@saintsat
Thanks for your kind message. Q1FY24 for reasonably good. During Q1FY23, we had Surat Dahisar revenue for 45 days, which resulted in superior income. Now same being replaced by an HAM assets, but that contribute marignally in distrubtion. So other projects have performed better and hence InvIT could distribute Rs 2 per unit.
HAM assets cashflow are more like fixed income. Hence,like Fixed income assets, value of HAM assets would increase in case interest cash decline (resulting in lower discounting rate) and vice versa. So view on HAM assets shall be linked to expected movement in interest rate. Since, the management indicated improvement in guideance from HAM cashflow for FY25, I assume they anticipate decline in interest cost during FY25. The details for same are available on Q1Fy24 Con call trasncript form which I am enclosing extract.
FY2023 was probably the best year for IRB InvIT due to higher WPI. With WPI stabilsing, the toll revenue growth would be driven mainly by traffic for 5 assets. Considering 5 toll assets with economy linked revenue, and One HAM assets which has fixed revenue, I find overall portfolio of IRB InvIT improved with HAM addition, as it would provide stability in case of economy downturn.
Disclaimer: My view may be biased due to my holding and may be worng as well. I may exit from investment without informing the forum. I am not SEBI reigstered advisor. I am not recommending any investment related decision.
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