Indus Infra Trust (INDUSINVIT) Q4 24/25 earnings summary

Executive summary

• Acquired 100% of GR Galgalia Bahadurganj Highway Private Limited in March 2025, expanding the HAM asset base from eight to nine and increasing annuity income.

• Successfully listed on NSE & BSE in March 2024 as the first HAM-focused public InvIT, with strong investor demand and a diversified portfolio of 9 NHAI HAM projects totaling ~617 km and AUM of ~Rs 70,362 Mn as of March 31, 2025.

• Consolidated and standalone audited financials for the year ended March 31, 2025, were approved, reflecting the first full year post-IPO and asset acquisitions.

• Asset base has an average balanced life of 11.4 years as of March 31, 2025, with all assets located in India.

• Strong commitment to delivering sustainable value and capitalizing on infrastructure growth opportunities.

Financial highlights

• Q4 FY 2025 consolidated total income was INR 268 crores, with INR 251 crores from operations and INR 17.5 crores from other income.

• Standalone FY25 total income was Rs 14,508.74 Mn, consolidated FY25 total income was Rs 8,555.97 Mn, and consolidated profit after tax for FY25 was Rs 4,816.66 Mn.

• Distribution per unit (DPU) for Q4 FY25 was Rs 2.25, comprising interest, dividend, and return of capital.

• Total debt at InvIT and SPV level stood at INR 2,124 crores (Rs 21,442.66 Mn), including INR 394 crores of external debt from a recent project acquisition.

• NAV per unit increased to INR 115.81 as of March 31, 2025.

Outlook and guidance

• FY 2026 DPU guidance is INR 12.5 per unit, slightly lower than the previous year due to reduced surplus cash.

• Asset acquisition guidance for FY 2026 is five to six assets, significantly higher than the previous year.

• Right of first offer (ROFO) for 21 additional road assets from GRIL and potential third-party acquisitions.

• Leverage ratio expected to rise to around 55% if no equity is raised.

• IRR for recent asset acquisitions is targeted at 12%-12.5%, with future acquisitions expected to maintain similar returns.