Infrastructure stock up 250% in 3 years zooms 32% in December toll collection

Market


The industrial sector is the focus of IRB Infrastructure Developers Ltd (IRB), a mid-size company with a market worth of 18,132.10 Cr. IRB Infrastructure Developers Limited and its Private InvIT Arm, IRB Infrastructure Trust, jointly reported a 32% YoY rise in toll collection across all of its projects in December 2022. The company recorded a toll collection of Rs. 388 crore in December 2022 compared to Rs. 294 crores in December 2021. In comparison to November 2022, when it was recorded at Rs. 366 Crores, the toll collection has also climbed on a month-to-month basis.

Shri Virendra D. Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Limited said, “The consistent increase in the toll collection on all our projects reflects not only that the economy is on growth trajectory, but also these corridors are playing vital role in this growth.”

On the NSE, the shares of IRB Infrastructure Developers Limited closed today at 299.90 apiece level, down by 0.79% from the previous close of 302.30. The stock recorded a total volume of 1,701,779 shares compared to the 20-Day average volume of 7,615,217 shares. The stock has gained 20.01% during the past five years, and over the past three years, it has produced a multibagger return of about 257%. The stock has gained by 24.70% during the past year. The stock has fallen 4.49% year to date, but it has gained 41.03% over the previous six months. The stock had touched a 52-week-high of 329.40 on (14-December-2022) and a 52-week-low of 178.90 on (20-June-2022), indicating that at the current price level, the stock is trading 8.95% below the 1-year high and 67.63% above the 1 year low.

Commenting on the technical outlook of the stock, Ravi Singh, Vice-President and Head of Research at Share India said “IRB Infra is witnessing selling in the stock since the announcement of the split. However, it has delivered a strong return of 535 per cent from its Covid-19 low of 51. Recently, the company’s revenue from toll prices has rises due to hike in toll fee. The stock is showing support at lower levels on technical setup and the momentum indicators and oscillators are suggesting a good move ahead in upward direction. The counter may touch the levels of 320 in near term.”

IRB Infrastructure Developers Ltd (IRB) is the first international participant in Indian infrastructure in the highways sector. The parent company and two InvITs of IRB, the largest integrated private toll roads and highways infrastructure developer in India, has a total asset base of around Rs.60,000 Cr. in 10 States.


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