Financial performance
 

IRB Infrastructure Developers Ltd Q4FY24 net profit grew 45 per cent on a Y-o-Y Basis to Rs 189 crore, from Rs130 crore in the same quarter last year (Q4FY23. 

For the same quarter, consolidated income of the company grew 47 per cent Y-o-Y to Rs 2,504 crore, as against Rs1,699 crore on Q4FY23. 

The company also declared a third interim dividend of Rs 0.10 per equity share of face value of Rs 1 each  for financial year 2024.

The market capitalisation of IRB Infrastructure Developers is Rs 43,661.97 crore, according to Bombay Stock Exchange (BSE).

At 9:32 AM, shares of IRB Infrastructure Developers were trading 2.34 per cent higher at Rs 71.80 per share. In Comparison, BSE Sensex was trading 0.38 per cent higher at 75,363.04 levels.