IRB Infrastructure toll revenue grows 14% to Rs 365 crore in July

IRB Infrastructure Developers Ltd (IRB) on Monday said its revenue from toll collection grew by 14 per cent to Rs 365 crore in July 2023. Toll collection stood at Rs 320 crore in same month last year, IRB said in a statement.

Out of the 12 tolls, the IRB MP Expressway Pvt Limited in Maharashtra contributed the major share of Rs 13.49 crore to the total revenue collection, it said.

Amitabh Murarka, Deputy Chief Executive Officer of IRB Infrastructure Developers Limited, said, "The second quarter too has started on an impressive note. The addition of Nehru ORR, Hyderabad TOT project to the portfolio will further improve the numbers. With this, we expect upward trend in toll collection to continue for remaining Q2 months and rest of FY24 as well."

On August 12, IRB Infrastructure Developers (IRB Infra) Ltd announced making an upfront payment of Rs 7,380 crore to Hyderabad Metropolitan Development Authority (HMDA).

Post payment, its special purpose vehicle (SPV) -- IRB Golconda Expressway Private Limited -- has commenced toll collection on the Jawaharlal Nehru Outer Ring Road (ORR), popularly known as Hyderabad ORR, IRB Infrastructure said in a statement.

The project involves tolling and operations and maintenance (O&M) of 158 kilometres stretch of Hyderabad ORR over a revenue-linked concession period of 30 years.

IRB Infrastructure Developers is India's first integrated infrastructure player in the highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 70,000 crore in 11 states.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.