IRB InvIT Fund

The transcript from IRB InvIT Fund Q2 FY24 call does not provide explicit details on the current or expected order book or pending orders. However, it provides related information about asset acquisition plans and project progress: - The Fund plans to acquire three HAM assets from the Sponsor over a three-year period. - The first HAM asset acquisition is expected within 6-8 months, likely completed within one year. - The Fund is also evaluating third-party assets, considering both Toll BOT and HAM assets, with a focus on assets that do not reduce current payouts to unitholders. - No specific data on current pending orders or order book size is mentioned. - The focus is on acquisitions that either break even or add value to distributions without disturbing current payouts. No explicit order book or pending orders figure is disclosed in the transcript.

- No explicit mention of any new fundraising through debt or equity in the provided transcript. - The management highlighted that the Trust currently has a net debt to asset value ratio of 0.3:1, indicating sufficient debt capacity to acquire new assets. - The Trust continues to maintain AAA credit ratings from CARE and India Ratings, suggesting good standing for potential future debt. - Management is actively evaluating potential investment opportunities and acquisitions, including assets from the sponsor and third parties, which may imply future fundraising needs, but no concrete plans or timelines were disclosed. - Retail investors currently cannot invest in the Private InvIT, and any public listing (which could imply equity fundraising) would occur only after the Private InvIT decides to go public.

- IRB InvIT Fund is looking to acquire new assets to improve yield and unit price. - Three HAM assets from the Sponsor are targeted for acquisition over three years. - The first HAM asset acquisition is expected within the next 6 to 8 months, likely within one year. - Apart from Sponsor assets, third-party assets (both Toll BOT and HAM) are being evaluated. - Preference for acquisition is based on whether assets can maintain or improve current payouts to unitholders. - No specific capital expenditure plans detailed, but strategic investments focus on asset acquisitions rather than maintenance capex. - Advances to the Sponsor made for major maintenance are secured with interest; such advances may continue as per operational needs.

- Toll revenue for Q2 FY24 grew by around 10% compared to the corresponding quarter last year, driven by strong performance in Tumkur Chitradurga, Omalur Salem, and Jaipur Deoli projects. - Some softening of traffic was observed in Talegaon Amravati and Pathankot Amritsar projects. - Management anticipates better performance in the second half of the fiscal year, supported by upcoming festivities and historical seasonal trends. - Tariff rate revisions (~5% for four major projects and 1.2% for Omalur Salem) effective April 1, 2023, are expected to enhance revenue. - Acquisition of new assets, particularly HAM and BOT projects, is expected to improve yield and potentially increase revenue, with at least one HAM asset acquisition expected within a year. - The net debt to asset value ratio of 0.3:1 and AAA credit ratings provide sufficient capacity to fund growth through acquisitions.

- The management expects to maintain a minimum distribution of Rs. 8 per unit in the coming years, indicating stable earnings and payouts. - Growth in toll revenues was 10% year-on-year for the quarter ended September 2023, driven mainly by projects like Tumkur Chitradurga, Omalur Salem, and Jaipur Deoli. - Some traffic softening was observed in Talegaon Amravati and Pathankot Amritsar projects, impacting revenue growth. - Upcoming tariff rate revisions (around 4% effective April 2024) for key projects are expected to positively impact revenues. - New asset acquisitions, including HAM and Toll BOT projects, are being evaluated; adding yield-accretive assets is seen as a strategy to improve unit price and returns. - Stable credit rating (AAA) and low net debt to asset value ratio (0.3:1) provide capacity to fund growth and potentially increase distributions. - Arbitration resolution (e.g., Tumkur Chitradurga by June 2024) and compensation receipts will further support earnings stability.