National Highways Infra Trust (NHIT) Q2 24/25 earnings summary

Executive summary

• Portfolio spans critical economic corridors, including East-West and North-South, with assets in high-growth states and major national highways.

• Board approved standalone and consolidated financial results for the quarter and half year ended 30th September 2024, along with the limited review report from statutory auditors.

• Recent asset additions and monetization, including Project Leap and Round 4, have expanded operational length and revenue base.

• Distribution of Rs. 1.829 per unit declared for the quarter, with Rs. 1.806 as interest and Rs. 0.023 as other income, to be paid within 15 days of declaration.

• Valuation of existing assets as of 30th September 2024 stands at Rs. 28,816.42 crores.

Financial highlights

• Q2 FY25 consolidated revenue from operations rose 140% year-over-year to Rs 566.76 crore.

• EBITDA increased 157% to Rs 468.94 crore, and PAT surged 306% to Rs 259.00 crore compared to Q2 FY24.

• Standalone net profit after tax for the half year ended 30th September 2024 was Rs. 1,00,695.35 lakh, with consolidated net profit at Rs. 13,848.26 lakh.

• Earnings per unit (basic and diluted) for the half year were Rs. 7.67 (standalone) and Rs. 1.06 (consolidated).

• Debt at period end stood at Rs 12,099.05 crore, up 307% year-over-year.

Outlook and guidance

• Quarterly distributions continue to maximize investor returns, with a 6.2% annualized distribution yield and ~15% compounded average annual returns since listing.

• The Trust maintains high operating margins (standalone: 99.22%, consolidated: 80.86%) and net profit margins (standalone: 67.46%, consolidated: 12.25%) for the half year.

• No indicators of impairment of assets as of the reporting date; management expects continued strong cash flows.

• Ongoing asset monetization and expansion expected to further enhance revenue and investor value.