IRB Infra surges over 3% as March 2023 toll collection jumps 21% YoY
2 min read . Updated: 11 Apr 2023, 04:59 PM IST
Premium- IRB Infrastructure Developers, a developer of highway infrastructure, projected significant toll collection for March 2023.
IRB Infrastructure Developers, a developer of highway infrastructure, projected significant toll collection for March 2023. The toll collection by the company's wholly-owned subsidiaries and joint venture under its private InvIT grew by 21% YoY, according to a regulatory filing. In March 2023, a total of ₹369.99 crore was collected in tolls, compared to ₹306.66 crore in March 2022. The amount collected from toll collection in February 2023 was ₹351.75 crore.
IRB MY Expressway and IRB Ahmedabad Vadodara Super Express Tollway, two wholly-owned subsidiaries, claimed a 10% growth in toll collection. In contrast to last year at ₹119.4 crore, IRB MY Expressway brought in ₹121.6 crore. The IRB Ahmedabad Vadodara Super Express Tollway's collection was 55.3 in March 2023 vs. 49.6 crores in March 2022. Toll collection was collected by the Trust-affiliated firms at a pace of ₹1,93.8 crore, up 40% YoY. The revenue was ₹137.8 crore in the same month previous year.
“We are pleased to inform that Hapur Moradabad Project implemented by IRB Hapur Moradabad Tollway Limited, the Project SPV of IRB Infrastructure Trust has been issued a Completion Certificate (COD- II) for additional length of 9.75 Kms by the Competent Authority. With this, 88.282 Kms of the Project Highway has been completed. Consequently, toll rates for the SPV would be increased by ~5% and the SPV will collect toll at revised toll rates on this project," the Board of IRB Infrastructure Trust - associate of the company made an update recently to the stock exchanges regarding the Hapur Moradabad Project.
The shares of IRB Infrastructure Developers closed today on the NSE at ₹26.70 apiece level, up by 3.09% from the previous close of ₹25.90. The stock recorded a total traded volume of 1,70,05,690 shares compared to the 20-Day average volume of 1,38,20,814 shares. The stock touched a 52-week-high of ₹34.90 on (22-Feb-2023) and a 52-week-low of ₹17.89 on (20-Jun-2022).
Commenting on the technical outlook of the stock, A R Ramachandran, Co-founder & Trainer-Tips2trades said "IRB Infrastructure looks slightly bearish on the Daily charts with strong resistance at 27. Even though P & L looks great, debt has doubled from 2020 onwards which could margins in the coming quarters. Only a Daily close above 27 should be used to buy for targets of 31-34 in the near term."