IRB Infra’s overall toll collection zooms 32% in December Key Points:
- IRB Infrastructure Developers reported a 6% increase in overall toll collection for December, amounting to ₹ 388 crore, compared to the ₹ 366 crore collected in November 2022.
- The company also experienced a 32% growth in toll collection on a year-over-year basis in December.
- Virendra D Mhaiskar, Chairman and Managing Director of IRB Infra, has stated that the steady increase in toll collection is a positive indication of both economic growth and the important role these corridors play in driving that growth.
- While the Sensex and Nifty were declining, shares of IRB Infra were performing well in early morning trading on Tuesday.
- The board of IRB Infra approved a proposal to split the company’s shares in a ratio of 10:1, this will mean the face value and the share price will be adjusted accordingly.
- Kotak Securities has given IRB Infrastructure a “buy” rating and a target price of ₹ 340, citing the company’s strong revenue visibility and an order book of ₹ 20,000 crore (adjusted for GST) as reasons for the rating.
IRB Infrastructure Developers, a company that develops highway infrastructure, has reported that their overall toll collection for December saw a 6% increase, amounting to Rs 388 crore, compared to the Rs 366 crore collected in November 2022. On a year-over-year basis, the company experienced a 32% growth in toll collection for December.
IRB Infra, according to a filing with the stock exchange, reported an 18% year-over-year increase in toll collection for December, amounting to ₹ 77 crore, compared to the ₹ 66 crore collected in the same month of the previous year.
“The steady increase in toll collection is a positive indication not only of economic growth, but also of the important role these corridors play in driving that growth,” said Virendra D Mhaiskar, Chairman and Managing Director of IRB Infra in a statement.
In contrast to the decline of the Sensex and Nifty, shares of IRB Infra were performing well in early morning trading on Tuesday. The Sensex had dropped over 200 points to 60,500 and the Nifty was down nearly 80 points, currently trading around 18,000.
Last week, the board of IRB Infra approved a proposal to split the company’s shares. According to a filing with the regulator, the split will occur in a ratio of 10:1. This means that the face value of each stock will be divided by 10, and the share price will also be adjusted accordingly. Currently, the face value of IRB Infra’s shares is ₹ 10.
“The board has approved the proposal to subdivide each equity share of the company, with a face value of Rs 10, into 10 equity shares with a face value of Rs 1 each, subject to regulatory and statutory approvals,” the company stated.
IRB Infra has not yet determined the record date for the stock split. The company is the leading private toll roads and highways infrastructure developer in India.
Kotak Securities has given IRB Infrastructure a “buy” rating and a target price of Rs 340, citing the company’s strong revenue visibility and an order book of ₹ 20,000 crore (adjusted for GST) as reasons for the rating.
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