ICRA Ratings expects the toll road projects growth

WPI for December 2022 is significantly lower at 5.0% against WPI of 14.27% in December 2021. ICRA Ratings expects the toll road projects growth to moderate to high single digit in FY2024 after a 17-20% growth witnessed in FY2023 with moderation in the Wholesale Price Index (WPI) inflation. Toll rates and traffic volumes are the two variables which determine toll collections. The toll rate increase is linked to the WPI while the traffic volume is linked to underlying economic activity, primarily manufacturing, construction, and mining. For the projects that were bid post-2008, the toll rate is revised annually in April at 3% fixed rate plus 40% of the change in WPI for December. Hike in toll rates for the projects bid prior to 2008 is 100% linked to the March WPI (toll rate revision happens in July or September each year).

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