According to the CRISIL report, toll road operators are expected to experience a decrease in top line growth in the range of 9-11 per cent for the year 2023-24, which is lower than the impressive revenue growth of 16-18 per cent projected for the current fiscal year.

This fiscal year's growth is attributed to a substantial hike in toll rates due to inflation and an increase in traffic on national highways.

However, the revenue will moderate to 9-11 per cent in FY24 due to falling inflation and a possible moderation in traffic growth, according to the statement.

A study of 49 toll road assets in 14 states found that toll collections and balance sheet liquidity will help toll road operators maintain a strong credit profile.

Anand Kulkarni, a director at the agency, has stated that toll road operators' revenue is expected to surge in fiscal year 2023. This will be propelled by a significant toll rate hike of 10.5 per cent, based on wholesale price inflation, reports The Economic Times.

Traffic growth is expected to remain robust at a rate of 5-7 per cent, although on a low base of fiscal year 2022.

Traffic is anticipated to slow down to 4-6 per cent growth in fiscal year 2024, yet it will still surpass the four-year average compound annual growth rate of 2-3 per cent seen through fiscal year 2022.

The report states that the growth of traffic is tied to real GDP growth, which is projected to drop from 7 per cent to 6 per cent in financial year 2024.