Latest News | IRB Invti Q2 Dividend Down 15 Paise to Rs 2.05/unit

Mumbai, Oct 17 (PTI) IRB Invit Fund, the first listed infrastructure investment trust, on Monday announced the distribution of Rs 119 crore or Rs 2.05 per unit dividend to unitholders for the second quarter of the current fiscal. The amount is 15 paise lower compared to the dividend paid in the year-ago period.

The trust said its revenue fell to Rs 203 crore in the reporting period from Rs 328 crore, pulling down the operating profit to Rs 164 crore from Rs 269 crore. However, toll collection went up 19 per cent and FASTag collections nearly doubled in the September quarter, clipping at 96 per cent.

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Accordingly, per unit distribution of dividend has also come down to Rs 2.05 from Rs 2.20 each unit. For the first half, the same has improved to Rs 4.05 a unit from Rs 4 per unit as income from operations also improved to Rs 921 crore from Rs 665 crore, the trust said.

The spike in income was driven by a Rs 423 crore one-time income by way of an arbitration award for the Tumkur-Chitradurga project, it added.

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With this, the cumulative dividend distribution in the first half of this fiscal has reached Rs 4.05 per unit, and since the listing the distribution has crossed Rs 54.35 per unit, which is more than Rs 3,155 crore. This is over 50 per cent of the fund raised from the initial public offering (IPO), five years ago, IRB Infrastructure, the investment manager to the IRB Invit fund, it said in a statement.

The trust has set October 21 as the record date for distribution and the same will be paid to the unitholders on or before October 31.

The trust is set to add the sixth asset to its portfolio as it is taking over the Vadodara Kim-HAM project, in Gujarat, which is a part of the upcoming Delhi-Mumbai green-field expressway at an enterprise value of Rs 1,297 crore. With this, aggregate gross enterprise value of the assets under the trust's portfolio will cross Rs 8,000 crore.

The toll collection across all assets has already surpassed pre-Covid levels and is witnessing continuous improvements in the same. With all these positive signs, the trust expects the remaining quarters to be good, Vinod Kumar Menon, chief executive of IRB Investment Manager, said.

The trust operates and maintains a portfolio of 50 toll roads spread across Maharashtra, Rajasthan, Karnataka, Tamil Nadu and Punjab, with an aggregate equity value of around Rs 5,800 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)