IRB InvIT Fund

- Management is evaluating the potential acquisition of five new BOT projects valued at approximately Rs. 15,000 crores (Rs. 6,500 crores debt + Rs. 8,000-8,500 crores equity). - Given the current size of the InvIT, the entire acquisition cannot be funded solely through debt; a combination of debt and equity funding is being considered. - The acquisition process, including evaluation and regulatory approvals, is expected to take 6-8 months, with closure anticipated in 5-6 months. - No specific fundraising plans for debt or equity have been announced yet; final funding details will be shared after acquisition decisions are finalized. - Existing debt is linked to MCLR with a floating rate; management will benefit from any rate reductions. - Current debt-to-equity ratio stands at 0.3 with an additional debt buffer of approximately Rs. 2,500 crores for future acquisitions without raising equity.

- There is a potential acquisition of five completed and revenue-generating BOT projects offered by IRB Infrastructure Trust, with an enterprise value of approximately Rs. 15,000 crores. - These five assets have a weighted average residual life of about 21 years. - Management is currently evaluating this acquisition opportunity, including engaging an independent traffic consultant and obtaining regulatory approvals. - The acquisition process is expected to take six to eight months, with closure anticipated within the next five to six months. - Funding for this acquisition will involve a combination of debt and equity, as the equity value is estimated around Rs. 8,000 crores, which cannot be fully funded through debt. - Additionally, three HAM assets with the sponsor are under construction, expected to be operational by FY26 and FY27, and will become available for acquisition by the Public InvIT in the future.

- Traffic growth for key projects is strong and expected to continue: - Tumkur-Chitradurga: 7% growth observed - Jaipur-Deoli: 9% growth observed - Talegaon Amravati: 5% growth observed - Despite disruptions in Amritsar Pathankot due to farmers’ protests, management anticipates a recovery with compensation mitigating losses. - Overall portfolio traffic growth is projected around 5.5% to 6.5%, assuming India's GDP growth of 6% to 6.5%. - Projects like Jaipur Deoli and Tumkur Chitradurga show "handsome traffic traction" expected to persist. - Talegaon Amravati is improving post construction, with increased toll collections noted. - Expected tariff hike from April 2025 is approximately 3.5%, contributing to revenue growth. - New asset acquisitions could increase portfolio size and prolong concession life, supporting future revenue expansion.

- Management anticipates continued growth momentum in key projects like Jaipur Deoli and Tumkur Chitradurga due to strong traffic traction. - Traffic growth for Q4 is expected to remain robust, with an estimated growth of 5.5% to 6.5% across the portfolio if India’s GDP grows between 6% to 6.5%. - Talegaon Amravati project’s toll collections have improved, indicating recovery from past interruptions. - The Ham asset (Vadodara-Kim) has outperformed initial expectations and is contributing positively to earnings. - Disruptions in Amritsar Pathankot were compensated under the concession agreement, keeping the project financially neutral in terms of IRR. - Potential acquisition of five new assets (~Rs. 15,000 crore enterprise value) could materially increase earnings and extend the InvIT's life, but detailed impact and exact guidance for FY26 depend on acquisition finalization. - Distribution per unit for FY25 is expected to be around Rs. 8.00 to Rs. 8.50, with future increases possible post-acquisition.

The transcript does not explicitly mention details about current or expected order book or pending orders for IRB InvIT Fund. However, relevant information related to acquisition plans includes: - Investment Manager received a preliminary, non-binding offer from IRB Infrastructure Trust for acquiring five completed BOM projects valued at ~Rs. 15,000 crores. - These assets have a weighted average residual life of ~21 years. - The acquisition process involves evaluation, regulatory approvals, and is expected to close within 6-8 months. - The five assets are from a Private InvIT owned by IRB, GIC (Government of Singapore affiliates), and Ferrovial. - Management is currently conducting traffic surveys and valuations before proceeding. - Post acquisition, the InvIT's weighted average lifespan could extend from 14 years to approx 19 years. - Funding for acquisition will involve a mix of debt and equity, with equity expected around Rs. 8,000 crores. No other explicit details on current order book or pending contracts are provided.