IRB Infra shares slump despite highway construction firm reporting 28% monthly rise in toll collection

IRB Infra Share Price: Shares of highway construction company IRB Infra were down 2.19 per cent, or Rs 0.71, at Rs 31.77 each, on BSE on Monday despite the firm reporting a 28 per cent jump in its monthly toll collection.

The stock that closed at Rs 32.48 on Friday opened at Rs 32.19 on Monday morning.

It rose to the day's high of Rs 32.65 before slumping to its current level.   

The company announced on Monday that its monthly toll collection had gone up by 28 per cent from Rs.328 crore in September 2022 to Rs. 421 crore in September 2023.

The company's aggregate toll revenue growth was 22 per cent higher in Q2FY24 (Rs. 1,203 crore) than growth in Q2FY23 (Rs. 984 crore), IRB Infra said in a statement on Monday.

"With this, the aggregate toll revenue of both entities for the first half of FY24 has risen to Rs. 2,386 crore from Rs. 1,984 crore in the corresponding half of FY23, thus registering a decent increase of 20 per cent over last year," the company said in its BSE filing on Monday.