Bengaluru, NFAPost: IRB Infrastructure Investment Trust (InvIT) has reported a 38.7% dip in revenues, due to the effect of lockdown restrictions, in the June-ended quarter.
In Q1, income was Rs 198 crore, compared to Rs 323 crore in the same period last year. The InvIT will distribute Rs.1.50 per unit for Q1 FY21, which translates to a total payout of Rs. 87 crores to the unitholders. This comprises of Rs.1.50 per unit as Interest, the company said. In the year-ago quarter, IRB InvIT had distributed Rs 174 crore to unit holders.
The Trust has set 25th August 2020 as a record date for distribution and the same will be paid to the unit holders on or before 3rd September 2020.
EBITDA for the June-ended quarter came in at Rs 142 crore, a 44% dip when compared to Rs 254 crore posted in the year-ago period.
Vinod Kumar Menon, Executive Director & CEO of the Investment Manager said, “We had only 72 days operations in the first quarter of FY21 and that too under strict lockdown restrictions mandated by the government authorities, in view of the outbreak of COVID-19 Pandemic environment across the nation.”
It seems that now, post relaxations are allowed in phased manners, the operations have started picking pace and normalcy is in sight, he added. Toll collections for IRB’s portfolio have reached 83% on a yearly basis in June 2020 and continues to improve further, added Menon.
Also, considering the impact of Covid-19, the Board has reduced investment management fees by 50% for FY21 and has reduced floor price by 50% in this fiscal.