IRB InvIT Fund to distribute Rs. 2.05 per unit 

  • Cumulative distribution for H1FY23 is Rs. 4.05 per unit
  • Trust set to add HAM Asset, i.e., Vadodara Kim HAM project in Gujarat after overwhelming support by Unit Holders during EGM for the acquisition 
  • Total distribution since listing crosses Rs. 3,155 Crs mark; thus, more than 50% of the fund raised at IPO, 5 years ago
  • Toll collection goes up by 19%; also FASTag collection rises to 96%

Mumbai, October 17, 2022: IRB InvIT Fund, India’s first listed Infrastructure Investment Trust has announced distribution of Rs. 2.05 per unit for Q2FY23 in a Board Meeting of an Investment Manager held today.

With this, the cumulative distribution for H1FY23 has reached Rs. 4.05 per unit; and the distribution since the listing has reached Rs. 54.35 per unit, which is more than Rs. 3,155 Crores, i.e., more than 50% of the fund raised at the time of an IPO, 5 years ago.

The Board of IRB Infrastructure Pvt. Ltd., the Investment Manager to the IRB InvIT Fund, today announced the financial results for second quarter and first half of FY23 and declared distribution of ~ Rs. 119 Crores to the Unit Holders translating into payout of Rs. 2.05 per unit for the second quarter.

The Trust has set 21st October 2022 as the record date for distribution and the same will be paid to the unit holders on or before 31st October 2022.

In a major development during the quarter, the Trust is now set to add 6th Asset to its portfolio, i.e., Vadodara Kim HAM Project in the State of Gujarat, which is a part of upcoming Delhi Mumbai green-field expressway at an enterprise value of Rs.1,297 Crores. Earlier, the sponsors of the Trust had offered this Asset to the Trust, which received nod with substantial majority i.e. 99.99% from the Unitholders of the Trust. Post addition of the asset to the portfolio, the aggregate gross enterprise value of the Assets under Trust’s portfolio will again cross Rs. 8,000 Crores mark.

Commenting on the occasion, Mr. Vinod Kumar Menon, Executive Director & CEO of the Investment Manager said, “The addition of HAM Asset to portfolio is in line with our strategy to explore investment opportunities to enhance Stakeholders’ value and along with the other BOT Assets under portfolio, which would bring good revenue mix for the Trust.” He further added, “The toll collection across all Assets has already surpassed pre-COVID levels and is witnessing continuous improvements in the same. The forthcoming festive season may see some further improvement in the same. With all these positive signs, we expect to have good remaining quarters of the FY23”.

Financial Highlights:

Period Q2 FY 23

(Rs. in Crs)

Q2 FY 22

(Rs. in Crs)

H1 FY23^

(Rs. in Crs)

H1 FY 22

(Rs. in Crs)

Revenue 203 328 921 665
EBIDTA 164 269 417 544
Distribution 119 128 235 232
Per Unit 2.05 2.20 4.05 4.00

^ Total income for H1 FY23 includes revenue from arbitration award of Rs.423 crores

Business Highlights:

  1. With regard to Tumkur Chitradurga project, the Hon’ble Arbitral Tribunal in its Interim Award, has removed the existing embargo on the operations of the Escrow Account and permitted the withdrawals towards taxes, O&M payments and debt servicing and also allowed withdrawals for payment of undisputed premium/ revenue share to NHAI. Moreover, the Hon’ble Arbitral Tribunal also permitted the operations of the escrow account to continue as per the waterfall mechanism provided in the Escrow agreement
  2. With regard to compensation of the Farmers’ agitation for Amritsar Pathankot project, the Company has received interim relief of Rs. 36 crores from NHAI.

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