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Motilal Oswal Report
As of August 2023, project awarding by National Highway Authority of India stood at 170 kilo metre and construction stood at 1,215 km. Project awarding activity picked up pace in Q4 FY23, with NHAI awarding total projects of 6,003 km in FY23. NHAI's highway construction pace increased ~13% YoY to 4,882 km in FY23.
Toll collections have been improving, with FASTag-based toll collections of Rs 208 billion during April-July 2023 with a daily run rate of ~Rs 1.7 billion. In July-23, daily average toll collections stood at Rs 1.6 billion.
NHAI's primary focus is on asset monetisation to raise funds outside of budget resources. In FY24, NHAI plans to monetize 2,612 km of highways through toll-operate-transfer /InvIT/toll securitisation modes and has identified 46 national highway sections for the same.
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 March 2024.
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