IRB Infra surges over 3% as March 2023 toll collection jumps 21% YoY


Highway infrastructure developer IRB Infrastructure Developers forecasted a substantial toll revenue in March 2023. According to a regulatory filing, the toll revenue collected by the company’s fully owned subsidiaries and joint venture under its private InvIT increased by 21% YoY. Tolls were collected in March 2023 for a total of 369.99 crore as opposed to 306.66 crore in March 2022. 351.75 crore was the total money taken in through toll collection in February 2023.

Two wholly-owned subsidiaries, IRB MY Expressway and IRB Ahmedabad Vadodara Super Express Tollway, reported a 10% increase in toll revenue. IRB MY Expressway made 121.6 crore compared to 119.4 crore the year before. In comparison to March 2022, when the IRB Ahmedabad Vadodara Super Express Tollway’s revenue was 49.6 crores, it was 55.3 crores in March 2023. The Trust-affiliated companies collected tolls at a rate of 1,93.8 crore, up 40% YoY. In the same month the year before, the revenue was 137.8 crore.

“We are glad to announce that the Competent Authority has granted a Completion Certificate (COD- II) for an additional length of 9.75 Kms to the Hapur Moradabad Project built by IRB Hapur Moradabad Tollway Ltd, the Project SPV of IRB Infrastructure Trust. This brings the Project Highway’s total length to 88.282 kilometres. The Board of IRB Infrastructure Trust, an associate of the firm, recently provided an update to the stock markets about the Hapur Moradabad Project. As a result, toll rates for the SPV would be increased by 5%, and the SPV would collect toll at revised toll rates on this project.

IRB Infrastructure Developers’ shares closed at 26.70 per share today on the NSE, up 3.09% from the previous closing of 25.90. In contrast to the 20-Day average volume of 1,38,20,814 shares, the stock saw a total traded volume of 1,70,05,690 shares. On February 22, 2023, the stock reached a 52-week high of 34.90 and a 52-week low of 17.89. (20-Jun-2022).

Co-founder and trainer of Tips2trades, A R Ramachandran, commented on the stock’s technical outlook “On the daily charts, IRB Infrastructure has a little bearish appearance with significant resistance at 27. Although if P & L appears to be excellent, debt has risen since 2020, which may affect margins in the upcoming quarters. In the near term, only a Daily close over 27 should be utilised as a basis for buying with goals of 31 to 34.”