Shares of IRB Infrastructure Developers rose 5% on May 10, as the company and its listed private InvIT (IRB Infrastructure Trust) reported a 19% year-over-year increase in toll revenue in April 2023.

Toll collection for April 2023 increased to Rs 388 crore from Rs 327 crore in April 2022.

Shares of IRB Infrastructure Developers were trading at Rs 28.47 at 9:52 am, up Rs 0.95, or 3.45%.

Virendra D Mhaiskar, chairman and managing director of IRB Infrastructure Developers, said the continued increase in tolls was due to growth in traffic across all corridors, toll hikes following the construction of some projects, and annual toll revisions effective for the operating mix from April 1.

IRB infrastructure grew approximately 40% in FY23 compared to FY22. Its toll revenue in FY23 was Rs 4,180 crore compared to Rs 2,986 crore in FY22.

As India’s largest integrated private toll road and highway infrastructure developer, IRB Infrastructure has an asset base of over Rs 70,000 crore across 11 state parent companies and two InvITs. The company has a proven track record in the construction, tolling, operation and maintenance of approximately 17,200 lane kilometres across India.