New Delhi: Accordingly, toll collections are expected to reach 4QFY21 revenues in 2QFY22 and record 15 per cent growth beginning 3QFY22 over FY20 sans a third wave.
“These expectations are driven by the recovery in June 2021, stronger than the earlier seen in 2QFY21 during the first wave,” India Ratings and Research (Ind-Ra) said in a research report.
In April and May 2021, average toll revenue fell by 10 per cent and 34 per cent respectively, compared to 4QFY21 owing to the localised lockdowns during second Covid wave.
However, the toll collections in June 2021 saw an upward trajectory, reaching 90 per cent of 4QFY21 levels in the last week of June 2021.
“In the backdrop of adequate liquidity and a recovery in traffic, the cash flows of the projects rated above ‘A’ show considerable resilience to stress cases, reflecting ample cushion for timely debt servicing in potential downside scenarios.”
