Penny infrastructure company hits fresh 52 week high after august update
Over the past year, the company's shares have provided a return of 45.56 per cent
IRB Infrastructure Developers Ltd an infrastructure development and construction company in India, reported their toll revenue for August 2023 yesterday. Today, after the market opened the company's shares surged by up to 3 per cent, reaching a fresh 52-week high. The company is also involved in other business segments in the infrastructure sector, including road maintenance, construction, airport development, and real estate.
The company reported a total toll revenue of Rs 417 crore for the month of August 2023, compared to Rs 336 crore in August 2022, representing a year-on-year growth of 24 per cent. IRB Infra's wholly-owned subsidiaries reported a 20 per cent growth in toll collection for August 2023 compared to the corresponding month last year. Joint ventures and entities under IRB Infrastructure Trust, the Private InvIT, reported a 28 per cent growth in toll collection for August 2023 compared to the corresponding month last year.
IRB has an asset base of over Rs 70,000 crore in 11 states across the parent company and two InvITs. The company has a strong track record of constructing, tolling, operating, and maintaining approximately 17,200 lane kilometres pan India. It holds approximately a 20 per cent share in India's prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.
In the last trading session, the stock closed at Rs 33.34. Today it opened at Rs 34.64 and surged to Rs 35, hitting a fresh 52-week high. It has a 52-week low of Rs 19.82. Currently, the company's shares are trading at Rs 34.22, up by 2.33 per cent. The company has a market capitalization of around Rs 20,600 crore. Over the past year, the company's shares have provided a return of 45.56 per cent and over the past three years they have delivered a multibagger return of 194.74 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.