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In our view, measures from government such as-
pickup in awarding activity,
reducing the bank guarantee as performance security,
shifting of payment from milestone billing to monthly billing and
faster resolution of disputes has helped infrastructure companies during tough times of pandemic.
With ease of commodity inflation and government’s thrust on infrastructure spending (Rs 2 trillion road budgetary allocation) we expect the awarding to remain robust in FY23.
For Roads, we have witnessed awarding activity of 101 kms awarded in year-to-date-FY23 versus (303 kms awarded in YTD22).
Further we were excited to see the live upcoming bid pipeline of Rs 254 billion plus from National Authority of India spread across various segments such as engineering, procurement and construction (Rs 165 billion), hybrid-annuity-model (Rs 66 billion) and built-operate-transfer (Rs 23 billion).
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