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IRB Infra gains on 29% jump in yearly toll revenue collection in April
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
“Considering the GDP projections; the government’s focus on the infrastructure development for the nation, especially on the roads and highways segment and the abundant opportunities coming up in the sector thereof, which the company looks at, we sincerely feel that the toll collection momentum will have an upward trend in FY25,” Amitabh Murarka, deputy CEO, IRB Infrastructure Developers Ltd, said.
IRB Infrastructure Developers shares gained in morning trade on Tuesday after the company along with its associate IRB Infrastructure Trust (InvIT) reported 29% year-on-year growth in toll revenue collection in April 2024.
Both entities reported toll collections aggregating ₹503 crore for the month under review, against ₹388 crore in April 2023, the Mumbai-based infrastructure developer said in a stock exchange filing.
Experiencing a 24% increase in toll collection in FY24 compared to the previous year, the prospect of achieving a robust growth of 29% at the beginning of the new financial year appears highly promising, the company said.
“Considering the GDP projections; the government’s focus on the infrastructure development for the nation, especially on the roads and highways segment and the abundant opportunities coming up in the sector thereof, which the company looks at, we sincerely feel that the toll collection momentum will have an upward trend in FY25,” Amitabh Murarka, deputy CEO, IRB Infrastructure Developers Ltd, said.
Of the 17 special purpose vehicles (SPVs), IRB MP Expressway Pvt Ltd (Mumbai Pune Expressway and Old Mumbai Pune Highway NH4) has collected the highest toll revenues of ₹141 crore.
Also, the company said that newly-added toll-operate-transfer (TOT) 12 and TOT 13 assets start contributing to the monthly toll collection.
Following the addition of two new toll-operate-transfer assets to their portfolio, IRB Infrastructure Developers now holds an executable order book of approximately ₹10,000 crore for the next two years.
This comprises an engineering, procurement, and construction (EPC) order book of ₹7,000 crore, with the remainder allocated to operation and maintenance (O&M), as stated by Tushar Kawedia, Group CFO of the company in an interview with CNBC-TV18 last month.
The company’s total order book stood at ₹36,185 crore as of December 2023.
As India’s leading integrated private developer of toll roads and highways infrastructure, IRB boasts an asset base of about ₹ 80,000 crore spanning 12 states, involving both the parent company and two InvITs.
Shares of IRB Infrastructure Developer were trading marginally higher at ₹68.01 apiece, up 0.56% on the BSE at 10 am.
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