BHARATINVIT — earnings call
The transcript as filed. Every paragraph is addressable: its link names the page and the position it sits at in the call.
Prepared remarks
BHARAT HIGHWAYS INVIT
Moderator : Mr.
Mohnish, you can go ahead, sir.
Mohnish Dutta : Thank you.
Dear unitholders, good afternoon.
I, Monish Dutta, Compliance
Officer of Invit, welcome all of you to the first Annual General Meeting of Bharat Highways
The meeting is held virtually without the physical presence of the unitholders at a
common venue, in accordance with the framework provided under the SEBI Master Circular
for Infrastructure Investment Trusts.
The requisite quorum is present.
May I now introduce the directors and key MP's of the Investment Manager who have joined
Ajendra Kumar Agarwal, the Chairman and non-executive, non-independent
director is joining the meeting from Gurugram.
Deepak Maheshwari, Independent
Director, is joining the meeting from Mumbai.
He is also the Chairman of the Audit
Raghav Chandra, Independent Director, is joining the meeting from New
He is also the Chairman of Nomination and Remuneration committee and Stakeholder
Relationship Committee.
Ramesh Chandra Jain, non-executive, non-independent
Director is joining the meeting from Gurugram.
Swati Kulkarni, Independent Director is
joining the meeting from Mumbai.
She is also the Chairperson of the Risk Management
Siba Narayan Nayak, the non-executive, non-independent Director couldn't
join this meeting due to his other preoccupations.
We also have with us Mr.
Amit Kumar Singh, Chief Executive Officer and Mr.
Sawant, Chief Financial Officer.
They are joining this meeting from our office situated at
I also wish to inform that the representatives of the statutory auditors, the
representatives of the trustee and the scrutinizer are also attending this AGM through
virtual conference, through video conference.
Dear unitholders, the Annual Report and the
notice of AGM have been sent through electronic means to all unitholders whose email IDs
were registered with the Invit registrar and transfer agent or the depositories.
documents referred to in the accompanying explanatory statement are available for
inspection at the registered office of the Invit and its website.
May I now brief the
unitholders with instructions about the e-meeting.
Since the meeting is being held through
electronic means, physical attendance of the unitholders has been dispensed with and the
requirement of appointing the proxy is not applicable.
The Investment Manager on behalf of
the Invit has provided the facility of remote e-voting to the unitholders for casting their
votes on the resolutions as set out in the notice.
The facility to cast e-voting was made
available from 09:00 a.m.
July 22, 2024 till 05:00 p.m. on July 24, 2024.
The unitholders who
hadn't cast their votes through remote e-voting may use the e-voting facility at the AGM.
The e-voting window shall be activated upon instructions by the Chairman during the AGM
I also wish to inform that using the facility to ask questions provided by the
Investment Manager, we have received some unitholders registrations.
The audio and video
will be open for such unit holders to speak at the AGM as per their respective pre-
To conduct the e-voting process in a fair and transparent manner, the
Investment Manager has appointed Miss Preksha David, practicing Company Secretary, as
the scrutinizer.
Based on the report given by the scrutinizer, the outcome of AGM and voting
results shall be disseminated by the Investment Manager.
Unitholders may please note that as per the requirements of the SEBI Master Circular, the
proceedings of the AGM are being recorded and it will be made available on the website of
Bharat Highways Invit.
May I now request Mr.
Amit Kumar Singh, the Chief Executive Officer
of the Investment Manager, to kindly address our unitholders.
Over to you sir.Please.
Amit Kumar Singh: Thank you, Mohnish and a very good afternoon to all the esteemed
unitholders, board members and distinguished guests.
It's an honor and privilege to
welcome you all to the maiden Annual General Meeting of Bharat Highways Invit.
have gathered to reflect on the past year's accomplishments, discuss our strategic vision
and reaffirm our commitment to driving growth, building trust and delivering value to all
our stakeholders.
The past year has been a period of significant journey and resilience for
The IPO of Bharat Highways Invit was a culmination of meticulous planning,
strategic execution and a relentless effort by the entire Investment Management team.
by conducting an in depth market analysis to understand then market conditions, investor
sentiments and competitive landscape, tried to develop a robust IPO strategy which was
tailored to attract the right mix of institutional and non-institutional investors.
instill confidence among potential investors, the Investment Manager accentuated strong
corporate governance practices by establishing a robust governance framework, by
appointing an experienced board of directors and by implementing best in class governance
Transparency, accountability and integrity were underscores as core principles
guiding your Invit.
Our efforts to ensure a successful IPO were multifaceted and comprehensive through
strategic planning, robust financial structuring, effective stakeholders engagement and a
commitment to transparency and governance, we led a strong foundation for the IPO’s
success and thus ensuring Invit’s future growth.
I would also like to highlight that your Invit
became the 4th publicly listed Invit in India and only in which currently in which all the
underlying road assets are HAM assets.
Our strategic focus on HAM is driven by its balance
risk sharing between the government and private developers.
As you all would be aware
that under the HAM framework, the NHAI covers 40% of the project cost, easing the
financial load on the private developers.
The remaining 60% is funded by the developer
who receives annuity payments from NHAI, ensuring stable revenue and making it
attractive to investors seeking stable returns.
Our portfolio encompasses [05:57 inaudible]
HAM assets strategically spread across 5 states, providing us with diverse geographical
This diversification not only enhances our expertise in evaluating, acquiring,
operating and maintaining new projects, but also contributes significantly to our overall
experience and competence in managing infrastructure assets.
Our unique position is
further strengthened by the Right Of First Offer (ROFO) agreement with G R Infraprojects
Limited, which provides us with clear visibility of future road acquisitions.
We strongly emphasize on operational efficiencies by leveraging technological
We aim to reduce cost, improve asset quality and deliver superior value to
our stakeholders.
Furthermore, we maintain a relentless focus on process optimization,
constantly refining our operational procedures to achieve greater efficiency and
The Project Manager has engaged G R Infraprojects Limited for O&M services
of the project SB’s and we believe that the same will be a key factor in maintaining good
condition of our roads, leading to an enhanced user satisfaction.
The road sector presents
significant growth opportunities driven by increasing transportation needs, economic
expansion and government initiatives.
The current budget allocation of Rs. 2.78 lakh crores
to the Ministry of Road Transport and Highways is expected to significantly boost the
growth prospects and potential returns for Invit’s in the road sector.
This aligns with India's
broader growth objectives.
This announced increased allocation by Ministry of Finance will
continue to provide an immediate boost to the project pipeline leading to more contracts
and business opportunities for Invit’s in the years to come.
As we look ahead, our strategic vision is clear and ambitious with a strong focus on
acquiring value creative road assets.
By expanding our portfolio, we aim to diversify our
income streams, reduce risk and enhance our overall returns.
This strategic move will
position us to capitalize on the robust growth potential in the road infrastructure sector,
further strengthening our market position.
Our commitment to you, our value unitholders
remains unwavering.
We understand that trust and confidence are earned through
consistent performance and through an effective and transparent communication.
continue to uphold the highest standards of integrity, accountability and stewardship in all
I won't take much time.
In conclusion, our commitment to driving growth,
building trust and delivering value remains at the forefront of our mission.
Will continue to seek our strategic opportunities for expansion, maintain the highest
standards of transparency and governance and focus on creating long term value for our
Thank you for your trust and support as we work together towards a brighter
and more prosperous future.
And at last, I would also like to wish a very healthy time ahead
for all our unitholders.
With your permission, may I request the chairman of the board, Mr.
Ajendra Kumar Ji Agarwal, to take the chair and and conduct the proceedings.
Ajendra Kumar Agarwal : Thank you.
As the requisite quorum is present, I start the
proceeding of the meeting.
Good afternoon, unitholders and other members of the board.
And a warm welcome to the first Annual General Meeting of board Bharat Highways Invit.
First of all, on behalf of entire management of the Investment Manager, I thank you all for
your trust, encouragement and support. 2024 has been momentous year for witnessing the
listing of unit of Bharat Highways Invit the only platform with all HAM assets and now
addressing the unitholders at the Annual General Meeting.
From conceptualization of Invit
in ‘22 till listing of its units, your Invit has received immense support from all stakeholders,
including the NHAI, the lenders, the auditors, the valuer and various consultants, the
bankers and all other intermediaries.
On behalf of the Board of Directors, I acknowledge their contribution for successful listing of
unit of Bharat Highways Invit, on the stock exchanges.
Bharat Highways Invit is the 4th
publicly listed Invit and 1st publicly listed Invit having all underlying assets as HAM assets.
The Invit financial position is strong and well positioned.
And the Investment Manager has
set the bar high and is working hard to pursue its ambitions to make this Invit as one of the
best yield platform in the country.
To conclude, I would like to convey my sincere thanks to
all our unitholders for their continued trust and confidence in the Investment Manager.
also grateful to my fellow Board Members for their valuable guidance and also convey my
sincere thanks to our clients, bankers, auditors, legal advisers, consultants, the governments
and various authorities for their continued interest and confidence in the Investment
Manager and the Bharat Highways Invit.
I wish you all everything of the best.
hand over the proceedings to Mr.
Mohnish Dutta to explain the resolution proposed to the
pass by the unitholders.
Mohnish Dutta : Thank you, Ajendra sir.
Speaking of the business contained in the AGM notice.
Since the notice of AGM has already
been circulated to all the unitholders, with your permission, I take the notice convening
meeting as read.
There are 6 resolutions in the notice to be approved by the unitholders.
now read the agenda as set forth in the notice.
Resolution No.1 : To consider and adopt audited standalone financial statements.
audited consolidated financial statements of Bharat Highways Invit as of March 31, 2024
together with report of auditors thereon and the report on performance of the Invit.
Resolution No. 2 : To approve and adopt the valuation report of the Invit assets for the
financial year ended March 31, 2024.
Resolution No. 3 : To consider and approve the appointment of valuer of Bharat Highways
Resolution No.4 : To consider, approve and ratify the appointment of statutory auditor of
Bharat Highways Invit and fix the remuneration.
Resolution No.5 : To consider and approve the aggregate consolidated borrowings and
deferred payments of Bharat Highways Invit up to 49% of value of Invit assets in matters
And last resolution.
Resolution No.6 : To consider and approve the proposed acquisition of GR Aligarh Kanpur
Highway Private Limited.
Questions and answers
BHARAT HIGHWAYS INVIT
May I now request the chairman to open the floor for question and answer session.
You're on mute, sir.
Ajendra Kumar Agarwal : The facility to speak during the AGM has been provided to the
I request to speakers to the brief and restrict your speech to 2 minutes.
Moderator may now Invit the speakers unitholders to ask questions.
Moderator : Thank you, sir.
We now Invite our first speaker, Mr.
Kaushik Narendra
I request you unmute your audio switch on your camera and proceed, sir.
Kaushik Narendra Sahukar.
Kaushik Narendra Sahukar : Hello.
Moderator : Yes, sir.
Kaushik Narendra Sahukar : Am I audible?
Moderator : Yeah you are audible.
Please go ahead.
Kaushik Narendra Sahukar : I am visible also?
Moderator : You have to turn on your camera, sir.
You continue, sir.
You continue and avoid background noise.
Kaushik Narendra Sahukar : Yes, sir.
Respected… one second.
Moderator : Sir… Mr.
Please go ahead, sir.
Sir, there is no response from this speaker…
Kaushik Narendra Sahukar : Sorry.
Moderator : Yeah.
Kaushik Narendra Sahukar : Respected sir.
Good afternoon to all.
It is with great
honor that I address this esteemed gathering today.
I extend my sincere gratitude to the
board for granting me the opportunity to participate in this significant event.
some key questions that are essential for understanding our company's position.
our constantly evolving competitive landscape, how does Bharat Highways maintain its
competitive age in such a dynamic environment?
Especially with projects like Porbandar-
Dwarka section of NH-8E, Varanasi-Handia and Sangli Solapur underway.
Can you provide
updates on these projects and expected revenue contribution?
Furthermore, are there any disputes regarding payments from government?
measure is company taking to resolve this?
Can we continue to rely on the resilience of
Bharat Highways business model?
And how does the company ensure that shareholders
value remains strong?
Before I conclude, I would like to express my heartfelt gratitude to a entire secretarial team
Mohnish Dutta and team for the valuable support in organizing this event.
also urge the company to support previous certification audit including Form 15 CB as it is
crucial to permanent professional integrity and immunity.
I hope Mohnish is listening to me.
Lastly, I propose that we allocate the savings from hosting the virtual meeting for the
benefit of shareholder speaker.
This could involve organizing site visits, small shareholder
get-together or distributing token appreciation such as sweets or small gift to our esteemed
speakers and shareholders during festivals, festival occasions.
Additionally, I would greatly
appreciate your assistance in connecting me with your auditor for potential professional
collaborations.
I believe such a partnership would be mutually beneficial given our shared
Thank you all for your attention and I hope Chairman sir and Mr.
have listened to my query.
Thank you so much.
Moderator : Thank you sir.
We now Invite our second speaker Mr.
Manoj Kumar Jain.
request you unmute our audio switch on your camera and proceed, sir.
Pramod Kumar Jain : आप मुझे सुन पा रहें हैं?
Moderator : Yes, sir.
Please go ahead, sir.
Pramod Kumar Jain : नमस्कार! मैं प्रमोद कुमार, ददल्ली से.
Chairman sir, Board of Directors,
Secretarial Department का बहुत धन्यवाद करता हूं जो आपने पहली meeting में हमें बोलने का अवसर
ददया और आज के सभी प्रस्तादवत resolution का मैं समर्थन करता हूं.
Sir, हमारापे भी, IPO में भी
IPO का share आएहुए हैं. अभी share price में जो unit है ज़्यादा up नही हुआ है. दिर भी
हमें आपकी leadership में पुरा भरोसा है. आनेवाले ददनोूं में इस्में काफी तरक्की होगी ऐसी मैं मूंगल कामना
Sir, एकअपनीcompany का business model क्या है? क्या हम भारत में रोड बनाने का काम
करते है या अन्य पुल वगैरा कुछ अन्य चीजाूं भी बनाते है? कृपया ये बताने की कृपा करो. और हमारे pipeline
में दकतने हजार करोड़ के order booked है, कृपया ये बताइए. और एक secretarial department को ये
बताना चाहता हूं sir कुछ shareholders से भी सूंपकथ कीदजए. हमने भी सूंपकथ करने की कोदिि की, और
हमें mail के द्वारा कृपया ये बताना चादहए र्ा हमारा speakers कौनसा है या नही है… ये secretarial
department को आगे से ध्यान रखना चादहए. नमस्कार. धन्यवाद, sir.
Moderator : Thank you, sir.
We call our third speaker Mr.
I request you to
unmute your switch on your camera and proceed, sir.
Sorry, there is no response from Mr.
Since Celestine Elizabeth Mascarenhas
and Aloysius Peter Mascarenhas have not joined, we call our 6th Speaker Mr.
I request you to unmute your audio switch on our camera and proceed, sir.
Gagan Kumar : Am I audible?
Moderator : Yes sir.
Gagan Kumar : Good afternoon Mr.
Chairman, Board of Directors and fellow shareholders.
Myself, Gagan Kumar.
I am joining this meeting from Delhi.
As earlier speaker mentioned, I
also want to repeat same thing that if we registered in a company.
So we got call from the CS
that you have sent a mail and you are registered as a speaker or not registered as a speaker.
If you are registered, this is your speaker serial number.
This kind of communication gap is
So kindly look into this matter.
As far as my question is concerned, Mr.
Amit has already answered most of my queries in
his opening remarks.
So a general query that what is our value creation roadmap for next 2
years and what is our future strategy to enhance investor confidence in our company?
request our CS to please be in touch.
Thank you so much for this opportunity.
Moderator : Thank you, sir.
We now call our next speaker, Mr.
request you to unmute our audio switch on your camera and proceed, sir.
Sandeep Singh : My audible?
Moderator : Yes sir.
You are audible.
Sandeep Singh : ये सूंदीप दसूंह के account में joint holder है मूंजीत दसूंह और अपने पहले miss करा
मूंजीत दसूंह को. पहले मेरा आपने खोला नही है आपने. या कोई वजह राही है! तो भारत हाईवे की
Management team और Secretarial team सभी को मैं स्वागत करता हूं.
Company…investor की
investment के बाद ये पहली AGM करने जारही है. जी मैं आपको बधाई देना चाहूंगा. पच्चीस करोड़ जो नई
आपने share जारी दकए है, इनका आगे क्या plan है, इन को dividend दकस दहसाब से दमलेगा. अभी आपने
जो इस वादषथक बैठक के अूंदर 6 प्रस्ताव रखे है. उसमें dividend का प्रस्ताव नही है. तो, हमारी dividend
का strategy क्या रहेगी? ये जो Rs. 100 आपने face value ददखाई है क्या उस की ऊपर दमला करेगा
dividend? या एक भ्रम है दसिथ ये Rs.100 का जो बाकी जब आप ददखाया जाता है Rs. 2 face value या Rs.
10 face value है. हमारी face value Rs.100 ददखाई जाराही है. तो क्या dividend उस दहसाब से दमलेगा?
पहली AGM के अूंदर ये दनरािा दमली है हमें की कोई जो 6 regulation आपने रखे है, उस में एक भी
regulation जो है वो dividend का नही है. ऐसा क्योूं है….
Board इस बारे में दवचार करेगा.
हमारा इतना अच्छा है तो इसका मतलब ये है की जो हमारा secretarial department सोया रहें . दकसीको
कोई speaker number नही provide कराया गया. दबना जो है, ददिा के जो गाड़ी चलेगी तो आप toll भी
कैसे ले पाओगे? वोह तो दिर side से दनकल जाएगी सारे ही गुनवा लेंगे वोह नजदीक का card. तो ये क्या
आपका कर रहा है कम secretarial department. र्ोड़ा आप इस बारे में बताइए. हमारी जो parent
company है G R Infra अन्नके जो legal matter है और regulatory जो उन्ोूंने बूंद करी है उसका भी कुछ
matter चल रही है. इस्सका क्या असर पड़ता है हमारी company के ऊपर र्ोड़ा आप इस बारे में बताइए.
और AadhaarShila का दकतना दहस्सा है और ये जो 6 regulations रखे गए इन के अलावा िेर होल्डरोूं को
तो कोई dividend दमला नही. तो क्या ये AadhaarShila और G R Infra छुप है, ये जो इनको कुछ नही दमला,
साल के रूप में. कोई dividend उनको नही आप देते या आपकी policy नही है इस बारे र्ोड़ा आप बताए.
पच्चीस करोड़ नए share आपने जारी की है, आपका जो कायथ है वो 7 states में है.
Punjab, Gujarat,
Andhra Pradesh, Maharashtra, UP. तो ये में जानना चाहूंगा की जैसे Punjab में हमारा कायथ है तो उसके
Punjab का क्षेत्र इतना बड़ा तो है नई. तो उसके सार् जो दूसरी state लगती Haryana या Himachal उस में
हम कैसे दिर… अगर कोई कायथ आता है तो कैसे दूसरे को shift करते है, कैसे होता है. इसी तरह Gujarat
के सार् जो है वो Maharashtra में तो हमारा काम है, Rajasthan में नहीूं है. अगर कोई ऐसी कोई काम करते
तो ये road के कोई इस तरह से कोई hurdle आता है, मुश्की आती है, तो हम उसके कसे पार करते है. र्ोड़ा
इस बारे में बताइए. चार सौ सत्तानवे दकलोमीटर का जो हमारे पास कायथ है total ये आनेवाले time में दकतना
बढेगा और ये जो हम issue लाए है इससे तो 13 साल तक का हमे भदवष्य आपका ददखता है. तो क्या
guarantee है इसके बाद भी आपको नए कायथ दमलते रहेंगे. र्ोड़ा इस बारे में बताएगा. तो हमें अच्छा लगेगा.
2021-22 तक तो हमारी company profitable नही र्ी.
IPO होने से पहले 2023 के अूंदर हमने profit भी
ददखाई. तो ये हमारे जो auditor है और जो statutory auditor है ये कोई भ्रम तो नहीूं िैला रहे है? कीसी
time में Satyam Computer का भी घोटाला इसी तरह का र्ा… की उन्ोूंने profit अपनी मनमज़ी से ददखाए
र्े. हालादक company profit नही कर रही र्ी. तो मुझे ये कारण बताइए आप 2021-22 के अूंदर हम
िायदा नहीूं कमा रहे र्े.
Issue आने से पहले 2023 के अूंदर हमारी company एकदम कैसे profitable
होगायी. ये जो auditor है आपका statutory auditor ये दकतने time तक आप इन्े लगातार रखेंगे? कोई
इनकी change की policy भी है? आप इस बारे में बताएूंगे तो अच्छा रहेगा.
Quarter ending, quarter
FDFC income के बारे में भी आप बताए.
Investor जो है आपके जो company में भरोसा करता है BSE का
जो code है पाूंच सौ सवालीस एक सौ सैंदतस और जो symbol है BH Invit इस के अूंदर भरोसा कर कर
अपना investment करता है. और आप उसको छल देते है कपट के सार् ये जो 6 regulation आया इसमें
एक भी regulation कोई dividend का नही है. तो दकतने time के अूंदर हमारी company dividend देने
लायक होजाएगी, र्ोड़ा इस वादषथक बैठक के अूंदर Chairman sir, आप इस बारे में बताएूंगे तो हमे अच्छा
लगेगा. बाकी आपने इस meeting का इस तरह से आयोजन दकया इसका हम स्वागत करते है. एक hurdle
इस के अूंदर भी आता है जो तारीक की. 19 July ददन िदनवार ये जो meetings चल रही है computer के
द्वारा इस में एक भी उस ददन नही हो पाया क्योूंदक Microsoft का उस ददन कुछ system गड़बड़ागया र्ा
जैसे runway पर चलते हुए हवाईजाज का पैय्ाूं नीचे उतर जाता हैं उसी तरह से Microsoft का पाया नीचे
Moderator : Thank you sir.
As our next speaker, Sneh Manohar and Dilip Kumar Jain were
So now I hand it over back the… The proceedings will be handed over to the
Amit Kumar Singh : Yes sir.
So I will start with, you know, maybe reply to the first
unitholder, Mr.
So he had asked for the competitive edge.
So I would want to state
Kaushik that, you know, this is a listed Invit.
And he had also asked for what is the
So you know Kaushik जी we have already, you know during our IPO when we
raised the money we bought 7 assets.
We have a Right Of First Offer agreement with G R
Infra where we are in on course over the next say 4 to 5 years, we will buy 21 more assets
from G R Infra.
Other than that we want, we will endeavor to buy assets from market also,
which is non G R.
So I think with this growth path and the strategy we have in place, you
know, we see ourselves in a, you know, very competitive situation where we don't see, you
know, basically competition as a challenge and we'll keep growing the way, you know, we
have a strategy in place.
So far as I think, second question you had asked for the Po-Dk and
I mean, the, you know, projects are receiving annuities on time and, you know, they
are contributing to the overall, you know, 7 annuities, basically annuities.
what, you get 2 annuities into seven projects.
So basically 14 annuities you'll get say, for
example, in a year.
Po-Dk and Sangli annuities are coming on times and they'll keep
contributing to the overall annuities.
We will ensure you can reach out to Mohnish for the
site visit and if it's possible we will see if we can arrange the site visit for you.
The next question was from, you know, Mr.
Pramod Kumar Jain which was with
respect to unit price increase.
So Pramodji price increase will happen.
You know, once we acquire more assets from G R or non G R, those assets, revenues will add
to the overall, you know, revenue.
And just because of that and, you know, and as a process,
you know, we can also raise debt, we can buy assets and that's what we would want to, you
So I think with the help of, with the lower leverage, what do we have?
we'll keep acquiring more assets and which will keep adding to the, you know, basically
overall revenue and hence our unit price will also increase.
Your second question was
towards business model.
Of course, you know, the Invit business model is to keep acquiring
completed assets, keep running those assets by getting the operation and management done
for those assets and keep getting annuities or revenues on time.
That is the business model.
And we are, you know, well placed right now towards our business model.
You know, we'll keep acquiring assets as planned.
What we have given basically as a growth
charter in our, you know, draft prospectives also.
We have 21 assets in pipeline from G R
Infra and there we are also working on some non-G R opportunities.
So the a pipeline is
You know, through the shareholder interaction, what I would say that we have
quarterly meetings, you know, our quarterly board meetings and post that, you know, we
have investors call every quarter.
So, you know, that will keep happening.
And please join
the call to have a proper shareholder interaction and you can raise your query in case you
have any queries, anything on this quarterly calls.
And about your speaker queue, of course
Mohnish will keep that in mind.
I think the next query was from Mr.
Gagan Kumar where I think the main query was with
respect to value creation.
So Gagan जी value creation will happen.
You know, once the Invit
acquires more assets from, you know, it's whether you know, under ROFO with G R or from
the non-G R assets.
The moment, the more you know, the more assets come, basically those
income from assets also gets accrued to the inwit and you have a proper leverage in place as
per the SEBI Invit framework, you…you can't go above leverage up to, you know, up to a
certain extent and then subject to 6 successful distribution.
You can do that.
So we have a decent leverage available now we'll acquire assets using our, you know,
leverage position.
And I think through that once those acquisition will happen post that you
can see the value creation will happen.
And even the longevity of the asset will also,
longevity of the Invit will also happen.
Because life of the Invit will increase accordingly.
Then I will move to the last queries of Mr.
Sandeep Singh जी.
Sir, I think your first question
was with respect to dividend strategy.
We had on our last call also had basically mentioned
that Invit will give quarterly distribution, quarterly dividend.
So it's not that we don't have a
dividend strategy.
We very much have a dividend strategy in place.
to give at least 4 dividend payments in a year.
We also made a dividend payment in the
month of June, 12th of June.
And which payment also happened by I think 11th of July.
you can see in case you would have been a holder before that time, you'd see a credit of Rs.
2.50 of dividend 50 Paise for interest in your account.
This was on basically, you know, 11th of, you know, July.
You can see that.
course you know, you had a query about the Rs. 100 face value.
Yes, we have Rs. 100 of face
It will remain as 100.
As a business model you can keep getting whatever that, you
know, yield whatever we will offer during the year.
And that is the business model of this
So sir, you don't need to worry about, you know that you won't get your money.
the guidance we had given at the time of our IPO, we will meet that guidance.
cross that guidance rather.
So more than Rs. 11.50 at least you will keep getting every year.
So I think AGM agenda, there was no dividend agenda of dividend because we keep.
a policy of dividend giving every quarter.
So that's why that agenda was not there in this six
Speaker number, we have noted that grid litigation status and impact, basically, you know,
we have given that in our, you know, Annual Report.
You can refer to that.
specific theory, you can reach out to us.
You know, you can reach out to us for Aadhaar Shila.
Aadhaar Shila holds 15% in this dividend policy.
We have touched base.
units issued, yeah, at the time of IPO whatever units we have issued, that is the, you know,
basically, you know, it's not increased.
And as of now, we don't intend to increase that until.
Unless we go for the new, you know, funding.
Road issues, basically, you know, we have a policy in place where operation and
maintenance of all our roads are back to back, taken care by G R infra.
So if any issues
happens, G R infra takes care of those issues on time so that there's no, basically, problem to
And, you know, because of that, our annuities are coming in time.
fourth 97-kilometer road.
Yes, sir, you are right.
And as and more, you know, as and when more acquisitions will happen, this road
kilometers will increase profit.
And auditor, I, you know, we have Big 4 as auditor because, you know, we got listed in
So, of course, you know, since there were no revenues, there were no
operations, so we didn't have profit, we should see profit from this year onward and you
know, as and when profit will happen.
But anyway, irrespective of profit, the distribution is
happening, so yield distribution, whether it's dividend, interest or repayment of capital, will
keep happening, sir.
And yes, so I think we have replied to all the queries of all the
Mohnish, You're on mute.
Mohnish Dutta : Thank you, Amit sir, for answering the questions of the unitholders.
with the permission of the chair, I'll now brief the unitholders with instructions to vote
during the AGM on the agenda contain the notice.
The unitholders who have not cast their
vote through remote e-voting shall be eligible to cast their votes during the AGM through
the e-voting system provided by the RTA.
Unitholders are requested to vote by clicking on
the e-voting icon visible on your screen.
The e-voting process will continue for next 15
minutes and will be disabled thereafter.
The scrutinizer will be sharing the consolidated
results with us once the voting will be completed.
The results will be declared within the
prescribed time and the same will be published on the website of the Invit KFin
Technologies Limited and stock exchanges.
Concluding this AGM, I'd like to thank all the unitholders and other attendees, the board
members who are attending this meeting and wish their families a very healthy and safe
Thank you very much.