IRB Infra Soars As Yearly Toll Revenue Surges 29% In April

IRB Infrastructure Developers witnessed a surge in share prices during morning trading on Tuesday following the announcement of a significant year-on-year growth in toll revenue collection for April 2024. 

The company, along with its associate IRB Infrastructure Trust (InvIT), reported a robust 29 per cent increase in toll revenue collection compared to the same period last year, totaling Rs 503 crore for the month, up from Rs 388 crore in April 2023, as disclosed in a stock exchange filing by the Mumbai-based infrastructure developer.

Experiencing a commendable 24 per cent rise in toll collection for the fiscal year 2023-24 compared to the previous year, IRB Infrastructure Developers expressed optimism about achieving robust growth of 29 per cent at the onset of the new financial year.

Amitabh Murarka, Deputy CEO of IRB Infrastructure Developers Ltd, attributed the positive outlook to factors such as GDP projections, government emphasis on infrastructure development, particularly in roads and highways, and abundant opportunities in the sector. Murarka stated that the company anticipates an upward trend in toll collection momentum for FY25.

Among the 17 special purpose vehicles (SPVs), IRB MP Expressway, responsible for managing the Mumbai Pune Expressway and Old Mumbai Pune Highway NH4, reported the highest toll revenues of Rs 141 crore.

Additionally, the company highlighted the contribution of newly-added toll-operate-transfer (TOT) 12 and TOT 13 assets to the monthly toll collection.

With the inclusion of two new toll-operate-transfer assets, IRB Infrastructure Developers now boasts an executable order book of approximately Rs 10,000 crore for the next two years. This includes an engineering, procurement, and construction (EPC) order book of Rs 7,000 crore, with the remaining portion allocated to operation and maintenance (O&M), as stated by Tushar Kawedia, Group CFO of the company, in a media interview last month. The company's total order book stood at Rs 36,185 crore as of December 2023.

As India's leading integrated private developer of toll roads and highways infrastructure, IRB Infrastructure Developers commands an asset base of about Rs 80,000 crore spanning 12 states, encompassing both the parent company and two InvITs.

Shares of IRB Infrastructure Developers were marginally higher, trading at Rs 68.01 apiece, up 0.56 per cent on the BSE at 10 am.