Indus Infra Trust (INDUSINVIT) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Indus Infra Trust Q FY '25 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now hand the conference over to Mr. Amit Kumar Singh, the Chief Executive Officer of Investment Manager. Thank you, and over to you, Mr. Singh.

Thanks, Rituja, and a very good afternoon, everyone. On behalf of Indus Infra Trust and GR Highways Investment Manager Private Limited, I welcome you all to the Q4 FY '25 earnings conference call of the Trust. This is our first earnings call in FY '26 for the Q4 FY '25. Just a quick update on the acquisitions made by Trust during the Q4 '25. In March '25, we acquired 100% of GR Galgalia Bahadurganj Highway Private Limited, boosting our HAM assets from 8 to 9. 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'll 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. For the same period, the outstanding annuities of the project SPV stood at approx INR 7,336 crores and 59 of the total 270 annuities have been received on time. Moving on to distributions. The Board of Directors of the Investment Manager in its Board meeting held on 7th May '25, have declared a DPU of INR 2.25 for Q4 FY '25, comprising interest of INR 0.96 per unit, which is INR 0.96 per unit, dividend of INR 1.05 per unit and a return of capital of INR 0.24 per unit. A record date for the current distribution has been fixed on 12th of May '25. Including the current announced DPU of INR 2.25 per unit since listing, our cumulative DPU at the end of fourth quarter stands at INR 14.2 per unit against the guidance given of INR 11.5 per unit at the time of IPO. The total distribution will amount to INR 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 unitholders. 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 kilometers of national highways in FY '25 against their target construction of 5,150 kilometers. However, total award during the year were comparatively muted. The center in its budget for fiscal '25-'26 has allocated the CapEx of almost INR 11.21 lakh crores, which is 3.1% of the GDP, including CapEx of INR 272,000 crores for -- towards Ministry of Road Transport and Highways. We believe that India's Union budget for FY '25, '26 aims to catalyze economic development, enhance connectivity and underscore the strategic commitment to infrastructure-led growth, aligning with the nation's vision of becoming a developed economy by 2047. 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. As per latest available data, InvITs have raised almost INR 1.6 lakhs crores from various investors, including capital market since FY '29, which implies that investors are increasingly viewing InvIT 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. In conclusion, I would like to reiterate that our steadfast commitment to delivering long-term sustainable value to our unitholders while actively contributing to India's infrastructure development story with a strong asset base, visibility of future acquisitions, disciplined financial management and a clear growth strategy, 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. We look forward to updating you on our progress in the coming quarters. Now without taking much of time, I'll now pass it on to Harshael, who will talk you through the financial details before we open up for questions. Thanks. Over to you, Harshael.

Thanks, Amit. Coming to Q4 FY 2025 performance on a stand-alone basis. The interest income on the loan extended by the trust to the SPVs was INR 175 crores. Dividend received during the quarter from the SPVs was around INR 198 crores. Out of this, INR 17.1 crores was utilized for distribution during the last quarter. The dividend income during the quarter was higher on account of annuity payments received during this quarter, including the first annuity payment post acquisition of Aligarh Kanpur project. With respect to EBITDA, adjusted for the impairment value for the quarter was INR 367-odd crores. The impairment was on account of the amount cash upstreamed by the SPVs to the trust. On a stand-alone basis, the total borrowing at the trust level stands at INR 1,750 crores and the interest cost on the same during the quarter was around INR 35-odd crores. The decrease in the interest cost as compared to the last quarter was on account of the reduction in borrowing cost in result of the reduction in repo rate. The tax outflows on a stand-alone level is only on the other income, which is earned by the trust. Coming to the consolidated financials. During the quarter, the total income was INR 268-odd crores, consisting of INR 251 crores from revenue from operations and other income of around INR 17.5 crores. The revenue from operation includes finance income of INR 186 crores and balances towards revenue from contracts, which is basically prior period claims, change of scope, 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 SP is INR 2,144 crores, which includes INR 394 crores of external debt at Galgalia Bahadur asset -- Galgalia Bahadurganj project, which we acquired in the month of March. Coming to the NDCF, the project SPVs had declared a total amount of INR 410 crores to the trust and the breakup for the same is dividend income of INR 190-odd crores, interest income of INR 175-odd crores and repayment of debt or return of capital in the form of INR 44.30 crores. Post adjusting for finance cost, DSRA reserve, trust level expenses and the consideration paid for acquisition of Galgalia Bahadurganj project, the NCD -- the NDCF at the trust level works out to INR 99.6 crores resulting in a distribution of INR 2.25 per unit. 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.

[Operator Instructions] The first question is from the line of [ Siddhesh Choudhary from Maximal Capital ].

First of all, on the DPU for FY '26, this year, we got listed in March '24, and we have distributed INR 14.2. So if I annualize it, it is coming to around INR 13.1 or INR 13.2 for 12 months period. So given that, now next year, what should be the guidance for the DPU for the next 12 months?

So if you see, during the year, we acquired 2 assets. So I think with acquisition of those 2 assets, I think, of course, our DPU has also bumped up. So I think this year, we are looking to distribute of around INR 12.5 for the year.

INR 12.5. So this will slightly drop compared to this last year.

Actually, it's on the same range because if you see our -- in our case, interest on annuities on the balance, right, that also plays a -- that's a significant part of the inflow. And all of us are aware that there's a 50 bps reduction already. So because of that, there is -- and since out of our 9 HAM assets, 8 actually as of now linked to the bank rate, which is bank rate plus 3% is what we are receiving from NHAI. So I think if you consider that, I think 12.5% against whatever number you calculate, which is 13.2%. I think it's almost in the same range. And also when we acquired assets from GR, that time, the surplus cash was also available post acquisitions. So some part of those surplus cash was also distributed. So what I think that maybe this year will be as -- what we get during the year, the distribution is higher than the last year because there's not much surplus cash, which is available now for distribution. Yes.

How much would have been that, sir, the surplus cash in this INR 14.2 till now?

It could be around, say, around the first distribution what we had done for the March quarter, which was March '24, we had done a distribution of INR 3. You can say that, that was almost from the surplus only.

Okay. Okay. So adjusting for that, basically, you are at INR 11 or maybe annualized INR 10, and that is going up to INR 12.5 for this year?

Difficult to do actually that point-to-point calculation because there's some surplus cash, some annuity would have come in, some towards would have gone through O&M. But if you see that if you compare to last year, I think from the surplus cash available as well as the annuity which is being accrued and received, I think we are a little higher than the last year.

Okay. Okay. And sir, what would be the absolute reduction, let's say, on the total for these 9 assets for every 25 basis point reduction, what is the reduction in the overall flow that we get from NHAI?

So see, in case if you see, currently, we -- our leverage is around 30%, right? So whatever reduction is happening, basically, we are able to absorb only 30% and -- or rather pass on to 30% and 70% we are absorbing. But in terms of -- if I say that maybe in terms of amount, a 25 bps reduction ballpark in terms of NDCF, if I do a ballpark math, is around somewhere around INR 50 crores to INR 60 crores, yes.

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

Yes, yes.

Okay. Okay. Understood, sir. And secondly, so as we scale and acquire more assets, then we will increase our debt. So our natural hedge in a way will increase, right?

That's right. That's correct.

Okay. Okay. 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 the guidance for asset acquisition for FY '26 and '27?

For this fiscal year, asset acquisition guidance is almost including GR and non-GR, I think we should acquire 5 to 6 assets this year.

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

Absolutely.

And the leverage ratio, sir, from the current 30% where can we use?

If we don't raise any equity, I think the leverage ratio should touch around 55-odd percent.

[Operator Instructions] The next question is from the line of Anant Mundra from Mytemple Capital.

Sir, what would our equity IRR be for the latest asset that we've acquired.

The equity IRR, which we acquired the last asset?

Yes, the latest -- the latest asset that we got. Correct.

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

And this was before the 25 bps rate cut?

No, this was after 25 bps rate cut.

Okay. Okay. So sir, you had -- in the last call, you had guided that after the acquisition of the first asset, our equity -- I mean, for the unitholders, 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 was 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%.

Okay. But then after that, there has been rate cut as well. So there would have been downward...

One rate cut after that, one rate cut.

Okay. So it's -- so now it's 12.12% after both the rate cuts and the acquisition?

12.12% was, sir, before one rate cut. After this, 12.12%, one rate cut has happened, which is in the month of April because what we acquired was on the 28th of March. So the last of week of March.

And the guidance that you've 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 bonus?

It assumes one more asset, which we are targeting to acquire, say, by month, June or July. And post that, basically, any asset acquisition, that depends on what kind of rate we get, what kind of discounting we get. 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 sir, I see the payout in the NDCF slide, we have paid out, I think, some INR 225 crores from our internal accruals, whereas I thought we were supposed to fund the newer acquisitions entirely through debt.

So that was not the case, because what we are seeing in the optimum capital structure, and because we have a very healthy pipeline. So I don't want to just have my -- the entire debt. So these are, 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 very high pipeline of almost 6, 7 assets of this year. So I'd rather use in a more prudent way, those debt threshold rather than just using it in the first, second acquisition itself.

Got it. Makes sense. And sir, so in the future acquisition, now that we are planning to do, I think, around 5, 6, 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 unitholders' interests are protected? Because if we go with, say, a 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 that. 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 their IRRs could be -- target IRR could be more different. 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.

Okay. And for the newer acquisitions as well, when we have to raise debt, we can assume the similar debt rates that we have, I think 7.6% right now. So this...

We will endeavor to do it better for the future.

So it will only get better. It should not...

Yes, we will endeavor to get it better, yes. Yes. Not higher than that for sure. We'll try to better it. 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%.

Got it. And at both sides, when the repo rate is cut, so the benefit is -- I mean, the benefit and impact is immediate, like both on the interest on annuity and on the interest repayments that we have to make.

Yes, yes.

The impact of the repo rate is immediate.

Yes, yes.

Okay. So there's no lag there.

Yes.

Got it. Got it. And sir, could you just quantify what is the size of these 5 or 6 assets that we are targeting? What would the enterprise value be? I'm just trying to calculate what our enterprise value could be as at the end of FY '26. So some rough number.

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

INR 4,000 crores to INR 4,200 crores. So and our current number enterprise value is...

INR 7,000 crores.

So it goes to around INR 11,000 crores.

INR 11,000 crores, yes, INR 11,000-odd crores. Net of distribution it should be the range of around INR 10,500 crores to INR 11,000 crores. That's what we did.

And you are saying we'll be about 55% debt to AUM, about INR 5,500 crores debt, roughly.

Ballpark, yes, you can say that.

[Operator Instructions] The next question is from the line of [ Siddhesh Choudhary from Maximal Capital ].

So sir, on the situation in terms of the new road projects, so we have seen a lull in the activity in terms of awarding new road projects across the sector. So any color or any thoughts that you can share on why it is so low and because it's been like for the last 5, 6 quarters, we haven't seen much of a project announcement. So how do you see that shaping up from a sectoral perspective?

So of course, the FY '25, of course, because of the election year and the other reasons, right? So the awarding has been lesser. While towards the fag end late Q3 and Q4, we saw some awards through -- which was NHAI or through MoRTH and NHAI projects. But yes, of course, in terms of value, I would say that is still lower than what it was in, say, in FY '23 or maybe '22. But -- or '24 rather. But this year, I think, again, what we are hearing that government should start awarding because there are a lot of DPR's and all what we are hearing is being done. There are a lot of express economic corridors are being looked at by government agencies to do some studies on and maybe 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'll see more projects being awarded. And then again, the market is opening for the InvIT 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 don't see much challenge at least for the next 2, 3 years.

And 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 don't see their balance sheet expanding with new projects. So the propensity to sell down might be much lower in the absence of new projects. So how do you see that?

No. So actually, it's -- of course, it will be a function of the individual strategy at the company's level, at the group level. But generally, what we see that if there are not much, say, awards happening and it's going to the, say, not to the first, maybe second rung players who are maybe taking it, say lower than BPC of NHAI because we can see some maybe degree of aggression in the off late 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 2, 3 years, everybody has gone into diversification. And again, diversification will call for the capital, right, because everybody doesn't have that amount of capital so that they can go, do the diversion. So I think recycling of capital as an overall theme 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 -- as a prudent buyer we'll have to keep looking for the quality so that when we see -- when we take it, it actually becomes an addition of an asset to our portfolio. And of course, then -- and of course, as we are always maintaining that, 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 there's not much award. So let me hold on to maturity or wait till the time the award comes. But at the same time, I think as a diversification and maybe the second line 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.

Okay. And finally, your tax-free sort of a component, which is mainly emanating from the return of capital, if I look at for the entire year, that was maybe around 5-odd percent. But I think for this quarter, it has been higher at 10-odd percent. 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 FY '26 and beyond? Should it be in that 5% range only of the overall payout or higher?

No. See, if you see that structurally, I think at the time of IPO also, we had basically -- we had tried to explain to our investors that maybe the initial years, it will be more interest and dividend because of structural reasons you have positive net worth. So of course, you can just push up the profit in terms of dividend till the time the net worth is positive. Once it becomes negative, then you, of course, start only paying for 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 going to be higher. But I think this year onwards, going forward, I think what we see that the repayment of capital is going to be somewhere around, say, around 25% to 30% should be there as an overall distribution amount.

So that will meaningfully go up in this year?

Yes, absolutely. Yes.

Okay. And then should it stay the same? Or this is just a 1 year sort of thing?

See it should stay in the same area because again, you see -- 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 will have to -- on an incremental basis will get distributed in form of dividend, then interest, then repayment. That's why I think as a structure, if you say, in the first 2, 3 years till the most of the, say, substantial acquisition happens is going to hover around this. And then maybe it may increase after, say, 2, 3 years.

Okay. So for now for a few years, it may remain at 25-odd percent and then it will...

And next year, it won't be this percent. And maybe year after that, maybe we'll be able to give better guidance in the next year when we'll see our asset pipeline and growth, how it's basically panning out.

The next question is from the line of Nikhil Abhyankar from UTI Asset Management. I'm sorry to interrupt you. We cannot hear you, sir. We'll move to the next question, which is from the line of Anant Mundra from Mytemple Capital.

So the ROFO agreement includes BOT assets as well for us, right?

Yes, that's right.

And does it include the -- some transmission assets are also there with GR that is also included?

No, that's not because that's the 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 because that -- those assets should be part of this InvIT or there should be a separate InvIT. That's -- of course, that's GR prerogative. I wouldn't know, to be honest. But if any BOT assets of -- in road sector, yes, that will be the part of -- that is part of the ROFO also.

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

My first question is, how is the competitive intensity to acquire a new asset? And how do you foresee going this going forward, given that last 2 years, the bidding from NHAI has been subdued. So do we see that the reduced TAM 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 need to -- or you have to compete with likes of big guys as well as the new ones who are actually on the street. But at the same time, I think we have some inherent advantage because we are, you can say, a developer-led InvIT. So we have some advantage of understanding asset and how optimally -- in an optimum way we can maintain those assets for the next balance life. So I think that advantage actually plays out in our favor. So while there are challenges, but I think with that advantage, we somehow overcome those challenges to a certain extent, to a greater extent. So challenges are there, but there is some advantage because of that, we are seeing decent opportunities for us.

Okay. And the proposed asset acquisition that you've talked about, what percent will be third party in that?

See, 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, 2/3, 1/3. In terms of value, I think it's going to be -- according to me it's going to be more 30, 70. 70 is going to be GR, 30 GR. I mean I don't know. I can't tell you the valuation now. But ballpark, I think in terms of BPC, that should be, I think, 30, 70 is going to be a broad range. And that may increase maybe next year.

Understood. And by when can we expect this deal to finalize?

I think all of you are aware how M&A deals happens. So difficult to attribute a time line. But if you ask me, we are working towards so that we can -- maybe we should be able to give this good news to you guys maybe this quarter itself. But if everything goes well, that is the time line. If it gets increased, if it basically gets elongated, maybe. We're looking at maybe...

A couple of months.

Yes, you should.

And last question, can you give a broad breakup of DPU? You've talked about 12.5% that is the expectation for FY '23, broad breakup in terms of dividend?

Broad breakup of dividend and interest and capital. So I think capital, I said around 25%, 30%. In terms of dividend, it should be around lesser, around 15% and the balance is going to be interest.

[Operator Instructions] The next question is from the line of Nikhil Abhyankar from UTI Asset Management.

Yes. So of these two GR assets that I think these were part of the earlier four assets, which were to be transferred. So we have a guarantee of almost 12.5% IRR on this side?

No.

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. 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 should be -- if you do at least around 12% kind of range, I think that will be yield accretive. That's how we had sort of discussed with GR that if next 3, 4 assets, can we do at least minimum of that 12%. No asset is acquired for 12.5%, to be honest. It was always 12% what we acquired, the last 2 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. We'll have to again negotiate, and we negotiate with GR in the same range that we negotiate with the third party. So -- but however, my yield distribution guidance, what I've 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 2, 3 acquisitions and the third acquisition, what we'll do, that will be again going to be within that range what we have done. So at the InvIT level, you get some value. So that's why this 12.5% looks achievable to me.

Okay. And sir, you mentioned that the total EV will be somewhere around INR 42 billion. So of this, I think the GR assets itself are around INR 18 billion, INR 19 billion. So are the other -- I mean, third-party assets smaller in size?

See, I maybe would want to -- would not want to divulge those details now that smaller anyway, we'll do this acquisition and you'll get to know about the EVs.

Sure. 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?

No. So I think incremental basis, difficult to give you a percentage now because we keep annuities. But I think incrementally, we are going to acquire, as I said, right, since we are going to optimize the threshold -- leverage threshold, which is from 30% to going to 35% on an increased EV basis. I think the predominantly money you can say is going to be coming from the leverage itself.

Okay. Majority of it is going to come from leverage.

Yes.

The next question is a follow-up question from the line of [ Siddhesh Choudhary from Maximal Capital ].

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

That's right.

Okay. And sir, I think when we first posted our results, we were at INR 114-odd crores in terms of the NAV. And this quarter, I think we are closer to INR 115.9 crores or thereabouts. So I mean, is there a path to sort of increase this NAV? And is there any guidance 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 along in terms of the balance sheet. How do you see this number going?

See NAV, to be honest, it's difficult to give you an NAV number because NAV will be a function of how much my internal accruals I'm going to utilize, right? How I'm 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, which is -- so I think difficult to give you NAV number now. I can't give you an 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 deduce that number.

Okay. And now that you have already utilized this internal cash, I think more or less 100% of the acquisition will be funded by debt, right?

See, I never said that. I think some things you'll have to leave to investment manager to use their -- basically their wisdom to look at the market and to take call on the market variables. But I've been maintaining that. I think that predominantly is going to be coming from by utilizing threshold my leverage. But of course, some part of it will be funded from the internal accrual as well. However, the guidance what we have given will not be -- will be unimpacted irrespective of the internal accruals I use.

[Operator Instructions] 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.

Thanks, Rituja. And 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 strategic growth and maximizing value for all our unitholders through consistent and transparent execution. Thank you, everyone, again. Thanks.

Thank you. Thank you. On behalf of Indus Infra Trust, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.