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IRB InvIT, India’s first listed Infrastructure Investment Trust, has reported a 22.5 per cent growth in profits in its first full-year performance.
Gross income for the whole financial year came in at ₹1,233 crore, compared to the ₹1,005 crore it posted in the fiscal 2018. For the fourth quarter, IRB InvIT clocked gross profit of ₹325 crore, up 8.69 per cent, compared with ₹299 crore it posted in the year-ago period.
The IRB board has decided to distribute ₹3.1 a unit for the fourth quarter of fiscal 2019. For the whole year, it will be paying out ₹12.25 per unit, totalling ₹180 crore. Further, the investment trust has set May 10 as record date for distribution of dividend and the same will be paid to the unit holders on or before May 16, the company said.
Vinodkumar Menon, CEO & Whole Time Director, IRB Infrastructure, said in a statement that stakeholders would appreciate that the company stood by its commitments on consistent distribution of profit at ₹12 per unit, even in the difficult business and market scenario across all sectors. “We wish to assure our all stakeholders that we would strive for better results in coming years,” he added.
EBITDA for the fourth quarter came in at ₹261 crore, a 15.9 per cent rise compared to the ₹245 crore it posted in the year-ago period. For the whole year, EBITDA was ₹999 crore, a 21.97 per cent increase compared with that in fiscal 2018.
₹7,560-crore portfolio
The IRB InvIT Trust was set up to own, operate and maintain a portfolio of toll roads across Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu and Punjab. The aggregate value is approximately ₹7,560 crore.
InvITs are seeing increasing investor interest. A few days back, India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT), backed by Sterlite Power Grid Ventures, announced its plan to mop up ₹2,560 crore through issue of preference shares, of which almost ₹2,000 crore will be invested by KKR and Singapore-based sovereign wealth fund GIC.
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