BSERoadstar Infra Investment TrustMediumNeutral
Announced Tue, 27 May · 18:25 IST

Roadstar Infra Investment Trust has informed the Exchange regarding Disclosure of material issue

Investor Communications View source PDF
Price reaction · full curve

Awaiting price reaction for this filing.

AI summary

Roadstar Infra Investment Trust (RIIT) submitted its FY 2024-25 Investor Presentation to BSE and NSE. The InvIT, which originated from the IL&FS resolution framework, operates 6 road assets (4 toll + 2 annuity) spanning roughly 685 km across 6 states, with assets under management of Rs 84.9 billion. FY25 total income rose to Rs 10,113 million from Rs 7,398 million in FY24, EBITDA came in at Rs 6,262 million, and cash profits nearly doubled to Rs 5,697 million. Cash earnings per unit improved sharply to Rs 12.51 (from Rs 6.24 in FY24), and the trust declared a final distribution of about Rs 17.80 per unit (Rs 8.90 interest + Rs 5.35 return of capital + Rs 3.21 + Rs 0.34 other). However, Net Distributable Cash Flow at the Trust level was nil for FY25, with the distribution partly funded from retained amounts of earlier years. Net debt stood at Rs 33 billion with leverage at 38%, and NAV per unit was Rs 107.

Likely market impact

Stronger cash earnings and a steady distribution are positives for unitholders, but NDCF being nil at the Trust level and rising debt (leverage ticking up from 33% to 38%) temper the optimism and warrant monitoring of future cash generation.