Indus Infra Trust ($INDUSINVIT)

Ladies and gentlemen, good day, and welcome to the Indus Infra Trust Q4 and FY '26 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinion and expectation of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Kumar Singh, the Chief Executive Officer of the Investment Manager. Thank you, and over to you, Mr. Singh.

Thank you, Danish, and very good afternoon, everyone. On behalf of Indus Infra Trust, I welcome you all to the Q4 FY '26 earnings conference call. This marks our first earnings call in FY '27, covering the performance of Q4 FY '26. A key highlight during the quarter was the continued progress in expanding the Trust asset portfolio. In March '26, we acquired 100% shareholding in 3 HAM assets from G R Infraprojects, namely GR Ena Kim Expressway Private Limited, GR Ujjain Badnawar Highway Private Limited and GR Bilaspur Urga Highway Private Limited. These acquisitions are aligned with our core investment strategy of adding yield-accretive assets with stable cash flows while also extending the overall asset life of the Trust and enhancing long-term distribution visibility for our unitholders. With these additions, now the total number of assets has increased to 13 with an AUM of over INR 9,400 crores. As many of you are aware, we had signed an SPA in December '25 to acquire 4 HAM assets from KNR Constructions. We are targeting completion of these acquisitions at the earliest, preferably within this quarter itself, subject to fulfillment of all CPs. As of March 31, '26, the Trust asset had an average residual life of approx 11.34 years. The outstanding annuities across Project SPVs stood at INR 10,695 crores, with 87 out of 390 annuities received on time during the period. Moving on to distributions. The Board of Directors of the Investment Manager in its meeting held yesterday declared a DPU of INR 3.5 per unit for Q4 FY '26. This comprises interest of INR 1.01, which is INR 1.01 per unit and return of capital of INR 2.49, which is INR 2.49 per unit. The record date for the distribution is May 5, '26. Including this, our cumulative DPU since listing stands at INR 27.7 per unit. For FY '26, total DPUs amounts to INR 13.5 per unit, exceeding our initial guidance of INR 12.5 per unit. The total distribution for the year aggregates to INR 597.97 crores. We reaffirm our commitment to meeting our stated guidance going forward, too. Moving to industry side, the operating environment for the road infrastructure in India remains structurally strong. Execution under Bharatmala Pariyojana continues to progress steadily with over 26,000 kilometers awarded and more than 21,700 kilometers already completed. This reflects sustained momentum in highway development and corridor modernization. With new project sanctions, the sector appears to be entering a more mature phase, focusing on optimization and selective expansion of strategic corridors. For a platform like ours, this shift is constructive as it increases emphasis on operating assets, monetization opportunities and long-duration yield visibility. Ministry of Road Transport & Highways continues to be a major beneficiary of the government's CapEx program with an allocation of approx INR 2.94 lakh crores. This reinforces the long-term expansion and modernization of the national highway network. During the quarter, several strategic projects were approved, including greenfield connectivity corridor linking Jewar International Airport with Delhi-Mumbai Express ecosystem for almost INR 3,630 crores and the four-lane and access control of NH 927, which is Barabanki to Bahraich corridor in UP for almost INR 6,970-odd crores. Additionally, the NMP 2.0 outlines the road monetization pipeline of exceeding INR 4 lakh crores, INR 4.14 lakh crores to be precise, which is a strong positive for road InvITs. At a broader level, InvITs are playing an increasingly important role in India's infrastructure financing ecosystem. This is enhancing investors' participation and enabling efficient capital recycling, thereby strengthening the overall market environment. The resilience of our annuity-based asset base, combined with a supportive policy landscape and a robust pipeline of monetizable assets provides a strong foundation for long-term growth. Our focus remains firmly on capital protection, delivering stable and predictable distributions and creating long-term value for our unitholders through our disciplined capital allocation, calibrated growth and strong governance. Now without taking much of the time, I'll now hand it over to Harshael, who will take you through the financial details before we open up for the questions. Thank you, and over to you, Harshael.

Thanks, Amit. Coming to Q4 FY '26 performance on a stand-alone basis. The interest income on the loan extended by the Trust to the SPVs was INR 195.03 crores as against INR 187.41 crores in the last quarter. The increase in interest income was on account of additional debt on-lent to the SPV acquired in the December quarter, that is GR Bahadurganj-Galgalia, amounting to INR 547.73 crores of debt on-lent to this SPV. The increase in the interest income because of this additional debt on-lent has been partially offset by the debt repayment made by the existing SPV in the December quarter and during this quarter. As SPVs have upstreamed cash flows to the Trust in the form of interest and repayment, no dividend income was received during the quarter from the SPVs. Further EBITDA, excluding for impairment, for the quarter was INR 183.72 crores. The impairment is on account of the difference in the fair value and book value of the investments. The total external borrowing at the Trust level as on 31st March 2026 stands at INR 3,688 crores as against INR 2,425 crores during the last quarter. During the quarter, the Trust availed additional borrowing of around INR 1,326 crores to refinance the external debt and the unsecured debt in the SPV. Accordingly, the finance cost during the quarter increased to INR 42.47 crores from INR 39.87 crores. The tax outflow is on the other income earned by the Trust at the rate of 42.744%. Profit for the quarter stood at INR 75.9 crores. During the quarter, as Amit mentioned earlier, we had completed the acquisition of 3 SPVs at an enterprise value of INR 2,639 crores. Further, we have done the refinancing of external debt in one of the SPVs that is GR Ena Kim. As on 31st March 2026, in the balance 2 SPVs, there is an outstanding debt of INR 914.65 crores. Coming to financial year 2026 on a stand-alone basis, the total income stood at INR 797.40 crores for the entire year with an EBITDA, excluding impairment, of INR 757.65 crores. As compared to FY '25, the fall in revenues on account of lower dividend upstream by the SPV. As in the first year of operations post-listing, dividend distributed by the SPVs was higher on account of release of encumbered cash by the SPV. The finance cost during the period was INR 158.18 crores, which is on account of increased borrowings from INR 1,750 crores in FY '25 to INR 3,688 crores in FY '26, which has also been partially offset on account of the reduction in the borrowing cost, which are linked to repo rate. Out of the above borrowings, the Trust has availed INR 1,326 crores during the last week of March. Hence, the entire impact of the additional borrowing is not getting captured in the finance cost for this financial year. Coming to the consolidated financials. During the quarter, the total income was INR 208.12 crores, which consists of revenue from operation of INR 187.94 crores and other income of around INR 20.18 crores. The revenue from operations includes finance income of INR 156 crores as against INR 135.61 crores during the last quarter. The revenue from contracts, that is our COS, O&M, utility and claims, for the quarter stood at INR 31.59 crores, which included a prior period expenses and COS payment of around INR 11.55 crores. The total expense for the quarter was INR 105.03 crores. Post adjusting for the tax liabilities, the PAT for the period was INR 106.28 crores. The total external borrowing, including the borrowing at the SPV level, on a consolidated basis stood at INR 4,602.88 crores. In relation to the NDCF, cash flow from operations of the SPVs and other income -- and including the other income, the total cash flow was INR 486.87 crores. Considering the release of reserve and the finance cost at the SPV level, the total SPV level NDCF was INR 662.58 crores, which was upstreamed to the Trust. Post adjusting for financing cost, DSRA reserve, Trust level expenses, which has been given on the Slide 10 of the presentation, the NDCF for the quarter works out to INR 161.33 crores, out of which INR 155.03 crores is proposed to be distributed, resulting in a distribution of INR 3.50 per unit. The form of distribution is INR 1.01 per unit in the form of interest and INR 2.49 per unit in the form of repayment. As mentioned earlier, the record date for the distribution is May 5, 2026. Thank you, and we are open to questions now.

[Operator Instructions] First question comes from the line of Deep Vakil from Bandhan AMC.

Am I audible?

Yes, Deep, you are.

Congratulations, sir, on -- I mean, a very good set of distribution and NDCF and broadly the results. I understand, sir, I mean, we don't give a guidance, but I mean, initially, for full year, would you give some guidance that -- I mean, INR 12.5 was the guidance that we had guided for FY '26, and we have exceeded by INR 1. So any broad guidance, sir, for FY '27, the DPU part?

Yes, Deep. So I think we can give guidance. And the guidance for FY '27 is going to be almost INR 14 because this is on the back of new asset, which we are going to acquire, which will happen, of course, during the maybe Q1 and Q2, and the annuities will start flowing second half onwards. So I think the INR 14 is something which will be a minimum guidance for FY '27.

Okay. And sir, any form of -- I mean, any split that you would like to guide between capital repayment and interest?

So ballpark, it is going to be around, say, 55% to 60% will be interest and around 40% to -- maybe 40-odd percent will be, say, capital repayment, and around, maybe, ballpark 5% to 8% is going to be dividend.

Okay. And sir, any specific instance that I mean we -- I mean, the 70% of -- I mean, current quarter distribution is repayment of capital. So any specific thoughts around that? I understand, I mean, you have mentioned earlier that, I mean, it depends on the life of the asset and the cash flow pertaining to that. But any specific thing, sir, in Q4?

No. So I think it's -- we -- on a periodic basis, we keep evaluating what's the profile in terms of other debt, which is extended by InvIT to SPVs. And we, of course, also believe in that, that debt also should be basically paid. And as and when we need, say, some capital to use for any -- to fund our growth, InvIT always have a right to call upon some kind of prepayment, and that payment can be used for -- to fuel the further growth. I think same thing happened in Q4. So I think the same way you have to just keep monitoring how the cash flows are and the debt which is extended by InvIT to SPV should be basically repaid on time.

Got it. And sir, any -- I mean, AUM guidance for '27, I understand, I mean, you have given in prior years, but that stays intact. And in accordance with that, any fundraising plans in the near term?

Yes. So of course, we -- the way I think we have signed SPA with KNR and the one situation where we are looking at signing SPA in this quarter. And of course, the ROFO assets, what we have GR, maybe 5 to 6, that ROFO assets, which we intend to acquire in this year, I think we should be able to add on an incremental basis around INR 8,000 crores to INR 8,500 crores of AUM this year. And that's what we have. Anything, suppose, which we do during the year will be over and above this.

Okay. Probably INR 18,000 crores of AUM by next -- I mean, year-end?

Yes, you can add maybe INR 8,000 crores on numbers what we have. So somewhere between INR 17,500 crores to INR 18,000 crores, yes.

Got it. And sir, I mean, the fundraising, any near-term plans? Because I think...

Yes. So if you see -- I think maybe Harshael would have touched upon there in the presentation also. So on the gross level, we are already at 47%, 48% of our AUM, right? That means any incremental acquisition, we can -- while we can use our available threshold of debt, but we have to raise equity. And I think this year, we may do that, maybe 1 or 2 tranches. So to fund this around INR 8,000 crores to INR 8,500 crores or maybe INR 9,000 crores AUM, we'll have to raise, say, equity, and that is going to be, say, around -- if you take around 40%, 45% of that, that should be somewhere around, say, INR 3,800 crores to INR 4,000 crores, that kind of equity raise we are looking to do in this fiscal itself.

[Operator Instructions] Our next question comes from the line of Sarvesh Gupta from Maximal Capital.

Congratulations on a good performance. So sir, first thing is that this INR 14 is what you think is a conservative guidance? Is that the right understanding, sir?

See, I don't know what is conservatism, but yes, I think you would have seen our conduct in the last 2 years. So I'll leave it up to you to ascribe it the way you...

No. I mean, since you are also planning to almost double the AUM base in FY '27. So are you also taking into account some of the benefits that might occur because of that?

So if you see, Sarvesh, as I said, this AUM addition won't happen at one shot. This will happen over the year. So maybe 4 to 5 assets will be acquired, say, fag end of this, which will be of Q4. Q4 is also fag end. So basically, as an InvIT, we won't accrue any benefit from acquisition of those assets in this fiscal. So what -- basically what guidance we are giving predominantly that what we will do, say, end up doing in Q1 and Q2. And those annuities will start flowing in, say, Q2 onwards. So that's why basically the guidance will be that whatever we acquire. So you can see an AUM addition of a decent number, but a decent part of that will get added in the fag end. So we won't have much accrual coming from those.

So basically, we can maintain this INR 3.5 run rate. And maybe in Q3 or Q4, we can see some benefits also flowing because of the additional acquisitions?

No. Q4, what's also happening is, as I said, Q4, this asset acquisition or additions will happen towards the fag end. So I won't have much basically cash flow to distribute. But yes, the asset addition, which will happen over the Q1 and Q2, that will contribute towards the -- my overall distribution. Also, I think you would have seen our asset profile. So 2, 3 of our assets have already received 11, 12 annuities. Now those assets are due for major maintenance. So 2 of our assets are going -- will be undergoing major maintenance for this year, which were the Phagwara-Rupnagar and Varanasi Sangam. And these are -- this will take a major maintenance. So when we give guidance, we, of course, ensure that whatever we say irrespective of any major maintenance activity which gets undertaking, the guidance doesn't change. So that's why I said that a minimum of INR 14 should be -- we should be able to distribute for the year.

Okay. And just harping on the previous caller's point. So last 2 quarters, we have seen abnormally high capital repayment. And you said that maybe this year, we should assume that to be like 40-odd percent of the DPU. But how do you see that in the medium to long term? Like, normally, what should be the breakup because this breakup has undergone a lot of changes when it comes to your InvIT?

Yes. So I think, in the start of the InvIT when we had acquired assets from GR, those 7 assets that you see, that time, we had a lot of cash, right? And of course, those cash, they were in form of different reserves. And as and when basically we got lenders' approval and those reserves got released, right, we distributed that in the form of dividend. But eventually, what happens is that -- I think you must be aware, right, as with companies -- like, until and unless you are net worth positive, you can declare dividend. After that, you can't. So once -- and of course, this incremental borrowing, which InvIT extended to the SPVs, of course, the cost of debt also went high. So because of that, SPVs didn't leave much with the profitability. So we started -- so that's why you would have seen a flow. Initially, we gave more dividend. Then all those -- post that, we started giving very lesser dividend, more interest and a very few -- very less amount of capital repayment. And now you're seeing interest from dividend to interest and to capital. Capital, as you said, InvIT keep raising at the InvIT level, right, and they keep extending to SPV. So from an InvIT perspective, those repayment also has to happen. So if you're not leaving with much cash, say, at the SPVs' book, of course, you will see a lesser dividend going forward and a higher interest because, of course, InvIT is extending a big amount of debt to SPV. So that will, in turn, will -- you'll get -- InvIT will get a lot of interest from SPVs. And then maybe a lesser amount of -- maybe somewhere 5% to 10%, you can say as a dividend and ballpark around 30%, 35% of the capital repayment. That is going to be the most likely profile until and unless again we acquire...

So this can continue even beyond FY '27?

Yes. I said that is going to be most likely because until and unless we acquire some asset again where there's a lot of cash, and this is distributed in form of dividend.

Understood. And this INR 8,000 crores to INR 8,500 crores, so this is broadly KNR plus GR ROFO, right? This is not including any more third-party assets?

This is including one more third party. So 5 third party and 5 to 6 GR.

Okay. Okay. And broadly, like you alluded to, since you're also going to be raising funds for these. So the mechanism that we have in place for funding these is basically 40%, 50% equity, 40% -- remaining as debt going forward?

Yes, that is what we see, around 40%, 42% of equity and around, say, 55% to 58%, 60% of...

Why don't you want to go to the limit of 70-odd percent?

No, we always want to have -- see, that's a completely choice the Investment Manager wants to have because whenever suppose you do a fundraise, you should have some cash ready, a war chest ready for the acquisition, that during the year, if you build something, it should not that -- and I again have to go and raise the equity, or I can do -- right? Because if you take it to 70%, of course, rating agencies or maybe the lenders, they are not comfortable taking you to stretching to 70%. So they also have you to have your internal threshold, which you would not cross. So that threshold is say, for example, 90% of 70%, which is 63% -- say, 65%, and I'm talking of 57%, 58%. So it's just a 6%, 7%, 8% threshold which is available. And we always, as Investment Managers, want to have some war chest ready so that if any immediate opportunity comes, right, it's not that first, I'm running for equity raise and then I'm doing the acquisition. So that's an option we want to have. I think that's the -- basically, you can say, approach we have been since day-zero when we started. I think we are seeing a decent benefit for that, so we'd want to continue that way.

Okay. Now coming to the acquisition market itself. So how do you see this market shaping up right now? Because, see, there are more and more private and public InvITs which are being formed. And hence, there is a lot of investor capital also, which is coming into this sector. Against that, what we have also seen is road development per se hasn't been growing as such, right? The construction per day, et cetera, those metrics have been coming down. The new projects are not being given out. So don't you think that this supply-demand of roads assets -- and also because many of the large developers are flushed with own cash, they have very good balance sheets. So then is this an environment where one can find good acquisition opportunities because of this?

Okay. So maybe I'll take your question, and I want to answer this question in 3 parts. First thing is, of course, I'm not ruling out the scenario that there is an issue of having good, say, HAM assets in the market. Of course. But at the same time, we see, as you said, all the large developers are flushed with cash or liquidity. But most of the developers either did their own InvIT or they monetized the cash because while they are sitting on the cash, next opportunities, also for that, they need cash. And I think nobody wants to have -- sitting on something which can give them cash, and they don't want to put those cash back into their business where they can get a higher ROE than what they would be selling these assets to either InvITs or to the funds. At the same time, if you see, like, what I said that if the next NMP program, which is almost more than INR 4 lakh crores. So I think we see opportunity for everyone to grow and exist in this market because there are -- as you said, so a lot of investors coming, and everybody is acquiring assets, right? That means there is a supply. Point to note is that whether the supply is having a decent quality or not. So so long people are able to solve for that quality issue. I think there will be market to grow for everyone, to coexist. And given the NMP and again, whatever the pipeline NHAI has -- and, like, GR got 2 HAM assets over the last 30 days, I think 1 month. So in our case, if you see, we have 13 assets now plus some third party, maybe acquiring 5, 6 more assets. But even after that, we would have a pipeline of almost, you can say, 13 to 15 more assets from GR and then, of course, the third party also. So I think there's an opportunity. And of course, I think you may see in market maybe multi-assets InvITs whether people will be starting looking at the constraint of the good road asset, people may start looking at the other line of assets also. So I think there will be opportunity to grow, coexist with other guys. And on the back of what NHAI is coming, we can't -- and of course, we can't say that this supply from NHAI can remain muted for a longer time. So of course, this is a cycle. I think we are part of the cycle. The cycle again will turn. And the opportunity to grow, I don't see any challenge from an InvIT perspective.

Okay. And currently, like in terms of, let's say, the equity IRRs that you are looking at when you are acquiring these assets, what can that be in terms of a broad range?

See, of course, the IRR is not same. IRR varies asset to asset depending on the quality, depending on the terrain, depending on the requirement of that seller, depending on capital structure. So it's not same. And it varies from, say, 12% to 13%, 13.5%, depending on how you're able to close it -- crack it.

But as far as -- I mean, are you -- I mean, the new acquisition that you will be doing, especially this year when we are almost doubling up. So can you confirm that these will be like DPU accretive and NAV accretive?

Yes. I -- look, this has been our investment philosophy that most of the acquisitions what we -- would be DPU accretive for my existing unitholders. So I think that is the philosophy we have -- we started with, and we've been able to maintain that.

Okay. And this time, I think the NAV has also increased by INR 5, INR 6, if I'm not wrong. So what contributed towards that? Was it majorly interest rate or cost of debt related?

I think -- I don't think NAV increased by INR 5, INR 6. It would have increased by maybe around INR 1.5 to INR 2. And that's because we added 3 -- 4 rather, 4 more assets in last 3 months. So December, we acquired 1 asset, and then we acquired 3 assets in March. So of course, the acquisition of new assets, NAV will get added because it's yield accretive, right? So that, we have been maintaining. I don't think it's increased very high by INR 5, INR 6.

Okay. And what is your average cost of debt and marginal cost of debt as of now?

It's given in the presentation, and it's given in the financial thing. Average cost has been basically in the range of 6.9% to 7%. And it is the part of the -- I think the financial statements, what we basically published yesterday.

And it is similar to what -- I mean, because of these yield movements, if you were to raise debt today, will it be higher? And what it could be?

It will be higher at what levels? We have not closed the levels. So difficult to tell you the levels, but it may be marginally higher.

Our next question comes from the line of Deep Vakil from Bandhan AMC.

Sorry, already answered earlier. On the same incremental cost of debt, but I think Amit sir already mentioned it.

[Operator Instructions] Next question comes from the line of Anant Mundra from Mytemple Capital.

Sir, just wanted to check, are we also looking at any kind of TOT assets because there's a strong pipeline from NHAI on that. So is that an opportunity that we are exploring?

Yes, Anant, I think because ecosystem is changing and if we need to -- in order to grow, if we need to, say, start looking at the TOT assets, we'll have to start because that's why we see growth coming up. And I think we -- there's a decent list from NHAI where decent number of TOT assets are there. So I think once -- we grow to a size as we have already been maintaining, right? But once we grow to a size, we'll have to start looking at or exploring TOT assets, and we'll start doing that as well.

Okay. So would we be participating in any of the tenders this year itself, or that's something in the pipeline from FY '28 onwards?

See, to be honest, participation is a function of -- so if you're saying start evaluating, exploring, answer is yes. Participation will be a function of -- basically, it will be whether as per our comfort level, as per our assumptions, as per our thought process or not. If something comes in FY '27, why not? But yes, once you grow to a size, then only it makes sense for us to take TOT and all, I think that we have been maintaining. So you can say maybe some in FY '27, more may be evaluating '28 onwards. But it's not that we are shutting for TOT in '27.

Okay. Okay. And in terms of the non-GR HAM asset pipeline, is that also strong? Like you mentioned that there is 1 asset that we are looking to acquire on the non-GR side this year, apart from the 4 that we are acquiring from KNR, which has already been announced. So how is that pipeline? And how is the competition also? Because I think earlier participant also mentioned that there are so many other public and private InvITs and AIFs. So how is that pipeline, sir?

See, that pipeline, of course, it's not that we have a very good pipeline. I want to be candid here. Because, yes, there's intense competition because of the other people are also evaluating. There's -- and because of a lot of other InvITs have also come up. But at the same time, as I said that on the selective pockets, you see opportunity. And you need to build on what you have done earlier. So I think this pipeline is not that great, but yes, you always keep working, keep evaluating. And so we have evaluated in the past a lot of non-GR opportunities. So it's pipeline-wise, like if you want to get on that AUM gain where you have to show non-GR assets, then of course, you can add. But whether you want to add those non-GR asset as an indicative incremental yield, then answer is that then you need to be very cautious about the pipeline, what you are exploring. So I think for us, everything is -- it should make sense in terms of yield accretion. It should make sense for our unitholders. We are not in that war of AUM that I just need to show you AUM at any cost because otherwise, I'll have to face the same question that all the acquisitions are yield accretive or not. So that's why we keep [indiscernible]. Yes, we do see opportunities in some [indiscernible] and of course, then, like these TOTs and all are non-GRs, right, if we do [indiscernible] also the opportunities for us.

And sir, are the -- so GR also has some power assets and some ropeways and all that stuff, which is in their portfolio. Are these also part of the ROFO?

See, all the assets are part of ROFO. But basically, what we have to see that -- we have not started evaluating -- as of now, the ROFO was the road asset, but we have not started evaluating any transmission or, say, ROFO assets of GR. But if, say, strategy, we think through that. And if there's a requirement, yes, we may start looking at that as well.

Got it, sir. And lastly, sir, congratulations for the -- I think the payout has been about INR 28 since listing, and we've still been able to -- in fact, better NAV. So congratulations on the performance.

Our next question comes from the line of Rahul Nair from Axis Mutual Fund.

Just one clarificatory question. This asset addition guidance of INR 8,000 crores, which you gave, this is over and above the KNR acquisition, right?

No. That includes KNR.

Okay. So INR 3,000-odd crores of KNR plus another INR 5,000 crores?

Yes. So if I just break it up, you can see around INR 4,200 crores is non-GR to almost INR 4,000 crores of the GR.

Again, we have a follow-up question from Deep Vakil from Bandhan AMC.

Sir, only one point, the INR 8,000 crores of addition that you spoke, INR 4,200 non-GR and INR 4,000 crores of GR. So broadly you mentioned total 5 third-party assets and 5 to 6 GR assets. Is that understanding correct? So broadly around -- I mean, some assets might be INR 800-odd crores, but broadly in that range, right? 10 assets of INR 8,000 crores?

Yes, you can say, ballpark, yes. 10 to 11 assets of INR 8,000 crores, yes.

[Operator Instructions] As there are no further questions from the participants, I would like to hand the conference over to Mr. Amit Kumar Singh for closing remarks. Thank you, and over to you, sir.

Yes. Thanks, Danish. And once again, I thank you all for joining us today and for your continued trust in Indus Infra Trust. We remain committed to the strategic growth and maximizing value for all our unitholders. Thanks. Thank you, everyone.

Thank you so much. Ladies and gentlemen, on behalf of Indus Infra Trust, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.