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IRB Infra shares soar to a 52-week high as gross toll collections increase by 20% in November

8 Dec 2023 , 01:56 PM

Following the company's announcement of a 20% year-over-year increase in gross toll collections in November, shares of IRB Infrastructure Developers surged 6.5% in early trade to reach a 52-week high of Rs 40.95 on December 8. Compared to the same month last year, the company's toll collections in November totaled Rs 437.05 crore, up from Rs 366 crore. Due to the month's festival vacations, economic activity weakened, but toll collections increased still.

IRB Infra's shares were trading 2.21% higher at Rs 39.40 on the NSE at 13:11 pm.

Amitabh Murarka, the company's deputy CEO, stated, 'We have seen a continued rise in toll collection, despite Diwali holidays, which briefly slowed down the momentum of economic activities for almost a week.'

'In general, the steady economic momentum shown in the first eight months of FY24 is encouraging. We anticipate that the growth momentum will continue because the second half of the year is usually better for toll collection. Munraka continued.

The Mumbai Pune Motorway & Old Mumbai Pune Highway (NH4), Hyderabad Outer Roing Road, and Ahmedabad Vadodara Motorway generated the biggest toll collections among the company's several projects and special purpose vehicles (SPVs).

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