Indus Infra Trust (INDUSINVIT) Q4 23/24 earnings summary

Executive summary

• Bharat Highways InvIT is an infrastructure investment trust listed on NSE and BSE since March 2024, holding a diversified portfolio of seven operational road assets across five Indian states, all under the Hybrid Annuity Model (HAM).

• The trust is sponsored by Aadharshila Infratech Private Limited, with GR Highways Investment Manager Private Limited as the investment manager and IDBI Trusteeship Services Limited as trustee.

• The InvIT’s strategy focuses on stable, inflation-linked annuity revenues from NHAI, operational excellence, prudent risk management, and sustainable growth through further acquisitions.

Financial highlights

• Market capitalisation as of 31 March 2024: ₹48,767 million.

• Assets under management (AUM): ₹61,266 million.

• Consolidated total income for FY 2023-24: ₹1,286.2 million; consolidated net profit: ₹148.1 million.

• Consolidated total assets: ₹62,594.1 million; consolidated total equity: ₹49,565.9 million.

• Net Asset Value (NAV) per unit as of 31 March 2024: ₹114.12.

• Distribution declared for Q4 FY24: ₹3.00 per unit (₹0.50 interest, ₹2.50 dividend).

• Gearing ratio (consolidated): 16.03%; credit rating: AAA/Stable from CARE, CRISIL, and India Ratings.

Outlook and guidance

• The trust aims to expand its portfolio through strategic acquisitions, leveraging a Right of First Offer (ROFO) agreement with GR Infraprojects Limited for future road assets.

• Focus remains on operational efficiency, technological innovation, and ESG best practices to drive growth and differentiate from peers.

• The government’s continued infrastructure push and robust pipeline of highway projects are expected to provide significant growth opportunities.