Smallcap stock under ₹50: IRB Infrastructure Developers hits 52-week high on robust toll collection
IRB Infrastructure Developers were locked at over 3 per cent upper circuit at ₹40.95 apiece on the BSE, hitting its new 52-week high mark on Friday, December 8. This came after India's largest toll operator reported a 20 percent on year rise in gross toll collections in November 2023. The company clocked in toll collections worth ₹437.05 crore in November compared to ₹366 crore in the year-ago period.
The rise in toll collections came despite the slower economic activities on account of festival holidays during the month. On Friday, shares of IRB Infrastructure Developers opened at ₹40.10 and gained 2.11 per cent to hit a 52-week high o ₹40.95 apiece on the BSE. Shares settled 3.67 per cent higher at ₹39.84 apiece on the BSE.
“We have witnessed a continued rise in toll collection, despite Diwali holidays, which briefly slowed down momentum of economic activities across the nation for almost a week’s time,'' said Amitabh Murarka, Dy CEO of the company. ‘’Overall, it’s promising to see the persistent growth momentum gained in first eight months of FY24. The second half of the year is always better from toll collection perspective; accordingly, we expect the growth momentum to continue, especially with Gujarat BOT commencing tolling soon,'' he added.
IRB has an asset base of over ₹75,000 crore in 12 states across the parent company and two InvITs. It has approximately 20 per cent share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India. In the TOT space, the group commands a market share of around 42 per cent, according to its exchange filing.Milestone Alert!
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