Shares of this infra stock under Rs 50 jumped around 11 percent in Tuesday’s trading session after the company provided Toll Revenue updates for December 2023. In the past six months, the company’s stock has gained over 70 percent for its stakeholders.
With a market capitalization of Rs 28,244.40 crores, the stocks of IRB Infrastructure Developers Limited, a leading integrated multi-national transport infrastructure developer, opened their trading hour on Tuesday at Rs 43.50 and currently trade at Rs 46.83, gaining approximately 11 percent as compared to the previous closing levels of Rs 42.15 apiece.
Such bullish stock price behavior is witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), provided key updates of the overall toll revenue, including the subsidiaries and joint venture entities of the company, for December 2023.
The company, along with its associate companies, reported a 26 percent toll collection growth in December 2023 over the corresponding month of FY22-23, i.e., December 2022. The toll collection for December 2023 is reported at Rs 4,880 million, as against the toll collection of Rs 3,880 million in December 2022.
The best performers/subsidiary companies, contributing to the stellar performance of the company, include ‘IRB MP Expressway Pvt Limited’ and ‘IRB Hapur Moradabad Tollway Limited’.
“Much pleased to see the continued growth momentum across all our highways assets.”, commented Mr. Amitabh Murarka, Dy CEO of IRB Infrastructure Developers Limited.
During the recent financial quarters, the company’s prime indicators of business such as operating revenues and net profits showed movements in opposing directions.
The former, on one hand, rose from Rs 1,634.22 crores during Q1FY23-24 to Rs 1,745 crores during Q2FY23-24, and, the latter, on the other hand, fell from Rs 187.27 crores to Rs 171.04 crores due to increased cost pressure.
Founded in 1998, IRB Infrastructure Developers Limited is an India-based company engaged in the infrastructure and construction business. The company organizes its business through two broad segments, i.e., Build-Operate-Transfer (BOT) projects and construction segment.
Written by Amit Madnani
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