IRB Infra Shares Rise 2% as Tolls Rise 27% in February

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Shares of IRB Infrastructure Developers rose 2% on March 10 as tolls rose 27% last month from a year earlier.

Shares of the company were up 1.1% at Rs 29.79 on the BSE at 10:51 am. The stock was trading near its 52-week high of Rs 34.9 crore. It has returned more than 300% over the past three years.

IRB Infrastructure Developers and its private infrastructure investment trust (InvIT) unit IRB Infrastructure Trust said in a regulatory filing that cumulative tolls surged 27% to Rs 352 crore in February from Rs 277.47 crore a year ago.

In the third quarter of this year, toll revenue was Rs 1,100 crore, up 33% from last year.

The company has guided for an order inflow of Rs 6,000-8,000 crore in Q4FY23. HDFC Securities noted that as of December 2022, the order book stood at Rs 19,120 crore, 3.2 times FY23 revenue, with engineering, procurement and construction contributing 58.5% (Rs 11,180 crore) and operation and maintenance contributing 41.5% (Rs 7,940 crore).

The company posted net sales of Rs 1,514.14 crore in December 2022, up 18% from the previous year, while profit after tax soared 95% to Rs 141.36 crore.

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