Shares of IRB Infrastructure Developers Ltd were trading in the red and 3% lower despite the company and its associate IRB Infrastructure Trust (InvIT) reporting a 29% year-over-year rise in toll revenue collection in April 2024.

The infrastructure developer based in Mumbai reported in a stock exchange filing that toll collections for the month under review totaled Rs 503 crore for both businesses, up from Rs 388 crore in April 2023.

Amitabh Murarka, deputy CEO of IRB Infrastructure Developers Ltd, said, “Considering the GDP projections; the government’s focus on the infrastructure development for the nation, especially on the roads and highways segment and the abundant opportunities coming up in the sector thereof, which the company looks at, we sincerely feel that the toll collection momentum will have an upward trend in FY25.”

IRB MP Expressway Pvt Ltd (Mumbai Pune Expressway and Old Mumbai Pune Highway NH4) has raked in the most toll earnings of any of the 17 special purpose vehicles (SPVs), totalling Rs141 crore.

Newly installed TOT 12 and TOT 13 assets have started to contribute to the monthly toll collection, the company also said.

Adding two more toll-operate-transfer assets to its portfolio, IRB Infrastructure Developers now has an executable sum of around Rs 10,000 crore for the next two years in their order book.

The overall order book value of the corporation as of December 2023 was Rs 36,185 crore.

In India, IRB is the leading private company for developing toll roads and highways. Its asset base, spanning 12 states and comprising two InvITs and the parent firm, exceeds Rs 80,000 crore.

At 1:17 pm, the shares of IRB Infra were trading 2.96% lower at Rs 65.65 on NSE.