IRB InvIT to distribute Rs116 cr to unitholders in Q1

The IRB InvIT, which is managing five operational road assets spread across Maharashtra, Rajasthan, Karnataka, Tamil Nadu and Punjab, has set August 4 as the record date for distribution

IRB InvIT to distribute Rs116 cr to unitholders in Q1
The aggregate value of IRB InvIT’s assets stand at Rs5,700 crore now

The country’s first infrastructure investment trust — IRB InvIT — which is to be listed on the bourses, will distribute around Rs116 crore to its unitholders at Rs2 per unit for the first quarter of the current fiscal. The trust had distributed Rs104 crore to the unitholders at Rs1.8 per unit in Q1FY22.

“Despite challenges like pandemic, the Trust has been consistent in distribution since beginning and has distributed Rs3,036 crore till date to the unitholders in the five years of listing,” said Vinod Kumar Menon, executive director & CEO of the investment manager, announcing the financial results of the Trust on Friday.

The IRB InvIT, which is managing five operational road assets spread across Maharashtra, Rajasthan, Karnataka, Tamil Nadu and Punjab, has set August 4 as the record date for distribution and the same will be paid to the unitholders on or before August 12, 2022.

The aggregate value of IRB InvIT’s assets stand at Rs5,700 crore now. The weighted average life of assets under the portfolio is 17 years.

“Reflecting a strong recovery, the quarter witnessed double-digit growth in collections quarter-on-quarter for the existing portfolio and a year-on-year toll revenue growth despite cessation of two concessions. We now look forward to add the new asset offered by the sponsors which underlines a strong revenue visibility for its entire concession period of 15 years,” Menon said.

During the first quarter, the toll collection across assets was at Rs368.15 crore against Rs350 crore a year earlier. Over 95% of the collection was through FASTag. Gross income rose to Rs718 crore in Q1FY23 from Rs337 crore a year earlier. In a statement, IRB InvIT said the sponsors have offered their Vadodara-Kim HAM project, part of the Delhi-Mumbai Expressway corridor, to the trust. The Vadodara-Kim project has recently achieved provisional commencement of operations (COD) and now revenue generating.

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