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Net profit of Oriental Rail Infrastructure rose 531.82% to Rs 12.51 crore in the quarter ended December 2023 as against Rs 1.98 crore during the previous quarter ended December 2022. Sales rose 37.92% to Rs 146.58 crore in the quarter ended December 2023 as against Rs 106.28 crore during the previous quarter ended December 2022.

Oriental Rail Infrastructure consolidated net profit rises 531.82% in the December 2023 quarter

ONBHL is exposed to risks related to maintenance of the project stretch. If the prescribed standards are not met, annuity payment may be reduced. Any significant delay and deduction in annuities could impact the project's debt servicing capability. Furthermore, as operating cost depends on inflation, any significant increase in these components could impact cash flow. Nonetheless, fixed price agreement with OSEPL for maintenance of the stretch for the full concession period is expected to mitigate this risk and help in effective maintenance of assets


Construction of the toll plaza on the Maharashtra section is still pending and awaiting approval from the relevant authority. However, the risk of completion of balance work is mitigated by the construction reserve of Rs 8.73 crore as on September 30, 2024. Any increase in the construction cost, not funded by the sponsor, will remain a rating sensitivity factor.


The issuer has made timely interest payments.

Mr. Nikhil Dhingra, Director

ONBHL receives annuity payments from the NHAI. Under the annuity concept, NHAI makes a fixed semi-annual payment over the concession period to the concessionaire. As the concessionaire bears no traffic risk, the project is insulated from any demand risk.

The waterfall mechanism ensures that annuity proceeds are used to service payouts towards NCDs, once the statutory dues and payments towards NHAI are fulfilled. As per existing terms, DSRA of Rs 287.18 crore, which is equivalent to principal and interest obligation for nine months, is maintain In case the additional reserve is withdrawn, project cash lying in the ONBHL surplus cash account needs to be mandatorily transferred in accordance with written instructions issued by the debenture trustee.

Security Name: 8.78% Oriental Nagpur Betul Highway Limited 30 Mar 2028

ISIN:

INE105N07506

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Oriental Nagpur Betul Highway Limited

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Oriental Rail Infrastructure consolidated net profit rises 531.82% in the December 2023 quarter

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