Cube Highways Trust (543899) Q4 24/25 earnings summary

Executive summary

• Achieved robust financial and operational growth in FY25, with significant portfolio expansion and strong traffic and revenue performance.

• Consolidated financials for FY25 include results from 25 subsidiaries, with major acquisitions of 6 HAM SPVs and NAM Expressway Limited.

• The group reported a consolidated net loss of Rs. 7,059.22 million for FY25, compared to a net loss of Rs. 357.33 million in FY24.

• Issued India's first Sustainability-Linked Bond in the roads sector, reflecting commitment to ESG and innovative financing.

Financial highlights

• Assets Under Management (AUM) grew 25% YoY to INR 322.7 billion as of March 31, 2025.

• FY25 toll revenue increased 8.0% YoY; traffic volume rose 6.2% YoY.

• Revenue from operations for FY25 was Rs. 33,071.44 million, up from Rs. 29,161.37 million in FY24.

• Net debt/AUM at 44.65%; DSCR at 1.7x; cost of debt at 8.06%.

• Distribution per unit for FY25 was INR 11.0, with cumulative distribution of INR 21.09 per unit.

Outlook and guidance

• Continued focus on portfolio expansion, stable cash flows, and sustainable growth.

• The Trust completed major acquisitions and expects further expansion, with pending acquisitions subject to regulatory approvals.

• Road sector outlook remains positive with robust government support, increased project awards, and strong capital expenditure.