Indinfravit Trust
Company Analysis
Key Metrics
EPS
-1.51
Current ratio
0.75
Debt/Equity
1.49
Debt/EBITDA
4.19
Interest coverage ratio
0.82
Operating Cashflow to total debt
0.16
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Operational nature of asset portfolio with track record of toll collection and annuity assets provide stability to revenues
Comfortable leverage levels
Strong financial profile of Trust
Large and reputed anchor investors
Cash pooling benefit of InvIT and regulatory approval for increase in consolidated leverage
Liquidity position: Strong
Cons
Risks inherent in BOT toll road projects
Undertaking regular and periodic maintenance/capex within budgeted cost –
Risk of future asset acquisition by the Trust and its funding pattern
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About Indinfravit Trust bond.
This comprehensive profile covers key factual information about Indinfravit Trust. IndInfravit was established by L&T Infrastructure Development Projects Limited on March 7, 2018, as an irrevocable Trust under the provisions of the Indian Trusts Act, 1882. It was registered as an infrastructure investment trust under the SEBI (InvIT) Regulations on March 15, 2018. IndInfravit's initial portfolio of assets comprises five operational BOT toll road projects with a cumulative length of 2,654 lane km. These projects were transferred to the InvIT from L&T IDPL on May 4, 2018. These projects are operated and maintained pursuant to the concessions granted by the NHAI and are located in four different states. L&T IDPL is the sponsor of the InvIT. In July 2019, IndInfravit announced its plans for acquisition of nine SPVs of Sadbhav Infrastructure Project Limited (SIPL) and Sadbhav Engineering Limited (SEL). The portfolio comprises seven toll road assets and two annuity road assets having a cumulative length of 2,619 lane kms. The Trust acquired eight of the nine SPVs. EPS in Mar-2024 was -1.51. Current ratio in Mar-2024 was 0.75. Debt/Equity in Mar-2024 was 1.49. Debt/EBITDA in Mar-2024 was 4.19. Interest coverage ratio in Mar-2024 was 0.82. Operating Cashflow to total debt in Mar-2024 was 0.16. Total revenue for Mar-2025(E) was ₹3,702.15. Net income for Mar-2025(E) stood at ₹-122.26. Total assets as of Mar-2024 were ₹21,983.97. Operating cash flow for Mar-2024 was ₹1481.88. The company’s borrowing relationships include ICICI Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), Axis Bank Limited (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), Kotak Mahindra Bank Limited (₹N/A Cr), India Infrastructure Finance Company Limited (₹N/A Cr), Barclays Bank Plc. (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr), (₹N/A Cr). Peers and comparison entities consist of Indinfravit Trust, Cube Highways Trust, National Highways Infra Trust, Shrem InvIT. As of Jun 2024, promoters hold 74.32% while others hold N/A% of equity. Key strengths include: Operational nature of asset portfolio with track record of toll collection and annuity assets provide stability to revenues; Comfortable leverage levels; Strong financial profile of Trust ; Large and reputed anchor investors; Cash pooling benefit of InvIT and regulatory approval for increase in consolidated leverage; Liquidity position: Strong. Key risks include: Risks inherent in BOT toll road projects; Undertaking regular and periodic maintenance/capex within budgeted cost –; Risk of future asset acquisition by the Trust and its funding pattern. Leadership team details include Mr. Pawan Kant (CEO), Mr. Gaurav Khanna (CF0), Mr. Gaurav Chaturvedi! (CIO), Ms. Rekha NB (Company Secretary). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.