IRB Infrastructure – Demonetization has slowed down growth rate of Indian economy by putting a temporary halt to many of its businesses. Various economists in the country have reported negative growth in the November-December period of the year 2016. But there’s been one exception – IRB Infrastructure Developers. IRB Infrastructure owner, Virendra Mhaiskar, proudly posted average gross daily toll collection numbers for the month of December 2016.
The report suggests that demonetization drive has not been able to affect the toll collection of IRB, even though there are numerous free tolls for the travelers. The company collected toll worth Rs 7.53 crore in October 2016 and its toll collection stood at Rs 7.79 crore in December 2016 – displaying an increment of 3 per cent.
There are total 14 projects of IRB Infrastructure Developers that collect toll across India. Agra-Etawah, Pathakot-Amritsar project and Tumkur-Chitradurga – three projects out of 14 – have shown negative growth of 13 per cent, 8 per cent and 4 per cent, respectively, post demonetization. However, rest of the toll projects posted positive toll collections.
Speaking of the road developers’ financial front, IRB Infrastructure Developers’ revenue climbed 12.31 per cent to Rs 1291 crore in Q2FY17 as compared to the same period of the previous financial year. However, the company also reported a drop of five per cent to Rs 142 crore in Q2FY17 on a yearly basis.
IRB Infrastructure Developers share price grew 3.34 per cent on bourses in early trades and is currently trading at Rs 211.5 on intra-day basis.
The positive growth of one of the biggest roadways developers in the world shows how well its operations are managed, and the credit goes to IRB Infrastructure owner, Virendra Mhaiskar, along with his excellent team. IRB has done justice to their large claims. It’s hard for construction companies to maintain a good outlook, but the success story of IRB makes it look easy.