BHARATINVIT — earnings call

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Prepared remarks

Unattributed

“Indus Infra Trust & GR Highways Investment Manager Private

Limited Q4 FY'25 Earnings Conference Call”

MANAGEMENT: MR.

AMIT KUMAR SINGH – CHIEF EXECUTIVE OFFICER

HARSHAEL SAWANT – CHIEF FINANCIAL OFFICER

Indus Infra Trust & GR Highways Investment Manager Private Limited

Moderator

Ladies and gentlemen, good day and welcome to the Indus Infra Trust Q4 FY25 Earnings Conference

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity

for you to ask questions after the presentation concludes.

Should you need assistance during the

conference call, please signal an operator by pressing “*”, then “0” on your touchtone phone.

note that this conference is being recorded.

I will now hand the conference over to Mr.

Amit Kumar Singh – the Chief Executive Officer of the

Investment Manager.

And over to you Mr.

Thanks and a very good afternoon everyone.

On behalf of Indus Infra Trust & GR Highways

Investment Manager Private Limited, I welcome you all to the Q4 FY25 Earnings Conference Call

This is our First Earnings Call in FY26 for Q4 FY25.

Just a quick update on the acquisitions made by Trust during Q4'25:

In March '25, we acquired 100% of GR Galgalia Bahadurganj Highway Private Limited boosting our

HAM assets from eight to Nine.

We have also received one more proposal from GR Infra to acquire one of their HAM assets and

necessary diligence for the same is going on.

We will keep you posted on that as well.

As on March 31, '25, the trust assets have an average balance-life of approx. 11.4 years.

period, the outstanding annuities of the project stood at approx.

Rs.7,336 crores, and 59 of the total

270 annuities have been received on time.

Moving on to Distributions:

Both the Board of Directors of the Investment Manager in its board meeting held on 7th May '25

have declared a DPU of Rs.2.25 for Q4 FY'25 comprising interest of Rs.0.96 per unit, dividend of

Rs.1.05 per unit and return of capital of Rs. 0.24 paisa per unit.

The record date for the current

distribution has been fixed on 12th of May '25, including the current announced DPU of Rs.2.25 per

unit since the listing,our cumulative DPU at the end of 4th Quarter stands at Rs.14.2 per unit against

the guidance given of Rs.11.5 per unit at the time of IPO.

The total distribution will amount to

Rs.628.97 crores.

We reaffirm that we are committed not only to meeting the guidance given at the

time of listing of our InvIT, but also striving to deliver accretive yield to our unit holders.

Indus Infra Trust & GR Highways Investment Manager Private Limited

On the Sectoral Highlights, I think the government is committed to building world-class national

highways infrastructure across the country, which is evident from the fact that NHAI has constructed

5,614 Kms of national highways in FY'25 against the target construction of 5,150 Kms.

total award during the year were comparatively muted.

The center in its budget for Fiscal ‘25-26 has allocated the CAPEX of almost Rs.11,21,000 crores,

which is 3.1% of the GDP including CAPEX of Rs.2,72,000 crores towards Ministry of Road,

Transport and Highways.

We believe that India's Union Budget for FY'25-26 aims to catalyze

economic development, enhanced connectivity and underscore the strategic commitment to

infrastructure-led growth, aligning with the nation's vision of becoming a developed economy by

It is my firm belief that InvITs are expected and will continue to play a greater role to garner private

capital for development of national highways in the short as well as medium and long-term.

latest available data, InvITs have raised almost 1.6 lakh crores from various investors including

capital market since FY'29 which implies that investors are increasingly viewing InvITs as a credible

income generating and a low-risk investment vehicle.

I'm confident that InvITs in India have proven

to be the vehicles of economic growth, financial innovation and national building.

I would like to reiterate that our steadfast commitment to delivering long-term sustainable value to

our unit holders while actively contributing to India's infrastructure development story with a strong

asset base, visibility of future acquisition, disciplined financial management and a clear growth

Indus Infra Trust is well-positioned to capitalize on emerging opportunities and continue its

journey as a trusted platform for infrastructure investments.

I would again like to thank all of you for your continued support and confidence in our vision.

look forward to updating you on our progress in the coming quarters.

Now, without taking much of your time, I will now pass it on to “Harshael who will take you through

the Financial Details” before we open up for questions.

Over to you, Harshael.

Harshael Sawant

Coming to Q4 FY2025 performance on a standalone basis, the interest income on the

loan extended by the trust to the SPV was Rs.175 crores.

Dividend received during the quarter from the SPV was around Rs.198 crores, out of this Rs.17.1

crores was utilized for distribution during the last quarter.

The dividend income during the quarter

Indus Infra Trust & GR Highways Investment Manager Private Limited

was higher on account of five annuity payments received during this quarter, including the first

annuity payment post-acquisition of the Aligarh Kanpur Project.

With respect to EBITDA, adjusted for the impairment value for the quarter was Rs.367-odd crores.

The impairment was on account of the amount cash upstreamed by the SPVs to the trust.

On a standalone basis, the total borrowing at the trust level stands at Rs.1,750 crores and the interest

cost on the same during the quarter was around Rs.35-odd crores.

The decrease in the interest cost as

compared to the last quarter was on account of the reduction in borrowing cost due to reduction in

The tax outflows on a standalone level is only on the other income which is earned by the

Coming to the “Consolidated Financials”:

During the quarter, the total income was Rs.268-odd crores, consisting of Rs.251 crores from revenue

from operations and other income of around Rs.17.5 crores.

The revenue from operations includes

finance income of Rs.186 crores and balance is towards revenue from contracts, which is basically

prior period claims, change of scope, O&M expense, O&M income.

The increase in the finance

income is primarily on account of prior period GST claim received on the annuities for three SPVs.

On a consolidated basis, the total debt at InvIT as well as SPV is Rs.2,144 crores, which includes

Rs.394 crores of external debt at Galgalia Bahadurganj project, which we acquired in the month of

Coming to the “NDCF”:

The project SPVs had declared a total amount of Rs.410 crores to the trust and the breakup for the

same is dividend income of Rs.190-odd crores, interest income of Rs.175-odd crores and repayment

of debt or return of capital in the form of Rs.44.30 crores, after adjusting for finance cost, DSRA

reserve, trust level expenses and the consideration paid for acquisition of Galgalia Bahadurganj

project, the NDCF at the trust level works out to Rs.99.66 crores resulting in a distribution of Rs.2.25

The breakup of the same was already covered by Amit earlier.

The record date for the

distribution is May 12, 2025.

Thank you and we are open for questions now.

Questions and answers

Moderator

Thank you very much.

We will now begin the question-and-answer session.

The first question is

from the liner Siddesh Choudhary from Maximal Capital.

Please go ahead.

Indus Infra Trust & GR Highways Investment Manager Private Limited

Siddesh Choudhary

Good afternoon, sir.

Sir, first of all, on the DPU for FY26 this year we got listed in March '24

and we have distributed Rs.14.2 rupees.

So if I annualize it, it is coming to around Rs.13.1 or Rs.13.2

for 12-months period.

So given that, what should be the guidance for the DPU for the next 12 months?

So if you see, during this year we acquired two assets.

So I think with the acquisition of those two

assets, of course our DPU has also bumped up.

So, I think this year we are looking to distribute of

around Rs.12.5 for the year.

So this will slightly drop compared to the last year?

Actually, it is in the same range because if you see in our case, interest on annuities on the balance

concession, right, that is a significant part of the inflow and all of us are aware that there is a 50 bps

reduction already.

Since out of our nine HAM assets, eight actually as of now is linked to bank rate

which is bank rate plus 3% is what we are receiving from NHAI.

So I think if you consider that I

think Rs.12.5 against whatever number you calculate which is Rs.13.2 I think it is almost in the same

Harshael Sawant

And also when we acquired assets from GR, that time the surplus cash was also available post-

So some part of those surplus cash were also distributed.

So what I think that maybe this year what

we get during the year the distribution is higher than last year because there is not much surplus cash

which is available now for distribution.

Siddesh Choudhary

How much would have been surplus cash in this Rs.14.2 till now?

The first distribution what we had done for the March quarter, which was March '24, we had done a

distribution of Rs.3.

You can say that was almost from the surplus only.

So adjusting for that basically you are at Rs.11 or maybe Rs.10 and that is going up to Rs.12.5

Difficult to do actually that point-to-point calculation because there is some surplus cash, some

annuity would have come in, some towards would have gone through on O&M.

But if you compare

to last year, I think the surplus cash available as well the annuity which is being accrued and received

I think we are a little higher than last year.

What would be the absolute reduction let us say in the total for these nine assets for every 25-

basis points reduction, what is the reduction in the overall flow that we get from NHAI?

Indus Infra Trust & GR Highways Investment Manager Private Limited

So see currently our leverage is around 30%, right?

So whatever reduction is happening basically we

are able to pass on to 30% and 70% we are absorbing.

But in terms of if I say that maybe in terms of

amount, 25 bps reduction ballpark in terms of NDCF, if I do a ballpark math in NPV terms is

somewhere around Rs.50 crores to Rs.60 crores, yes.

This is net of the interest cost benefit that we have, right?

Okay, understood sir.

And secondly, so as we will scale and acquire more assets, then we will

increase our debt.

So our natural hedging away will increase, right?

That is correct.

And sir, on the asset acquisition side now this year we have done this recent one that we announced,

then what is the sort of guidance for asset acquisition for FY26 and '27?

For this fiscal year, asset acquisition guidance is almost including GR and non-GR.

I think we should

acquire five to six assets this year.

So that would be quite significant, right, I mean, compared to last year?

And the leverage resources from the current 30%, where can we reach?

If we do not raise any equity, I think the leverage ratio should touch around 55%-odd.

That is all from my side.

Moderator

The next question is from the line of Anant Mundra from Mytemple Capital.

Anant Mundra

Good afternoon, sir.

Thank you for the opportunity.

Sir, what would be our equity IRR

with the latest assets that we have acquired?

The equity IRR which we acquired the last asset?

Indus Infra Trust & GR Highways Investment Manager Private Limited

Yes, the latest asset, correct.

IRR at the trust level was working around I think 12.5%.

And this was before that 25-bps rate-cut?

No, this was after 25 bps rate cut.

So sir, in the last call you had guided that after the acquisition of the first asset, for the unit

holders, the IRR was about 11.85%.

Now since then there have been two rate cuts and there has been

one more asset acquisition?

So now where does that number stand at after 11.85 now after the rate

cut and after the new asset?

See, that number actually stands at around 12.12% to be precise, so 11.85% and post this asset

acquisition of Galgalia Bahadurganj that actually came up to 12.12%.

But then after that there has been rate cut as well, so there would have been some downward

One rate cut after that.

So now it is 12.12 after both the rate cut and the acquisition?

12.12 was before one rate cut.

After this 12.12, one rate cut was happened, which is in the month of

April because what we acquired was on the 28th of March… last week of March.

And the guidance that you have given for 12.5, does that assume the asset

acquisition that we are doing or that would be like anything extra coming out of that would be a

It assumes one more asset which we are targeting to acquire, say by month of June or July and post

that basically if any asset acquisition, that depends what kind of rate we get, what kind of discounting

But I think one more ROFO asset if I consider that which we should do by say June and July

depending on when we get the NHAI NOC and other NOCs, I think that is the guidance, what we

can give and what should be able to meet.

Got it, got it.

And I see the NDCF slide we have paid out, I think some Rs.225 crores from our internal

accruals, whereas I thought we were supposed to fund the newer acquisitions purely through debt.

Indus Infra Trust & GR Highways Investment Manager Private Limited

No, that was not the case, because what we are seeing in the optimum capital structure, because we

have a very healthy pipeline, so I do not want to just have my entire debt.

So there is a say target

leverage what we have in mind.

Now we always acquire assets, we acquire assets with that target

leverage so that we are not reaching the leverage threshold very soon, because we have almost a very

high pipeline of almost six, seven assets of this year.

So I would rather use more in a more prudent

way those debt threshold rather than just using in the first, second acquisition itself.

Got it, got it.

And so in the future acquisition, now that we are planning to do, I think

around five, six, but there is also a rate cut that is expected of another 50 bps.

So in this scenario,

how are you like ensuring that the unit holders interests are protected because if we go with say 12%

equity IRR now, but if there is a rate cut later, then that affects our return.

So in this case, are we

targeting a higher IRR given that the rate cut is imminent?

No, IRR is going to be in the same range, but since we have a proper leverage room which needs to

be exploited to do this acquisition, I think the guidance what we have given is going to be met from

So through a proper combination of using that leverage plus the IRR what we are targeting

because of course we are targeting some non-GR assets as well.

So target IRR could be more

So the culmination of those higher IRRs plus using leverage, I think should be able to take

us to the guidance what we have given.

And for the newer acquisitions as well, when we have to raise debt, we can assume the

similar debt rate, we have I think 7.6% right now.

We will endeavor to do it better here for the future.

Not higher than that for sure.

We will try to better

But of course, that will be a function of market, liquidity, geopolitical situation, so many things.

But we would want to basically better it than 7.6%.

At both sides when the repo rate is cut, so the benefit and impact is immediate like both on the interest

on annuity and on the interest repayment that we have to make, the impact of the repo rate is

And sir, could you just quantify what is the size of it five or six assets that we are

targeting, what would be their enterprise value, just trying to calculate what our enterprise value

could be as at the end of FY26, so some rough number?

Around Rs.4,000 to Rs.4,200 crores.

Indus Infra Trust & GR Highways Investment Manager Private Limited

Our current I think number of enterprise value is -

Rs.7,000 crores.

So it goes to around Rs.11,000 crores.

Yes, Rs.11,500 crores, net of distribution should be in the range of around Rs.10,500 to Rs.11,000

That is what we think.

And you are saying we will be about 55% debt to AUM, about Rs.5,500 crores debt roughly?

Ballpark, yes, you can say that.

Thank you, sir.

That is it from my side.

Moderator

The next question is from the line of Siddesh Choudhary from Maximal Capital.

Siddesh Choudhary

Sir, on the situation in terms of the new road projects, so we have seen lull in the activity in terms of

avoiding new road projects across the sector.

So any color or any thoughts that you can share on why

it is so low and because for the last five, six quarters, we have not seen much of a project

announcement, so how do you see that shaping up from a sectoral perspective?

So of course FY25 because of the election year and the other reasons, right, the awarding has been

lesser while towards the late Q3 and Q4 we saw some awards which was through NHAI projects, but

yes, of course in terms of value, I would say that was still lower than what it was say in FY23 or

But this year, I think again what we are hearing is that government should start

awarding because there are a lot of DPUs and all what we are hearing is being done, there is a lot of

expressway, economic corridors are being looked at by government agencies to do some studies on

and we can see that maybe fag end of again Q3, Q4 we can expect the decent award.

So if that shapes

up the way what we are envisaging, then of course we will see more projects being awarded and then

again the markets opening for the InvITs like us to acquire, but however the strong pipeline what we

have under our ROFO as well as what we are evaluating non-GR assets, I think we see a decent

growth in terms of addition of assets to our InvIT.

We do not see much challenge at least for the next

two, three years.

Indus Infra Trust & GR Highways Investment Manager Private Limited

Given that most of these players including your own sponsor, we are not seeing much of growth in

their order books.

So will it not sort of lead them to not be that forthcoming to download the assets

to the InvIT or wanting to have a higher price because they do not see their balance sheet expanding

with new projects.

So, the propensity to sell down might be much lower in the absence of new

So how do you see that?

So course it will be a function of the individual strategy, at the company's level, at the group

But generally what we see is that if there are not much say awards happening and it is going to

be for us not to the first maybe second run players or who are maybe taking it lower than BPC of

NHAI because we can see some maybe degree of aggression in the off let awards.

Maybe they will

have to recycle their capital in terms of either going for the next round of awards or maybe looking

at some other maybe some other sectors than highways.

Like if you see any top highway companies

for the last two or three years, everybody has gone into diversification.

Again, diversification will

call for capital, right, because everybody does not have that kind of capital, so they can do the

So I think the recycling of capital as an overall theme, we will keep getting played out and

on account of that you will keep seeing the churning in their capital which in turn will push them to

come to offload the HAM assets.

Now, that is one bit.

However, the variability in the quality, that

will again remain a challenge and that will basically add as a prudent buyer we will have to keep

looking for the quality so that when we take it, it actually becomes an addition of an asset to our

portfolio and of course as we are always maintaining that should be yield-accretive to the current

yield what we are trading at.

So yes, I think as an overall individual strategy level, somebody could

think that okay, there are not much awards, so let me hold on to maturity or wait till the time your

But at the same time, I think as a diversification and maybe the second run players who

will need their capital to churn again to bid for the new projects I think we can keep seeing the supply

of the HAM assets to the market or maybe BOT assets.

And finally, your pre-set of a component which is mainly relating for the return of capital, if I

look it for the entire year that was maybe around 5%-odd, but I think for this quarter it has been

higher at 10%-odd.

So going forward, since the dividend and the interest that we are receiving are

taxable, but the return of capital I think is tax exempt to the limit of issue price.

So how do you see

this mix for FY26 and should it be in that 5% range only of the overall payout or higher?

If you see that structurally, I think at the time of IPO also we had tried explaining to investors

that maybe the initial years it will be more interest and dividend because of the structural reasons you

have, positive networks, so of course you can just push up the profit in terms of dividend till the time

the network is positive.

Once it becomes negative then you of course start only paying the interest

and then of course you repay the debt.

But I think structurally I think in the initial years what we had

said that it was hit, it was going to be higher.

But I think this year onwards, going forward, what we

Indus Infra Trust & GR Highways Investment Manager Private Limited

see is that repayment of capital is going to be somewhere around say around 25% to 30% should be

there as overall distribution amount.

So that will meaningfully go up in this year?

Yes, absolutely, yes.

And then should it stay the same or this is just a one-year sort of phenomena?

It should stay in the same area because again you need to understand we will again keep acquiring

new assets also, right.

So those new assets again will have some positive cash plus which we have to

on the incremental basis will get distributed in the form of dividend, then interest, then repayment.

That is why I think as a structure if you say in the first two to three years most of the substantial

acquisition happens is going to hover around this and then it may increase after say two or three

So for two years it may remain at 25%-odd and then it will further -.

You can say that we hold this percent and maybe a year after that, maybe we will be able to give

better guidance in next year when we will see our asset pipeline and growth how it is basically

Thank you, sir and all the best.

Moderator

The next question is from the line of Anant Mundra from Mytemple Capital.

Anant Mundra

Thank you for the follow-up.

Sir, the ROFO agreement includes BOT assets as well for

Yes, that is right.

And some transmission assets are also there is with GR.

That is also included?

No, that is not because that is a different class itself.

So we are not looking as of now to include

transmission assets in this InvIT.

We may have to take a wider call whether that those assets should

be part of this InvIT or that should be a separate InvIT.

That of course that is GR's prerogative.

Indus Infra Trust & GR Highways Investment Manager Private Limited

would not know to be honest.

But if any BOT assets in the road sector, yes, that is part of the ROFO

Thank you, sir.

Just wanted this clarification.

Moderator

The next question is from the line of Jainam Jain from ICICI Securities.

Please go ahead.

Jainam Jain

So thanks for the opportunity.

My first question is how is the competitive intensity to acquire a

new asset and how do you foresee this going forward given that in the last two years the bidding from

NHAI has been subdued, so do we see that the reduced HAM leading to an increased competitive

intensity to acquire a third-party asset?

Yes, definitely.

To be candid enough, I accept that acquiring third-party assets in a competitive

environment remains a challenge and you have to compete with the likes of big guys as well as the

newer ones who actually is on the street.

But at the same time, I think we have some inherent

advantage because you can say a developer-led InvIT.

So we have some advantage of understanding

asset and how in optimal way we can maintain those assets for the next balanced life.

So I think that

advantage actually plays out in our favor.

So, while there are challenges, I think with that advantage

we somehow overcome those challenges to a greater extent.

So challenges are there, but there are

some advantages because of that we are seeing decent opportunities for us.

The proposed asset acquisition that you have talked about, what percent will be third-party in

So, to be honest, right now what we are looking at is six assets, two are going to be non-GR if

everything goes well and four is going to be GR.

So that way you see is 33:67, two-third, one-third.

I cannot tell you the valuation now.

But ballpark I think in terms of BPC that should be I think 30:70

is going to be broad range and that may increase maybe next year.

And by when can we expect this deal to finalize?

I think all of you are aware how M&A deals happen.

So difficult to attribute a timeline.

ask me, we are working towards so that we should be able to give this good news to you guys maybe

this quarter itself, but if everything goes well that is the timeline, if it gets elongated maybe, what we

are looking at maybe the next couple of months.

Indus Infra Trust & GR Highways Investment Manager Private Limited

Can you give a broad breakup of DPU?

You have talked about 12.5 that is the

expectation for FY26.

Broad breakup of dividend and interest and capital I think capital I said around 25%, 30%.

of dividend, it should be lesser, around 15% and the balance is going to be interest.

Moderator

The next question is from the line of Nikhil Abhyankar from UTI Asset Management.

Please go ahead.

Nikhil Abhyankar

Of these two GR assets that I think these were part of the earlier four assets which were to be

So, we have a guarantee of almost 12.5% IRR on this, right?

There is no such guarantee; it can be lower?

See, there was no guarantee per se.

I again want to reaffirm that.

What we had at that time actually

negotiated with GR that any asset we are going to acquire should be yield-accretive.

At that time we

had thought that depending on how the market situations are going to be.

I think we should be trading

at the kind of yield what we are trading.

So any incremental asset acquisition if you do at least around

12% kind of range I think that will be yield-accretive.

That is how we had sort of discussed with GR

that is next three, four assets can we do at least minimum of 12%.

No asset is acquired for 12.5% to

be honest, it was always 12% what we acquired the last two assets.

The third asset what we are

acquiring also again should be in that range.

The valuation discussion has not yet happened with GR.

But should be in that range.

But next assets onwards, is it going to be the 12%, answer is no.

have to negotiate, and we negotiate with GR in the same range that we negotiate with the third-party.

But however my distribution guidance what I have given as I had stated earlier as well, that will be

a function of my third-party optimizing on my leverage threshold plus what I get from GR and last

two or three acquisitions and the third acquisition what will do, that will be again going to be in that

range what we have done.

So at the InvIT level you get some value.

So that is why this 12.5 looks

achievable to me.

And sir, you mentioned that the total EVs will be somewhere around 42 billion.

think the GR assets itself are around 18, 19 billion.

So third-party assets are smaller in size?

Indus Infra Trust & GR Highways Investment Manager Private Limited

See, I maybe would not want to divulge those details now.

Anyway when we do this acquisition and

you will get to know about EVs.

And sir, I just want to understand how much of the internal accruals will be used for equity

portion or will we go for equity raise?

So I think on incremental basis difficult to give you percentage now because when we keep getting

annuities, but I think incrementally we are going to acquire as I said, right, since we are going to

optimize the leverage threshold which is from 30% to going 55% on increased EV basis, I think

predominantly money you can say is going to be coming from leverage itself.

Thank you and all the best.

Moderator

The next question is a follow-up question from the line of Siddesh Choudhary from

Maximal Capital.

Please go ahead.

Siddesh Choudhary

The 12% IRR that we are talking for further acquisition, this is equity IRR, right?

Sir, I think when we first posted our results, we were at 114-odd in terms of the NAV and this

quarter I think we are closer to 115.9 or thereabout.

So I mean, is there a path to sort of increase this

NAV and is there any rider or color that you can provide on the same?

You are saying guidance on NAV?

Yes, I mean, how do you see this NAV should be especially because we will be bulking up a lot in

terms of the balance sheet, how do you see this number going?

To be honest, it is difficult to give you NAV number, because NAV will be function of how much

my internal accruals I am going to utilize, right, how I am going to discount that incremental asset,

basically what valuation we are going to do, what is going to be my market, basically variables which

is beta which is going to be my risk-free, I think difficult to give you NAV number now.

give you NAV number but I think if you do the ballpark math, the kind of leverage what we are

talking about, around 55% and the asset acquisition of AUM I think we can reduce that number.

Now that you have already utilized internal cash, I think more or less 100% of the acquisition

will be funded by debt, right?

Indus Infra Trust & GR Highways Investment Manager Private Limited

See, I never said that.

I think some things you hall have to leave to investment manager to use their

wisdom to look at the market and to take call on the market variables.

But I have been maintaining

that I think predominantly is going to be coming by utilizing threshold, my leverage, but of course

some part of it will be funded from the internal accruals as well.

However, the guidance that we have

given will be unimpacted irrespective of the internal accruals I use.

Understood, sir.

Moderator

Thank you, As there are no further questions from the participants, I would now like to hand the

conference over to Mr.

Amit Kumar Singh for closing comments.

I would like to once again thank you everyone for joining us today and for your continued

trust in Indus Infra Trust as we remain focused on operational excellence, our strategy growth and

maximizing value for all our unit holders through consistent and transfer integration.

everyone again.

On behalf of Indus Infra Trust, that concludes this conference.

Thank you for joining us

and you may now disconnect your lines.