ICRA expects revenue growth at a higher single digit for FY2024 over FY2023 on an elevated base and continuation of a healthy demand scenario. Downside risks to the estimates, however, remain sensitive to the emergence of any further waves or new variants, as witnessed in a few countries, and its ripple effects on India, given its strong linkage to economic activity on an aggregate basis. The debt coverage metrics are expected to marginally moderate in FY2023 and FY2024 compared to the FY2022 levels, owing to expected debt-funded capital expenditure for vehicle replacement required prior to the introduction of the scrappage policy, along with the rising interest rate regime.
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