For Q3, IRB InvIT declares distribution of Rs 3.10/unit

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Published: January 22, 2019 12:40:54 AM

IRB InvIT Fund on Monday said it has recommended distribution of Rs 3.10 per unit for the third quarter of the current fiscal, bringing the total payout to investors to Rs 9.15 per unit till date this year. The cash flow distribution for the quarter stood at Rs 180 crore.

For Q3, IRB InvIT declares distribution of Rs 3.10/unit

IRB InvIT Fund on Monday said it has recommended distribution of Rs 3.10 per unit for the third quarter of the current fiscal, bringing the total payout to investors to Rs 9.15 per unit till date this year. The cash flow distribution for the quarter stood at Rs 180 crore.

Confirming that the performance was in line with the company’s guidance, a spokesperson for IRB Infrastructure said, “This is the seventh consecutive quarter where we have successfully maintained a payout of at least Rs 3 per unit and this was despite closure of one of our projects in this period for some maintenance work.”

For the full year, the company sticks to its guidance of paying out `12.3 per unit to unitholders.

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Revenue for the quarter was marginally up 2.3% to `311 crore. The spokesperson said the company is expecting a year-on-year growth of about 7% in toll revenue for the full year. He added that another road project, Solapur Yedeshi Tollway, belonging to its parent firm IRB Infrastructure Developers, would become eligible for inclusion into the InvIT by the end of the current fiscal. By that time, due diligence would be done and the project would be put up to its unitholders for transfer into the InvIT.

In October, Care Ratings re-affirmed IRB InvIT’s ‘AAA’ rating with a stable outlook for its long-term bank facilities of `1,536.36 crore. According to Care, the rating reflects the high credit quality and established operational track record of the underlying toll road assets. Care said the rating also derives strength from the complete repayment of senior debt, sponsor’s sub-debt, loans and advances in the special purpose vehicles from proceeds of the initial public offering, translating into a healthy debt coverage of the trust group.

The trust, set up to own, operate and maintain a portfolio of toll road concessions, is currently managing seven operational road assets with a total length of over 4,000 km, spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu and Punjab.

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