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Motilal Oswal Report
Project awarding activity has picked up pace after November 2022, with 4,290 kilo metre of projects awarded till date in FY23 (versus only 1,549 km awarded in the first eight months of FY23).
Road construction by National Highway Authority of India till date in FY23 stood at ~3,150 km. With a target of 6,500 kms in FY23, the remaining part of FY23 would require further acceleration in project awarding to achieve the targets.
Toll collections have been improving, with FASTag-based toll collections of Rs 444 billion as of January 2023 with a daily run rate of ~Rs 1.5 billion.
Asset monetisation is the key focus area for NHAI to raise funds outside of budgetary resources. The National Highways Infra Investment trust is planning to raise up to Rs 80 billion in the third tranche of asset monetization by March 2023. NHAI InVIT successfully raised Rs 14.3 billion in the second tranche to partly fund three road assets stretching 246 km.
Additionally, NHAI InvIT raised Rs 15 billion from the issuance of nonconvertible debentures in Oct-22.
NHAI has prepared a pipeline to monetise 1,750 km of assets in FY23, but a faster execution is required to meet the monetisation target.
Dedicated Freight Corridor Corporation of India Ltd. has revised the timeline for dedicated freight corridor projects and they are now expected to be completed by mid-2024.
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