Despite no toll collections for the first two days of December on account to demonetization, IRB Infrastructure Developers Ltd, one of the biggest toll road operators in the country, has an overall 3% increase in revenues last month as compared to October figures.
Average gross daily toll revenue statistics shared by IRB Infrastructure for the month before high-value banknotes were made illegal and for December, show a surge in collections for most of the toll revenue projects.
Demonetization was announced on November 8 and toll collections stopped from November 9 afternoon till December 2, last year.
The company has a total of 14 toll revenue generating projects in seven states. Of these, nine witnessed a jump in collections, whereas for two projects – Bharuch-Surat and Jaipur-Deoli – the collections were unchanged. The rest three, Pathankot-Amritsar, Tumkur-Chitradurga and Agra-Etawah, saw toll collections going down by 8%, 4% and 13%, respectively.
The highest increase has been for Thane-Ghodbunder project, at 50%, where passenger vehicles are exempted from payment and only heavy vehicles shell out toll fee.
DNA Money also sought November 2016 data for toll collected at these 14 projects, but there wasn't any response from IRB Infrastructure Developers Ltd.
After the company shared the details with BSE on Thursday, its shares went up by Rs 7.55, or 3.65%, to end at Rs 214.35.
On November 23, DNA Money had published that National Highways Authority of India (NHAI) will be compensating infrastructure companies for the loss of toll collections during 'No Toll Days' after demonetization. The daily average collections of October will be calculated to arrive at the compensation figure for 24 days of 'No Toll Days'. The infrastructure companies are yet to receive the compensation amount from the government authorities.
As per the calculations by NHAI, the total losses at all the 317 toll plazas across the country works out to be around Rs 1,212 crore, but as some of the projects are either annuity-based or government funded, they are bound to pay for only Public Private Partnership (PPP) projects. For these PPP projects, NHAI will pay around Rs 922 crore to various infrastructure companies.
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The highest increase has been for Thane-Ghodbunder project, at 50%, where passenger vehicles are exempted from payment and only heavy vehicles shell out toll fee.
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