IRB InvIT Q2 revenue at Rs 296 cr

IRB InvIT, India's first listed infrastructure investment trust, on Friday said its revenue for the September quarter declined to Rs 296 crore. It had clocked a revenue of Rs 301 crore for the corresponding quarter of the last fiscal, it said in a statement.

IRB InvIT did not provide profit figures for the quarter. "Despite partial unlocking across the country, the second quarter witnessed much improvement in the operations. "With expectations of further improvements with more unlocking, we are pleased to state that as expected the normalcy in toll collections at all our projects is almost achieved and at present the toll collection is at par and above in comparison with the corresponding quarter of FY20," said Vinod Kumar Menon, executive director and CEO of the Investment Manager.

The board of IRB Infrastructure Pvt Ltd, the Investment Manager to the IRB InvIT Fund, declared distribution of Rs 116 crore to the unitholders, translating into a payout of Rs 2 per unit for the second quarter. This comprises Rs 1.50 per unit as interest and Rs 0.50 per unit towards capital reduction, the company said, adding that cumulative per unit distribution for FY21 is Rs 3.50.

The trust said it has set November 4, 2020 as the record date for distribution and the same will be paid to the unitholders on or before November 13, 2020. It further said the Surat Dahisar BOT (build operate transfer) concession under IRB InvIT has successfully concluded its conciliation process with NHAI and received extension of 460 days for the concession period.

"As a result, now the Surat Dahisar Concession Period will expire on 25th May 2022, instead previous transfer date of 21st February 2021," it said. IRB InvIT, set up to own, operate and maintain portfolio of toll road concessions, is managing seven operational road assets at present spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu and Punjab.

The weighted average life of assets under the InvIT portfolio is around 16 years..