Shares of IRB Infrastructure fell 3 percent in early trade on October 9 as investors booked partial profits following strong gains of nearly 5 percent in the previous session. This comes after the company reported a 28-percent rise in toll revenue in September.
The infra company's toll revenue came at Rs 421 crore in September, up from Rs 328 crore in the same month of the previous fiscal.
The robust trend of toll collections was also seen through the July-September quarter as revenue jumped 22 percent on year to Rs 1,203 crore against Rs 984 crore in the corresponding quarter last year.
At 09.27 am, shares of IRB Infra were trading 1.4 percent lower at Rs 32.05 on the National Stock Exchange.
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The rise in toll collection also sits in-line with the company's expectations of a 20-percent revenue growth in FY24 from its toll collection business, despite a fall in exports and slowdown in e-commerce sales in the April-June as highlighted by the company's Director of Investor Relations, Anil Yadav, in an interaction with Moneycontrol.
"As of now, we have not seen any kind of impact on toll collection due to a fall in exports and a slowdown in e-commerce sales. And typically, the growth of toll collection will be dependent upon what kind of growth we see in the GDP. We expect to end the year with around 20 percent growth in toll revenues," Yadav said.
Yadav attributed the resilient revenue growth to the commissioning of parts of the eastern and western dedicated freight corridors. In the fiscal year 2022-23, IRB Infra amassed a total of Rs 4,179.50 crore from toll revenue. Furthermore, the first quarter of 2023-24 has witnessed an 18 percent year-on-year increase in revenues, reaching Rs 1,183 crore, compared to the nearly Rs 1,000 crore generated in the first quarter of 2022-23.
Also Read | IRB Infra is looking at 20% on year growth in toll revenue in 2023-24
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