Dear Unitholders,
On behalf of the Board of Directors of Investment Manager, it gives me great pleasure
to share the performance highlights of IRB InvIT Fund ("the Trust") for FY
2021-22.
FY 2021-22 witnessed the 2nd and 3rd waves of COVID-19 pandemic resulting in partial
lockdown which restricted business activity across all projects. In addition to this,
farmers' agitation hampered the operations of our project in Punjab for nearly nine
months. Despite the above challenges, your Trust was able to distribute Rs.9.00 per unit
for FY 2021-22, aggregating a total distribution of Rs.50.30 per unit since listing in May
2017.
On completion of the respective concession periods, the Bharuch-Surat BOT Project was
handed over to NHAI at the end of FY 2021-22 and Surat-Dahisar BOT Project was handed over
to NHAI in May 2022. During the year, we have re-financed a significant part of the
external debt of the Trust resulting in interest savings of 0.35% p.a. Your Trust
continues to enjoy AAA ratings for its debt.
In the last few months, we have seen a good recovery in traffic. Our toll collection
through FASTag (ETC) has reached more than 95%, resulting in further efficiency and
transparency. Backed by a resurgent economy and sharp tariff rate revision of 10.2% from
April 2022 in four of our assets, we expect healthy growth in revenue for these projects.
We are actively engaged in evaluation of potential acquisition opportunities. We are
also looking at the projects of the Sponsor Company. We will reach out to our esteemed
unitholders after due diligence and full evaluation.
I would like to thank all the stakeholders, including our Sponsor/Project Manager,
staff, and vendors who have done a tremendous job despite the challenges posed by COVID.
To conclude, I once again express my sincere gratitude to all the unitholders for the
continued faith in the Trust, and the valuable support and guidance from time to time.
Thank you.
R.P. Singh
Chairman of the Board,
Investment Manager of the Trust.