Shares of IRB Infrastructure Developers Ltd skyrocketed 12% and hit a 52-week high of Rs 47.25 on 9 January after the company announced a strong growth in toll collections for December.

In its regulatory filing, the company reported a 26% year-on-year increase in its toll revenue to Rs 488 crore in December 2023 from Rs 388 crore reported in December 2022.

During the December collection, the highest contributors included Mumbai Pune Expressway and Old Mumbai Pune Highway-NH4, Ahmedabad Vadodara Expressway NE1 and Highway NH48, and Hyderabad Outer Ring Road.

Amitabh Murarka, deputy CEO of IRB Infrastructure, said, “Pleased to see the continued growth momentum across all our highways assets. Since the second half of the financial year is always better from a toll collection perspective, we expect this growth to continue for the remaining quarter of FY24, too.”

Murarka added that they expect strong growth during the last quarter of the current fiscal year, especially after the Samakhiali Santalpur BOT project in the State of Gujarat that has begun the toll collection process from 28 December 2023 and will have full month toll revenue in the remaining months of FY24.

At 12:44 pm, the shares of IRB Infrastructure were trading 10.20% higher at Rs 46.45 on NSE.