A leading highway developer’s stock is in focus in the day’s trade after its toll revenues surged by 18 percent in February 2025, driven by higher budget allocations to infrastructure, tourism, and consumption sectors.
Price Action:
On Monday, with a market capitalization of Rs 26,885 crores, the shares of IRB Infrastructure Developers Ltd. were trading at Rs 44.70, up 0.16 percent, making a high of Rs 45.95 per share compared to its previous closing price of Rs 44.51.
What Happened:
IRB Infrastructure reported an 18 percent YoY increase in toll revenue, with daily collections reaching Rs 19 crore in Feb 2025 compared to Rs 16 crore in Feb 2024. Total toll collection from 17 projects and SPVs rose 14.4 percent YoY to Rs 528.7 crore from Rs 462.2 crore.
Further, the CEO Shri Amitabh Murarka commented that the continual robust toll revenue growth in the 2nd month of the calendar year 2025 and the 2nd last month of FY25 looks reassuring to surpass the toll revenue of FY24.
The budgetary provisions are expected to set further growth momentum in toll revenue given the expected upward traffic trend across assets in 12 states, primarily on account of the allocations to transportation infrastructure, tourism, and consumption-based sectors.” He added, “It needs to be appreciated that the persistent toll revenue growth is one of the indicators to adjudge and evaluate the economic growth of the Nation
About the company:
Incorporated in 1998, IRB Infrastructure Developers is India’s largest integrated transport infrastructure company in the highways sector. With a portfolio spanning 18,500 lane km, including 15,500 lane km in operation, the company holds a 33 percent market share in TOT projects.
IRB also commands 14 percent of the Golden Quadrilateral Project and 12 percent of India’s North-South connectivity. Managing assets worth Rs 80,000 crore across 12 states, the group oversees 26 road projects, comprising 18 BOT, 4 TOT, and 4 HAM projects, across its parent company and two InvITs.
Key Financial Metrics (Q3 FY25):
IRB Infrastructure delivered mixed Q3 FY25 results. The Build-Operate-Transfer (BOT) segment saw a 5 percent YoY revenue increase to Rs 648 crore from Rs 616 crore in Q3 FY24, while InvIT and related assets surged 267 percent to Rs 245 crore from Rs 67 crore.
However, the construction segment declined 16 percent to Rs 1,133 crore from Rs 1,353 crore. Operating Profit Margin (OPM) improved to 49 percent from 42 percent YoY, and EPS stood at Rs 9.98. The adjusted debt-equity ratio strengthened to 0.6 from 0.82, and the current ratio improved to 3.45 from 2.69.
Financials:
IRB Infrastructure’s consolidated total income rose 1 percent YoY to Rs 2,090 crore in Q3 FY25 from Rs 2,077 crore in Q3 FY24. EBITDA grew 7 percent to Rs 1,049 crore from Rs 978 crore, while PAT surged 18 percent to Rs 222 crore from Rs 187 crore.
Written by Shashi Kumar
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