IRB Public InvIT Overview

 IRB Public InvIT Overview

• IRB InvIT Fund Gross Toll Revenue Toll Collection increase ~ 13% on Y-o-Y basis  
  
• According to a report,  Over 85 per cent of India's passenger traffic and about 65 per cent of its freight are transported on roads  , this gives us an idea of its importance
• Listed in May-2017 with initial portfolio of six operational assets; seventh asset was transferred in Sep-2017 
• Two assets were successfully completed and handed back to the authority. One HAM asset acquired in Oct-2022  
•  IRB InvIT has recently acquired VK1 HAM Asset from IRB Infra for an enterprise value of INR 12.97 bn including INR 3.42 bn as Equity payment  
  
•   BOT-Toll assets with proven traffic history and spread across different states incl. Maharashtra, Rajasthan, Karnataka, Punjab & Tamil Nadu 
• Presence across key highway stretches in India; four assets part of Golden Quadrilateral corridor with one asset on the East-West corridor 
• Remaining concession life of ~16 years  
  
•   For new acquisitions, the endeavor shall be to maximize payout to the unitholders without impacting the current yield.  
• IRB InvIT: 8.00 per unit  
  
• Cumulative Distribution since IPO crosses 65% to Rs.3,852 Crs
• FY24 Toll Revenue growth is 10% Y-o-Y • Maiden distribution of dividend for FY24 is Rs.0.60 per unit •
•  Electronic Toll Collection is now ~ 96%   
  
• The Trust, set up to own, operate and maintain portfolio of highway concessions, is managing 6 operational highway assets at present, which include five BOT assets and one HAM asset, with an aggregate value (net assets) of Rs. 8,000 Crores spread across the states of Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, and Punjab. 
• IRB InvIT to distribute Rs. 116 Crs at Rs. 2.00 per unit for Q4FY23 Aggregate distribution for FY23 is Rs. 467 Crs
• at Rs. 8.05 per unit Cumulative Distribution since IPO crosses 57% to Rs. 3,387 Crs 
• Good recovery in revenue over FY22 despite completion of 2 Concessions 
• First HAM project added to the Portfolio 
• FY23 Toll Revenue rises 26% Y-o-Y 
• Electronic Toll Collection is now ~ 95%
• “The InvIT has well managed to continue with this distribution, despite certain odds like handing over two concessions due to completion. 26% rise in toll collection across all assets despite these odds, along with FASTag toll collection around 95% is noteworthy. Adding a HAM Asset, the first one for the Trust, which would ensure consistent periodic revenue inflow, is another feather in the crown.” He further added, “Trust will continue to explore opportunities to acquire assets.” 
• To re-iterate, the Trust acquired its first Hybrid Annuity Asset, Vadodara Kim Project from the Sponsors, in October 2023, which is the first stretch to achieve COD on the prestigious Delhi Mumbai 8 Lanes Greenfield Expressway.   
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