Indus Infra Trust — Q4 FY26

Indus Infra Trust Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ZNh-RfYh0vc Published: 13 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Indis Infatrust Q4 and FI26 earning conference call. This 0:09 9 seconds conference call may contain forward-looking statements about the company which are based on beliefs, opinion and expectation of the company 0:17 17 seconds as on date of this call. These statement are not the guarantee of future performance and involve risk and uncertainties that are difficult to 0:25 25 seconds predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask question after the presentation 0:34 34 seconds conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:42 42 seconds note that this conference is being recorded. I now hand the conference over to Mr. Amit Kumar Singh, the chief executive officer of the investment manager. Thank you and over to you Mr. 0:53 53 seconds Singh. 0:54 54 seconds Thank you Danish and uh very good afternoon everyone. 0:59 59 seconds On behalf of India trust I welcome you all to the Q4 FI26 earning conference call. This marks our first earnings call 1:07 1 minute, 7 seconds in FI27 covering the performance of Q4 FI26. 1:12 1 minute, 12 seconds A key highlight during the quarter was the continued progress in expanding the trust asset portfolio is in March 26 we 1:19 1 minute, 19 seconds acquired 100% shareholding in three ham assets from GR Intra projects namely GRN expressway private limited GR Vijan 1:28 1 minute, 28 seconds Badnaw Highway Private Limited and GR Bilaspura Highway Private Limited. These acquisitions are aligned with our core investment strategy of adding yield 1:36 1 minute, 36 seconds accretive assets with stable cash flows while also extending the overall asset life of the trust and enhancing long-term distribution visibility for 1:44 1 minute, 44 seconds our units. With these additions, now the total number of assets has increased to 13 with an area of over 9,400 crores. As 1:53 1 minute, 53 seconds many of you are aware, we had signed an SPA in December 25 to acquire four HAM assets from Ka Constructions. We are targeting completion of these 2:00 2 minutes acquisition of uh these acquisitions at the earliest preferably within this quarter itself subject to fulfillment of 2:08 2 minutes, 8 seconds uh all CPS. As of March 3126 the trust asset had an average residual life of 2:14 2 minutes, 14 seconds appro 11.34 years. The outstanding annuities across project SPVS 2 that 10,695 2:22 2 minutes, 22 seconds crores with 87 out of 390 annuities received on time during the period. 2:29 2 minutes, 29 seconds Uh moving on to distributions, the board of directors of the investment manager in its meeting held yesterday declared a 2:36 2 minutes, 36 seconds DPU of rupees 3 and a half per unit for Q4 FIR 26. This comprises interest of 2:43 2 minutes, 43 seconds rupees 1.01 which is 1 rupees 1 per unit and return of capital of 2.49 which is 2 2:52 2 minutes, 52 seconds 49 per unit. The record date for the distribution is May 5th 26. 2:58 2 minutes, 58 seconds Including this our cumulative DPU uh since listing stands at 27.7 3:06 3 minutes, 6 seconds per unit for F26 total DPUs uh amounts to rupees 13.5 per unit exceeding our 3:14 3 minutes, 14 seconds initial guidance of 12 and a half per unit. The total distribution for the year aggregates to 597.97 3:22 3 minutes, 22 seconds crores. We reaffirm our commitment to meeting our stated guidance going forward too. 3:28 3 minutes, 28 seconds Uh moving to industry side, uh the operating environment for the road infrastructure in India remains 3:35 3 minutes, 35 seconds structurally strong. Execution under Bharat Mala Parishna continues to progress steadily with over 26,000 3:43 3 minutes, 43 seconds kilometers awarded and more than 21700 kilometers already completed. This reflects sustained momentum in highway 3:51 3 minutes, 51 seconds development and corridor uh modernization with new project sanctions. The sector appears to be entering a more mature phase focusing on 3:59 3 minutes, 59 seconds optimization and selective expansion of strategic corridors for platform like this shift is constructive as it increases 4:08 4 minutes, 8 seconds emphasis on operating assets, monetization opportunities and longduration visibility. 4:14 4 minutes, 14 seconds Ministry of Road Transport and Highways continues to be a major beneficiary of the government's capex program with an allocation of appro 2.94 lakh crores. 4:23 4 minutes, 23 seconds This in reinforces the long-term expansion and modernization of the national highway network. During the quarter, several strategic projects were 4:30 4 minutes, 30 seconds approved including uh green greenfield connectivity corridor linking Jio International Airport with Delhi member express ecosystem for almost 3,630 4:39 4 minutes, 39 seconds crores and the full access controlled of NS 927 which is Barabi to Bage corridor in UP for almost 6,970 odd crores. 4:49 4 minutes, 49 seconds Additionally, the NMP 2.0 outlines the road monetization pipeline of exceeding four lakh crores 4.14 lakh resid which 4:57 4 minutes, 57 seconds is a strong positive for road invers at a broader level init increasingly important role in India's 5:06 5 minutes, 6 seconds infrastructure financing ecosystem this is enhancing investors participation and enabling efficient capital recycling thereby strengthening the overall market 5:15 5 minutes, 15 seconds environment the resilience of our equity based asset base combined with a supportive policy landscape and a robust 5:21 5 minutes, 21 seconds pipeline of monetizable assets provides a strong foundation for long-term growth. Our focus remains firmly on 5:28 5 minutes, 28 seconds capital protection, delivering stable and predictable distributions and creating long-term value for our unit holders through our disciplined capital 5:37 5 minutes, 37 seconds allocation, calibrated growth and strong governance. Now without taking much of your time, I'll now hand it over to Hershel who will take it through the 5:44 5 minutes, 44 seconds financial details before we open up for the questions. Thank you and over to you Ash. 5:49 5 minutes, 49 seconds Thanks. uh coming to Q4 FI26 performance on a standalone basis the interest income on the loan extended by the trust 5:57 5 minutes, 57 seconds to the SPVS was rupes 195.03 crores as against rups 187.41 41 crores in the 6:04 6 minutes, 4 seconds last quarter. The increase in interest income was on account of additional debt on land to the SPV acquired in the December quarter that is GR Badu and 6:14 6 minutes, 14 seconds Jadaria amounting to 547.73 crores of debt on lent to this SP. Um the increase in the interest in income because of 6:22 6 minutes, 22 seconds this additional debt on land has been partially offset by the debt repayment made by the existing SPVS in the December quarter and during this quarter 6:30 6 minutes, 30 seconds as STDs have upstream cash flows to the trust in the form of interest and repayment. No dividend income was received during the quarter from the 6:37 6 minutes, 37 seconds SPITA excluding for impairment for the quarter was 183.72 crores. The impairment is on 6:46 6 minutes, 46 seconds account of the difference in the fair value and book value of the investments. 6:50 6 minutes, 50 seconds The total external borrowing at the trust level as on 31st March 2026 stands at 3,688 6:58 6 minutes, 58 seconds crores as against rupees 2425 crores during the last quarter. During the quarter the trust a additional borrowing 7:06 7 minutes, 6 seconds of around 13 1,326 crores to refinance the external debt and the unsecured debt in the SPB. 7:14 7 minutes, 14 seconds Accordingly the finance cost to the during the quarter increased to 42.47 crores form rupees 39.87 crores. The tax 7:24 7 minutes, 24 seconds outflow is on the other income earned by the trust at the rate of 42.744%. 7:30 7 minutes, 30 seconds Profit for the quarter stood at 75.93. 7:34 7 minutes, 34 seconds During the quarter as Amit mentioned earlier we had completed the acquisition of three SPVS at an enterprise value of 2,639 7:43 7 minutes, 43 seconds crores. Further uh we have done the refinancing of external debt in one of the SPVS that is GRN king 7:51 7 minutes, 51 seconds as on 31st March 2026 in the balance two SPDs there is an outstanding debt of 914.65 65. 8:00 8 minutes Coming to uh financial year 2026 on a standalone basis the total income stood at 797.40 8:09 8 minutes, 9 seconds crores for the entire year with an AITA excluding impairment of 757.65 crores. 8:15 8 minutes, 15 seconds As compared to FI25, the fall is in revenues on account of lower dividend upstream by the SPVS. As in the first 8:21 8 minutes, 21 seconds year of operations post uh listing dividend distributed by the SPVS was higher on account of release of encumbered cash by the SPV. 8:32 8 minutes, 32 seconds The finance cost during the period was 158.18 crores which is on account of increased borrowing from 1,750 8:40 8 minutes, 40 seconds crores in FI25 to 3,688 crores in FI2 which has also been partially offset on 8:48 8 minutes, 48 seconds account of the reduction in the borrowing cost which are linked to preparate out of the above borrowing 8:56 8 minutes, 56 seconds the trust has availed 1,326 crores during the last week of March. 9:02 9 minutes, 2 seconds Hence the entire impact of the additional borrowing is not getting captured in the finance cost for this financial year. 9:10 9 minutes, 10 seconds Coming to the consolidated financial during the quarter the total income was 28.12 crores which consist of revenue 9:18 9 minutes, 18 seconds from operation of 187.94 crores and other income of around 20.18 crores. The revenue from operation includes finance 9:26 9 minutes, 26 seconds income of 156 crores as well against 135.61 61 Kores during the last quarter the revenue from contracts that is our 9:35 9 minutes, 35 seconds COS on M utility and claims for the quarter stood at 31.59 K which included a prior period expenses and CO payment 9:43 9 minutes, 43 seconds of around 11.55 K the total expense for the quarter was 105.03 Kores post 9:50 9 minutes, 50 seconds adjusting for the tax liability the fat for the period was 106.28 28 crores. The total external borrowing including the 9:58 9 minutes, 58 seconds borrowing at the SPV level on a consolidated basis stood at 4,62.88. 10:06 10 minutes, 6 seconds In relation to the NDCS cash flow from operations of the SPVS and other income at the and including the other income 10:13 10 minutes, 13 seconds the total cash flow was 486.87 Kores considering the release of reserve and the finance cost at the SP level. The 10:21 10 minutes, 21 seconds total SPV level NDCF was 662.58 which was upstream to the trust post existing for financing cost BES reserve 10:30 10 minutes, 30 seconds trust level expenses which has been given on the slide 10 of the presentation the NDCS for the quarter 10:35 10 minutes, 35 seconds works out to 161.33 crores out of which 155.03 crores is proposed to be 10:43 10 minutes, 43 seconds distributed resulting in a distribution of 350 per unit. The form of distribution is 1.1 10:50 10 minutes, 50 seconds 1.01 rupees per unit in the form of interest and 2.49 rupees per unit in the form of repayment. Uh as mentioned 10:59 10 minutes, 59 seconds earlier the record date for the distribution is May 5th 2025. 11:04 11 minutes, 4 seconds Thank you and we are open to questions now. Thank you so much ladies and gentlemen. 11:11 11 minutes, 11 seconds We will now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to 11:19 11 minutes, 19 seconds remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, 11:28 11 minutes, 28 seconds we'll wait for a moment while the question Q assembles. 11:41 11 minutes, 41 seconds Reminder to all the participant if you wish to ask a question you press star and one. Thank you. 11:55 11 minutes, 55 seconds Our first question come from the line of Deep W from London AMC. Please go ahead. 12:01 12 minutes, 1 second Uh thank you sir positive audible. 12:05 12 minutes, 5 seconds Yes DPR please go ahead. Uh congratulations sir on I mean a very good set of distribution and NDCF and 12:12 12 minutes, 12 seconds broadly the results. I understand sir I mean uh we don't give a guidance but uh I mean initially uh for full year would 12:19 12 minutes, 19 seconds you give some guidance that I mean 12.5 uh was the uh guidance that we had guided for fi 26 and we have exceeded by 12:27 12 minutes, 27 seconds 1 rupees. So any broad guidance or for fi 27 the dpu parts? 12:32 12 minutes, 32 seconds Yeah deep. So uh I think uh uh we can give guidance and uh the guidance for 12:40 12 minutes, 40 seconds FI27 is going to be uh almost uh 14 rupees because this on the back of 12:49 12 minutes, 49 seconds you know new asset which we are going to acquire which will happen of course during the uh maybe Q1 and Q2 and the 12:57 12 minutes, 57 seconds annoties will start flowing uh you know second half onwards. So I think the 14 rupee is something which uh will be a minimum guidance for FI27. 13:09 13 minutes, 9 seconds Okay. And sir uh any form of uh cap I mean uh any split uh that you would like to guide uh between capital repayment and interest. 13:21 13 minutes, 21 seconds Uh so ballpark is going to be around say 55 to 60% will be interest and around 40 13:27 13 minutes, 27 seconds to 40 uh maybe 40 odd% will be uh say capital repayment and around maybe ballpark 5 to 8% is going to be dividend. 13:38 13 minutes, 38 seconds Okay. And sir any any specific instance that I mean we I mean there 70% of uh I mean current quarter distribution is 13:45 13 minutes, 45 seconds repayment of capital. Uh so any any specific thoughts around that? I understand I mean you have mentioned earlier that uh I mean depend on the 13:54 13 minutes, 54 seconds life of the asset and the cash flow pertaining to that. Uh but any specific uh thing sir in Q4? 14:02 14 minutes, 2 seconds No, so I think it's uh you know we uh on a periodic basis we keep evaluating what's the profile in terms of your debt 14:10 14 minutes, 10 seconds which is extended by invid to SPVS and we of course also believe in that you know that date also should be uh 14:19 14 minutes, 19 seconds basically paid and as and when you know when we need uh say uh you know some uh 14:27 14 minutes, 27 seconds capital to use for any uh you know to fund our growth both in which always have a right to call upon you know some 14:36 14 minutes, 36 seconds kind of free payment and uh can you know that payment can be used for uh to to fuel the further for the growth. I think 14:42 14 minutes, 42 seconds same thing happened in Q4. So I I think the same way you you have to just keep monitoring how the cash flows are and 14:49 14 minutes, 49 seconds the debt which is extended by investig should be uh basically you know be paid on time. 14:57 14 minutes, 57 seconds Got it. And sir uh any I mean AUM guidance for 27 I understand I mean you have given in prior years but that stays 15:04 15 minutes, 4 seconds intact and in accordance with that uh any fundraising plans in near term. 15:09 15 minutes, 9 seconds Yeah. So of course uh we uh the way I think you know we are we have signed SPA with KN&R and uh and one situation where 15:18 15 minutes, 18 seconds we are you know uh looking at signing SP in this quarter and of course the roof assets what we have with GR maybe five 15:26 15 minutes, 26 seconds to six bad roof assets which we intend to acquire in this year I think we should be able to add on an incremental 15:33 15 minutes, 33 seconds basis around 8 to 8 and a half,000 crores of AUM this And uh that's what what we have anything 15:42 15 minutes, 42 seconds suppose which we do during the year will be over and under workers. 15:49 15 minutes, 49 seconds Okay. Probably 18,000 cures of AUM by next I mean year end. 15:55 15 minutes, 55 seconds Yeah you can add maybe 8,000 on numbers what we have to somewhere between 17 and a half maybe. Yeah. Got it. 16:03 16 minutes, 3 seconds uh answer I mean the fundraising uh any near-term plans because I think uh if you see so if you see I think uh maybe a would 16:12 16 minutes, 12 seconds have touched upon there in the presentation also so on the gross level we are already at 47 48% of our AU right that means in incremental acquisition we 16:22 16 minutes, 22 seconds can uh while we can use our available threshold of debt but we have to raise 16:29 16 minutes, 29 seconds you know equity and I think this year We may do that maybe one or two branches. 16:36 16 minutes, 36 seconds Uh so to fund this around 8 to 8 and a half or maybe 9,000 crores of the we'll have to raise uh you know um say equity 16:43 16 minutes, 43 seconds and that is going to be say around if you take around 40 45% of that that should be somewhere around say 3,800 to 4,000 crores that kind of equity raise 16:51 16 minutes, 51 seconds we are looking to do in this uh fiscal this fiscal itself. Okay sir. Thank you. 17:01 17 minutes, 1 second Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touch on tele. 17:12 17 minutes, 12 seconds Next question come from the line of Serves Gupta from Maximal Capital. Please go ahead. 17:19 17 minutes, 19 seconds Uh yeah hi sir uh good afternoon and congratulations on a good performance. 17:27 17 minutes, 27 seconds So sir uh first thing is that uh this 14 rupees is what you think is a conservative guidance. Uh is that right understanding sir? 17:39 17 minutes, 39 seconds Yeah I don't know what is conservatism but yeah I think uh you would have seen our conduct in last two years. So I'll leave it up to you to describe it the 17:48 17 minutes, 48 seconds way no I mean but if you are also planning to almost double the AUM base in FI27 17:55 17 minutes, 55 seconds so are you also taking into account uh you know some of the benefits that might occur because of that 18:03 18 minutes, 3 seconds so if you see service as I said uh this action won't happen at one shot this will happen over the year so maybe four 18:12 18 minutes, 12 seconds to five asset will be acquired since say end of uh this which will be you know Q4 Q4 also end so I basically 18:20 18 minutes, 20 seconds as I won't acrewue any benefit from acquisition of those assets you know in 18:26 18 minutes, 26 seconds this fiscal so what uh basically what you know guidance we are giving predominantly that what we will do say 18:35 18 minutes, 35 seconds end up doing in Q1 and Q2 so and those annuities will start flowing in say Q2 onwards so that's why you know basically 18:42 18 minutes, 42 seconds the guidance will be that whatever we require. So you can see an AUM addition of a decent number but part of that will 18:49 18 minutes, 49 seconds get added in the so we won't have much approval coming from those. So maybe basically we can 18:57 18 minutes, 57 seconds maintain this 3.5 rupees run rate and maybe in Q3 or Q4 we can see some benefits also flowing because of the additional acquisitions. 19:08 19 minutes, 8 seconds No Q4 uh uh Q4 you know what's also happening is as I said uh Q4 19:17 19 minutes, 17 seconds this asset acquisition or additions will happen towards the fend so I won't have much basically cash flow to distribute 19:24 19 minutes, 24 seconds but uh yeah the asset action which will happen over the Q1 and Q2 that will contribute towards the you know my uh 19:33 19 minutes, 33 seconds overall distribution also I think uh you would have seen our asset profile Okay. 19:38 19 minutes, 38 seconds So, uh two three of our assets have already uh you know received 11 12 annuities. Now those assets are due for 19:47 19 minutes, 47 seconds major maintenance. So two of our assets are going will be undergoing major maintenance for this year which was the 19:53 19 minutes, 53 seconds guada rupag and barami san and these are you know this will take a measurement. 19:58 19 minutes, 58 seconds So when we get guidance we of course ensures that whatever we say irrespective of you know any major maintenance activity which gets undertaken the guidance doesn't change. 20:08 20 minutes, 8 seconds So that's why I said that a minimum of 14 should be uh you know we should be able to distribute for the year. 20:17 20 minutes, 17 seconds Okay. 20:18 20 minutes, 18 seconds And and you know just hopping on the previous uh callers point uh so last two quarters we have seen uh abnormally high 20:27 20 minutes, 27 seconds capital repayment um and you said that maybe this year we should assume that to be like 40 odd% 20:36 20 minutes, 36 seconds of the DPU but how do you see that in the you know medium to long term like 20:43 20 minutes, 43 seconds normally what should be the breakup because this breakup has undergone a lot of changes is when it comes to your init. 20:51 20 minutes, 51 seconds Yeah. So I think uh you know in the start of the in when we had acquired assets from GR those seven assets you 20:58 20 minutes, 58 seconds see that time we had a lot of cash right and of course those cash uh where you know they were in form of uh you know 21:07 21 minutes, 7 seconds different reserves and as you know basically we got lenders approval and those reserves got released right we distributed that in the form of dividend 21:15 21 minutes, 15 seconds but eventually what happens is that I I think once we were right as the companies that until you were net worth positive return the clear dividend after 21:21 21 minutes, 21 seconds that you can't. So once uh and of course you know this uh incremental borrowing which in extended to to the SPVS of 21:31 21 minutes, 31 seconds course the cost of uh uh debt also went high so because of that you know uh SP didn't leave much with the profitability so we started so that's why you would 21:38 21 minutes, 38 seconds have seen a flow initially we gave more dividend then all those uh you know post that we started giving uh very lesser 21:46 21 minutes, 46 seconds dividend more more interest and a very few you know very less amount of capital and Now you're seeing a shift from a you 21:55 21 minutes, 55 seconds know interest from dividend to interest and to capital as you said you know in bitid keep raising at the init level right and they keep extending to sp so 22:04 22 minutes, 4 seconds from a init perspective those repayment also has to happen so if you're not leaving with much cash say at the book 22:12 22 minutes, 12 seconds of course you will see lesser dividend going forward and a higher interest because of course in extending you know uh extending big amount of debt to sp so 22:21 22 minutes, 21 seconds that in turn will uh uh you know you'll get in will get a lot of interest from SPS and then uh uh maybe lesser amount 22:30 22 minutes, 30 seconds of maybe somewhere 5 to 10% you can say as a dividend and ballpark around 30 35% of the capital return that is going to be the most likely profile until 22:39 22 minutes, 39 seconds continue even beyond 27 yeah I said that is going to be most 22:47 22 minutes, 47 seconds likely because unless we acquire some asset again where there's a lot of cash and that they've distributed for dividend 22:54 22 minutes, 54 seconds understood and this 8 to 8 and a half,000 cr uh so this is broadly KN&R 23:00 23 minutes plus GRO right this is not including any more third party assets this is including one more third party 23:09 23 minutes, 9 seconds so five uh third party and five to six G 23:16 23 minutes, 16 seconds okay okay and and broadly like you alluded to since you're also going to be raising funds for these. So the 23:26 23 minutes, 26 seconds mechanism that we have in place for uh funding these is basically 40 50% equity 23:33 23 minutes, 33 seconds 40% uh 40 remaining as debt going forward. 23:39 23 minutes, 39 seconds Yeah, that is what we see around 40 42% of equity and around say 55 to 58 60%. 23:47 23 minutes, 47 seconds and and why don't you want to go to the limit of 70 odd%. 23:55 23 minutes, 55 seconds No, we always want to have uh see that's that's a completely uh you know choice investment manager wants to uh have 24:03 24 minutes, 3 seconds because when you know whenever suppose u you do a fund raise uh you you should have some cash ready or just ready for 24:12 24 minutes, 12 seconds the acquisition that during the year if you get something you should not that I again have to go and raise the equity or I can do the effect because if you take 24:18 24 minutes, 18 seconds it take it to 70% of course rating agencies or maybe you know the lenders they are not comfortable taking you to 24:26 24 minutes, 26 seconds stretching to 70. So they also have you to have your internal threshold which you would not cross. So that threshold 24:33 24 minutes, 33 seconds is say for example 90% of 70 which say 63 or say 65 and I'm talking say 57 58%. So it's just 24:40 24 minutes, 40 seconds a 6 7 8% you know threshold which is available and we always as investment manager want to have some trading so that if any immediate opportunity comes 24:49 24 minutes, 49 seconds right it's not that at first I'm running for equity raise and then I'm doing that position so that an option we want to 24:55 24 minutes, 55 seconds have I think that's the uh basically uh you can say approach we have William since day zero uh when we started I 25:04 25 minutes, 4 seconds think we are seeing a decent benefit for that so we want to continue that Okay. Now coming to the acquisition you 25:13 25 minutes, 13 seconds know market itself. So how do you see this market shaping up right now? 25:18 25 minutes, 18 seconds Because see you know there are more and more private and public invit uh which are being formed. Um and hence there is 25:26 25 minutes, 26 seconds a lot of investor capital also which is coming into this sector. Against that uh what we have also seen is um you know 25:35 25 minutes, 35 seconds road development per se hasn't been growing as such. right? Uh the construction per day etc. those 25:43 25 minutes, 43 seconds mattresses have been coming down. Uh the new projects are not being given out. So you know don't you think that this 25:51 25 minutes, 51 seconds supply demand of roads uh assets and also because you know many of the large developers are flushed with uh own cash 25:59 25 minutes, 59 seconds they have very good balance sheets. So then you know is this an environment where you know one can find good 26:07 26 minutes, 7 seconds acquisition opportunities because of this. 26:12 26 minutes, 12 seconds Okay. So maybe I'll uh take your question and I want to answer in this question in three parts. First thing is 26:21 26 minutes, 21 seconds of course I'm not ruling out the the scenario that there's an issue of having 26:28 26 minutes, 28 seconds good ham assets in the market of course but at the same time you see uh as you said all the large developers are 26:35 26 minutes, 35 seconds flushed with cash or liquidity but most of the developers either did their own in bit or they monetize the cash because 26:43 26 minutes, 43 seconds uh you know while they are sitting on the cash next opportunity is also for that they need cash and uh I Nobody 26:50 26 minutes, 50 seconds wants to have you know sitting on uh something which can give them cash and they want to put that put those cash 26:57 26 minutes, 57 seconds back into their business where they can get an higher RO than what you know they'll be selling these assets actually 27:04 27 minutes, 4 seconds to either init or or to the funds at the same time if you see you know like what I said that if the next NMP program 27:12 27 minutes, 12 seconds which is almost more than four lakh so I think uh we see opportunity for everyone to grow and uh exist in this market 27:21 27 minutes, 21 seconds because uh there are you know there are as you said so lot of inves are coming and everybody is acquiring assets right 27:28 27 minutes, 28 seconds that means there's a supply uh point to note is that uh whether that supply is having a decent quality or not so so 27:35 27 minutes, 35 seconds long people are able to solve for that the you know poverty issue I think there will be uh market to grow 27:45 27 minutes, 45 seconds for everyone to coexist And given this you know an MP and again whatever the pipeline NHI has and uh like you know GR 27:55 27 minutes, 55 seconds got two assets over the last 30 days I in one month. So in our case if you see 28:02 28 minutes, 2 seconds uh we have 13 assets now plus some third party maybe acquiring five six more assets but even after that you'll have a pipeline 28:10 28 minutes, 10 seconds of almost uh you can say to 15 more assets from GR and then of course you know the third party also so I think 28:18 28 minutes, 18 seconds there there's an opportunity and of course I think you may see market you know maybe multi assets in whether people will be starting looking at the 28:26 28 minutes, 26 seconds constraint of the good road assets people may start looking at the other uh line assets also. So I think there will be opportunity to grow coexist with the 28:34 28 minutes, 34 seconds other guys and on the back of what NHI is coming we can't and of course we can't say that you know this uh uh 28:42 28 minutes, 42 seconds supply from NHI can remain can remain muted for a longer time. So of course this is a cycle I think we part of the cycle the cycle is again will turn and 28:51 28 minutes, 51 seconds the opportunity to grow I don't see any challenge from an in perspective. 28:56 28 minutes, 56 seconds Okay. And currently like you know in terms of let's say the equity IRS that you are looking at when you are 29:04 29 minutes, 4 seconds acquiring these assets uh what can that be in terms of a broad range? 29:11 29 minutes, 11 seconds Yeah, of course uh you know the IRRa is not same. IRRa varies asset to asset depending on the quality, depending on 29:19 29 minutes, 19 seconds the terrain, depending on the uh you know the requirement uh uh of that seller, depending on you know capital 29:27 29 minutes, 27 seconds structure. So it's not seen and it varies from say 12% to 13 13 and a half depending on how you're able to close it, grab it. 29:37 29 minutes, 37 seconds But as far I mean are you I mean the new acquisition that we will be doing especially this year when we are almost 29:45 29 minutes, 45 seconds dubbing up. So can you confirm that these will be like DPU accreative and uh NAV accretative? 29:54 29 minutes, 54 seconds Yes I you know this have been our investment philosophy that most of the what we did for my existing unit 30:02 30 minutes, 2 seconds holders. So I think that is the philosophy we have you know we started with and you know we've been able to maintain that 30:11 30 minutes, 11 seconds okay in this uh this time I think the Navy has also increased uh by five six 30:18 30 minutes, 18 seconds rupees if I'm not wrong so what what contributed towards that was it majorly interest rate uh or cost of debt related 30:28 30 minutes, 28 seconds I think I think NAB increased by 56 rupees it would have increased by maybe around 1 and a half rupees and that's 30:35 30 minutes, 35 seconds because you know we added three four rather four more assets in last uh three months. So December we acquired one 30:42 30 minutes, 42 seconds asset and uh then we acquired three assets in March. So of course acquisition with new assets and it will get get added because you know it's a 30:51 30 minutes, 51 seconds field decorative. So that we have been monitoring I don't think increased very high by 56. 30:58 30 minutes, 58 seconds Okay. What is your average cost of debt and marginal cost of debt as of now? 31:06 31 minutes, 6 seconds It's given in the presentation and is given the financial uh thing average cost has been you know basically in the range of 6.9 to 7%. 31:16 31 minutes, 16 seconds and uh it's a part of the I think the financial statements what we uh basically you know published yesterday 31:25 31 minutes, 25 seconds and it is similar to what I mean because of these yield movements you know if you were to raise that today will it be 31:32 31 minutes, 32 seconds higher and what it could be it will be higher at what levels we have not closed the levels so difficult to tell you the levels but it may be 31:40 31 minutes, 40 seconds marginally higher understood understood great uh you know thank Thank you for giving the opportunity and all the best. 31:49 31 minutes, 49 seconds Thank you. 31:51 31 minutes, 51 seconds Thank you. Our next question come from the line of Deep Wakil from Bandan AMC. Please go ahead. 31:58 31 minutes, 58 seconds Uh sorry already answered earlier uh the on the same incremental cost of debt but I think Amit already mentioned. 32:05 32 minutes, 5 seconds Thank you all the best. Sure. 32:09 32 minutes, 9 seconds Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touchstone telephone. Thank you. 32:25 32 minutes, 25 seconds Reminder to all the participant if you wish to ask a question you may press star and one on the touchstone telephone. 32:40 32 minutes, 40 seconds Next question comes from the line of Anand Mundra from My Temple Capital. 32:44 32 minutes, 44 seconds Please go ahead. Hello. Uh thank you for the opportunity. Uh so I just want to check are we also looking at any kind of 32:52 32 minutes, 52 seconds efforts because uh there's a strong pipeline from that. So is that uh an opportunity that we are exploring? 33:01 33 minutes, 1 second Yeah, I think uh because uh ecosystem is changing and uh if we need to in order 33:09 33 minutes, 9 seconds to grow we need to say start looking at the totics we you know we'll have to start because uh that's why we see uh 33:17 33 minutes, 17 seconds growth coming uh you know up and uh I think we there's a decent list from NHI where you know decent number of DOT 33:26 33 minutes, 26 seconds assets are there so I think you know once you grow your size as we have already been maintaining right but once we grow to the size we'll have to start 33:34 33 minutes, 34 seconds you know uh looking at oil exploring pods and we'll start doing that as well okay so would we be participating in any 33:43 33 minutes, 43 seconds of the tenders this year itself or that's something in the pipeline from 2018 onwards 33:50 33 minutes, 50 seconds uh see to be honest participation is a function of uh so if you're saying start evaluating exploring answer is yes 33:57 33 minutes, 57 seconds participation will be a function of uh you know basically it will be uh whether as for our comfort level as for our 34:05 34 minutes, 5 seconds assumptions you know as for our thought process or not if something comes in effort 27 why not uh but yeah once you go to a side then only it makes sense 34:14 34 minutes, 14 seconds for us to take Q and all I think that we've been so you can say maybe some in 27 more maybe valid 28 onwards 34:22 34 minutes, 22 seconds but it's not that we are shutting for 27 okay and in terms of the nongr ham asset 34:32 34 minutes, 32 seconds pipelines is that uh also strong like you mentioned that there is one asset that we looking to acquire on the nonGR 34:40 34 minutes, 40 seconds side this year apart from the four that uh we are acquiring perm which has already been announced. So how is it 34:47 34 minutes, 47 seconds catch the pipeline and how is the competition also because I think earlier participant also mentioned that there 34:53 34 minutes, 53 seconds are so many other public and private uh and yeah so so how is that pipeline 35:01 35 minutes, 1 second see that pipeline of course you know it's not that we have a very very good pipeline I I want to be candid here because uh yeah there's intense 35:09 35 minutes, 9 seconds competition because of the other people are also evaluating there's a and because of the lot of uh you know other inits have also 35:18 35 minutes, 18 seconds come up but at the same time as I said that uh on the selected pockets you see opportunity and uh you need to build on 35:26 35 minutes, 26 seconds what you have done earlier so I think uh it's pipeline is not that great but yeah you always keep working keep evaluating 35:34 35 minutes, 34 seconds and so we have evaluated in past lot of non-jer opportunities so it's pipeline wise like you know if if you want to get 35:42 35 minutes, 42 seconds on that game where you have to show non-j assets then of course you can add but within you want to add those non-jet 35:47 35 minutes, 47 seconds asset just you know add an indicative incremental field then answer is that 35:54 35 minutes, 54 seconds then then then you you need to be very cautious about the pipeline what you are exploring so I think for us everything 36:01 36 minutes, 1 second is it should make sense in terms of you know field depression it should make sense for uh uh you know our unit 36:09 36 minutes, 9 seconds holders we are not in that war of AUM that I I just need to show you AUM at any cost because otherwise I'll have to 36:17 36 minutes, 17 seconds say the same question that all the you know acquisitions are ine decorative or not so you know that's why we we 36:27 36 minutes, 27 seconds opportunities so and of course then like and non GR 36:34 36 minutes, 34 seconds right if we do like also opportunities for us 36:42 36 minutes, 42 seconds and are the so GR also has some power assets and some roof and all that stuff which is in their portfolio. Are these also a part of the roof? 36:53 36 minutes, 53 seconds See all the assets are part of RO but uh uh basically uh uh what what we uh have 37:02 37 minutes, 2 seconds to see that we have not started evaluating as as of now the roof on the road asset but uh uh you know we have 37:10 37 minutes, 10 seconds not started evaluating any transmission or uh say roof assets of GR but uh it 37:17 37 minutes, 17 seconds say uh you know uh strategy you know uh how we we think through that and if there's a requirement yeah we may start looking at that as well. 37:30 37 minutes, 30 seconds Got it sir. Thank you and uh sir congratulations for the I think the payout has been about 28 rupees since listing and we still been able to in 37:39 37 minutes, 39 seconds fact better now. So congratulations on the performance. Thank you. Thank you. Thanks. Thank you. 37:47 37 minutes, 47 seconds Thank you. Our next question come from the line of Rahul Nyer from Access Mutual Fund. Please go ahead. 37:54 37 minutes, 54 seconds Yeah. Uh hi sir. I just want clarificatory question. This asset addition guidance of 8,000 uh crores which you gave this is over and above the KN&R while acquisition right. 38:05 38 minutes, 5 seconds No that includes K&R. 38:08 38 minutes, 8 seconds Okay. Uh so 3,000 odd crores of KN&R plus another 5,000 crores. 38:15 38 minutes, 15 seconds Yeah. So if I just break it up, you can see around uh 4,200 uh is non-GR to almost 4,000 crores of the G. 38:26 38 minutes, 26 seconds Okay, perfect. Thank you. Thank you. 38:33 38 minutes, 33 seconds Thank you. Again, we have a follow-up question from Deep Pil from Bandani MC. Please go ahead. 38:38 38 minutes, 38 seconds Sir, only one point the 8,000 cr of addition that you just spoke, 4,200 nonGR and 4,000 of GR. So broadly you 38:45 38 minutes, 45 seconds mentioned total five third party assets and five to six GR assets is that understanding correct? So broadly around 38:52 38 minutes, 52 seconds I mean some might be um 800 odd crores but broadly in that range right 10 10 assets of 8,000 crores. 39:00 39 minutes Okay. 39:01 39 minutes, 1 second Yeah you can thank 10 to 11 assets of 8,000 crores. Yeah. Perfect. Okay. 39:12 39 minutes, 12 seconds Thank you ladies and gentlemen. Anyone who wishes to ask a question I press star and one. 39:24 39 minutes, 24 seconds Reminder to all the participant if you wish to ask a question we press star and one. Thank you. 39:36 39 minutes, 36 seconds As there are no further question from the participant. I would like to hand the conference over to Mr. Mik Kumar Singh for closing remarks. Thank you and over to you sir. 39:44 39 minutes, 44 seconds Yeah, thanks Danish and uh uh once again I would thank you all for joining us today and for your continued trust in 39:52 39 minutes, 52 seconds India trust. We remain committed to the strategic growth and maximizing value for all our unit holders. Thanks. Thank you everyone. 40:04 40 minutes, 4 seconds Thank you so much ladies and gentlemen on behalf of Indis Infertrust that conclude this conference. Thank you for joining us and you may now disconnect your lines.