IRB Infrastructure Developers Limited, India’s leading and the largest integrated multinational infrastructure player in highways sector and its private InvIT, IRB Infrastructure Trust, have collectively reported the toll revenue of Rs. 417 Crs for the month of August 2023 as against Rs.336 Crs in August 2022; thus, Y-o-Y growth of 24 percent, the company on Sunday announced through an exchange filing.
The company’s wholly-owned subsidiaries, which manage Mumbai Pune project and Ahmedabad Vadodara project, reported aggregate toll revenue of Rs.198 Crs against Rs 165 crores in August 2022; thus, a growth of 20 percent. Similarly, the joint ventures entities under IRB Infrastructure Trust, Private InvIT clocked toll revenue of Rs 219 crore in August 2023, as against Rs 171 crore in August 2022; thus, growth of 28 percent.
“We have added prestigious Hyderabad ORR project in Telangana and commenced the toll collection w.e.f. 12nd August 2023.” He further added, “We expect the toll revenue to pick up pace, in view of forthcoming festival season along with likely commencement of toll collection on newly bagged Samakhiyali Santalpur BOT project in the State of Gujarat,” said Amitabh Murarka, Deputy Chief Executive Officer of IRB Infrastructure Developers Limited.
The Company had recently acquired 158 Kms (1,264 Lane Kms) long Nehru Outer Ring Road project in Hyderabad, Telangana State through participating in the global competitive bidding process and subsequently by making an upfront payment of Rs 7,380 crores to the Hyderabad Metropolitan Development Authority (HMDA).
The Company received the tolling rights for revenue linked concession period of 30 years. The project forms the ring road for urban traffic movement in and around the city of Hyderabad, which gets a further boost for being part of north and south corridor - thus bringing significant passenger and commercial traffic to the corridor. This is also visible in the robust CAGR of approximately 15 percent witnessed for the project since it became fully operational i.e., FY2019 to FY2023.