IRB Infra stock up by more than 2% on robust toll revenue collection
India Infoline News Service |
06 Dec, 2022 |
IRB Infrastructure Developersâ€™ stock gained as much as 5% in Tuesdayâ€™s trade, as the company reported a strong performance in toll revenue collection in November.
The civil construction company and its InvIT subsidiary IRB Infrastructure Trust reported a 39% year-on-year increase in toll collection in November across all projects.
The company reported toll collection at Rs365.95 crore in November 2022, up from Rs262.81 crore in November 2021. On a month-to-month basis, the collection increased by 6%.
The construction and infrastructure firm has about a dozen arms, including two wholly-owned subsidiaries and nine joint ventures, which contribute to the strong jump in the monthâ€™s collection.
Toll collection was halted in November 2021 due to farmer agitation, stated the company in its exchange filing.
The company has a strong track record of constructing, tolling, operating, and maintaining approximately 15,500 kilometres of lane across India, with the ability to construct over 500 kilometres per year.
At around 2.08 PM, IRB Infra was trading at Rs283.10 up by 2.17% from its previous closing of Rs277.10 on the BSE. The scrip touched intraday high and low of Rs290 and Rs279.70 respectively.
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