Companies

IRB InvIT reports 38.7 per cent drop in Q1 revenues

Our Bureau Mumbai August 20 | Updated on August 20, 2020

IRB Infrastructure Investment Trust (InvIT) has reported a 38.7 per cent dip in revenues, due to the effect of lockdown restrictions, in the June-ended quarter.

In Q1, income was ₹ 198 crore, compared to ₹323 crore in the same period last year.

The InvIT will distribute ₹1.50 per unit for Q1 FY21, which translates to a total payout of ₹87 crores to the unitholders. This comprises .₹1.50 per unit as interest, the company said. In the year-ago quarter, IRB InvIT had distributed ₹174 crore to unit holders.

The Trust has set August 25 as the record date for distribution and the same will be paid to the unitholders on or before September 3, 2020.

EBITDA for the June-ended quarter came in at ₹142 crore, a 44 per cent dip when compared to ₹254 crore posted in the year-ago period.

Vinod Kumar Menon, Executive Director & CEO of the Investment Manager said, “We had only 72 days operations in the first quarter of FY21 and that too under strict lockdown restrictions mandated by the government authorities, in view of the outbreak of Covid-19 Pandemic environment across the nation.”

It seems that now, post relaxations are allowed in phased manners, the operations have started picking pace and normalcy is in sight, he added. Toll collections for IRB’s portfolio have reached 83 per cent on a yearly basis in June 2020 and continue to improve further, added Menon.

Also, considering the impact of Covid-19, the board has reduced investment management fees by 50 per cent for FY21 and has reduced floor price by 50 per cent in this fiscal.

Published on August 20, 2020

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