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Motilal Oswal Report
Project awarding by National Highway Authority of India stood at ~2,500 kms in FY24 (versus 6,003 km awarded in FY23) and construction stood at 6,644 km. Muted awarding by NHAI hit FY24 order inflows for several road construction companies. Some companies also reduced their order inflow targets for FY24 due to the slow pace of awarding.
Toll collections have been improving, with FAStag toll collections (volume) up 13% YoY and collection value up ~22% YoY in Q4 FY24. In March 2024, collections in volume terms improved ~11% YoY, while collections in value terms increased by 17% YoY.
NHAI's primary focus is on asset monetisation as a means to generate funds beyond budgetary allocations. NHAI awarded two toll-operate-transfer bundles, 13 and 14, having a combined length of 273 km for Rs 93.8 billion in Dec-23. To date, NHAI has monetized more than Rs 1 trillion.
Dedicated Freight Corridor Corporation of India revised the timelines for Dedicated Freight Corridor projects, and these projects are now expected to be completed by Dec-24.
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