IRB InvIT declares distribution of Rs 3 per unit for Q2

By: | Published: October 24, 2018 3:25 AM

IRB InvIT Fund on Tuesday said it has recommended a distribution of Rs 3 per unit for Q2FY19, bringing the total  payout to investors to Rs 6.05 per unit for the first half of the year, and cash flow distribution for the quarter to Rs 174 crore.

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IRB InvIT Fund on Tuesday said it has recommended a distribution of Rs 3 per unit for Q2FY19, bringing the total  payout to investors to Rs 6.05 per unit for the first half of the year, and cash flow distribution for the quarter to Rs 174 crore.

Confirming the performance was in line with the company’s guidance, a spokesperson for IRB Infrastructure said, “This is the sixth consecutive quarter, where we have successfully maintained a payout of at least Rs 3 per unit, even with a transport strike for over a week during the quarter.” For the full year, the  company said it is expecting to pay out Rs 12.3 per unit to unit holders.

Revenue for the quarter was up 8.5%, which included a tariff hike for three toll road projects. The spokesperson also said the company is expecting a year-on-year growth in traffic of 6.5% to 7.5% for the rest of the 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, when the project would be put up to its unit holders for transfer into the InvIT.

Earlier this month, CARE Ratings re-affirmed IRB InvIT’s AAA rating with a stable outlook for its long term bank facilities of Rs 1,536.36 crore. According to CARE, the rating continues to reflect high credit quality and established operational track record of the underlying toll road assets.

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