With the extended lockdown to contain the COVID-19 pandemic, the roads and highways sector will see developers and toll operators incurring toll revenue losses of Rs.34.50-37 billion during March-June, estimates CRISIL Infrastructure Advisory. The National Highways Authority of India (NHAI) will lose Rs.21-22 billion in toll over this period.In addition to loss in toll revenue, stakeholders will suffer losses on account of accrued interest, increase in costs of under-construction projects, time overruns, and a rise in disputes between the private sector and government authorities. Moreover, NHAI had planned to raise Rs.800-850 billion through fiscal 2025 by monetising ~6,000 km of operational public-funded toll roads. This asset monetisation programme through toll-operate-transfer and infrastructure investment trusts will likely take a hit. “Tolling operations resumed on April 20 and construction on select projects has also restarted,” says Akshay Purkayastha, Director, Transport &Logistics, CRISIL Infrastructure Advisory. “Going forward, the ramp-up in traffic, availability of labour and raw materials for construction, and expeditious dispute resolution will be the key monitorables. In addition, road authorities such as NHAI will have to step up initiatives beyond conventional avenues such as development of wayside amenities and formation of SPVs and JVs for both financing and revenues.”