Indus Infra Trust (INDUSINVIT) Q3 24/25 earnings summary

Executive summary

• The trust rebranded from Bharat Highways InvIT to Indus Infra Trust in November 2024, reflecting a broader infrastructure focus and compliance with SEBI advisory.

• Successfully listed on NSE & BSE on March 12, 2024, as the first HAM-focused public InvIT.

• Portfolio includes eight operational NHAI HAM projects across multiple states, totaling approximately 568 km, with an average balance of 11.4 years as of December 31, 2024.

• The trust has already surpassed its initial distribution guidance within nine months of listing, with cumulative DPU reaching INR 11.95 per unit.

• Institutional investor subscription was 9.1x and non-institutional 6.25x at IPO.

Financial highlights

• Q3 FY25 consolidated total income was INR 2,244.73 million, up from INR 1,712.51 million in Q2, with consolidated EBITDA at INR 1,627.17 million.

• Net profit (consolidated) for Q3 FY25 was INR 1,188.42 million; basic and diluted earnings per unit were INR 2.68.

• Distribution per unit for Q3 FY25 was INR 2.75, with INR 2.51 as interest and INR 0.24 as dividend.

• NDCF for Q3 FY25 was INR 1,226.40 million, supporting the declared distribution.

• Cumulative DPU for the nine months since listing is INR 11.95 per unit, exceeding initial guidance.

Outlook and guidance

• Distribution guidance for the year remains at INR 11.5 per unit, with management indicating potential for higher annualized distributions.

• Plans to expand the portfolio through ROFO rights for 21 additional road assets from GRIL and potential third-party acquisitions.

• Each new asset is expected to add INR 600–800 crores to AUM.

• The Trust is required to distribute at least 90% of net distributable cash flows annually.