| |
|
|
|
(Amt in Lakhs)
|
|
Particulars
|
Consolidated
|
Standalone
|
| |
Year ended
|
Year ended
|
Year ended
|
Year ended
|
| |
March 31,
|
March 31,
|
March 31,
|
March 31,
|
| |
2022
|
2021
|
2022
|
2021
|
|
Total Income
|
58,734.79
|
-
|
39,522.21
|
-
|
|
Total Expenditure
|
29,298.65
|
-
|
15,964.02
|
335.62
|
|
Profit before tax
|
29,436.14
|
|
23,558.19
|
(335.62)
|
|
Less: Provision for tax
|
-
|
-
|
-
|
-
|
|
Current tax
|
(222.15)
|
-
|
-
|
-
|
|
Deferred tax
|
(102.40)
|
-
|
-
|
-
|
|
Tax of earlier period
|
(103.04)
|
-
|
-
|
-
|
|
Profit after tax
|
29,863.73
|
-
|
23,558.19
|
(335.62)
|
|
Profit & Loss attributable to: (a) Owners of parent
|
29,196.01
|
-
|
-
|
-
|
|
(b) Non-controlling interest
|
667.71
|
-
|
-
|
-
|
|
Other Comprehensive Income
|
-
|
-
|
-
|
-
|
|
Total Comprehensive Income
|
29,196.01
|
-
|
23,558.19
|
(335.62)
|
|
Add: Profit at the beginning of the year
|
(335.62)
|
-
|
(335.62)
|
-
|
|
Distribution made during the year
|
(15,375.14)
|
|
(15,375.14)
|
-
|
|
Other comprehensive income/(loss) for the period
|
-
|
-
|
-
|
-
|
|
Balance Carried Forward to Balance Sheet
|
13,485.26
|
-
|
7,847.43
|
(335.62)
|
Activities of the Trust:
Shrem InvIT ("InvIT") has been set-up by the Shrem Infra Structure Private Limited ("Sponsor") as an irrevocable trust under the provisions of the Indian Trusts Act, 1882. The Sponsor has appointed Axis Trustee Services Limited as a Trustee of the InvIT and executed Trust Deed on December 31, 2020. The Trust is registered as an Infrastructure Investment Trust with SEBI under the SEBI InvIT Regulations, 2014 on February 4, 2021, having registration number IN/InvIT/20-21/0017. The InvIT has been mainly formed to invest in infrastructure assets primarily being in the road sector in India. All the Fund's Road projects are implemented and held through special purpose vehicles.
The InvIT currently is involved in owning, operating and maintaining a portfolio of 24 road assets, aggregating to approximately 6,442.35 lane kilometers in the states of Maharashtra, Gujarat, Madhya Pradesh, Karnataka and Uttar Pradesh pursuant to the concessions granted by the National Highways Authority of India ("NHAI"), Ministry of Road Transport and Highway Government of India (MoRTH), Government of State of Gujrat (GoG),
Madhya Pradesh Road Development Corporation of India (MPRDC) and Karnataka Road Development Corporation Limited of India (KRDCL). The units issued by the Trust are listed on the National Stock Exchange of India Limited ("NSE") since 22nd September 2021.
The InvIT has acquired 100% Equity Stake in three Intermediary Holding Companies ("Holdcos") from the Sponsor and other equity holders which in turn holds 24 wholly owned subsidiaries. Thus InvIT acquired 24 Road Assets as an initial portfolio through 3 Securities Purchase Agreements entered into on August 11, 2021. The InvIT has issued its Units on private placement basis to the Sponsor and other equity holders of the Holdcos in consideration of such acquisition . The InvIT listed its units on National Stock Exchange (NSE) during the month of September 2021.
Financial summary:
The Summary of financial information on Consolidated & Standalone Financial Statement of the InvIT as on March 31, 2022, are as follows:
|
GEARING RATIOS OF THE INVIT AS AT THE END OF THE YEAR:
|
(Amt in Lakhs)
|
|
Particulars
|
Amount
|
Amount
|
|
Enterprise Value
|
|
6,60120
|
|
Outstanding SBI Debt
|
3,20606
|
|
|
Less:
|
Cash & Cash equivalent
|
(63247)
|
|
|
Net Debt at InvIT
|
|
2,57359
|
|
Debt to Equity
|
|
38.99%
|
|
OPERATING EXPENSES OF INVIT:
|
|
(Amt in Lakhs)
|
|
Sr. No. Particulars
|
Year ended March 31, 2022
|
|
(i)
|
Audit Fees
|
10.60
|
|
(ii)
|
Legal & professional fees
|
82.79
|
|
(iii)
|
Rent, Rates & Taxes
|
32.87
|
|
(iv)
|
Miscellaneous
|
0.65
|
|
(v)
|
Initial issue expenses
|
2591.45
|
|
(vi)
|
Registration & Stamp Duty
|
17.42
|
|
(vii)
|
Insurance Expenses
|
3.26
|
|
(viii)
|
Interest on Statutory dues
|
0.02
|
|
(ix)
|
Listing Fees
|
10.50
|
|
(x)
|
Investment Manager Fees
|
627.33
|
DETAILS OF PROJECT-WISE REVENUE AND EXPENDITURE AND EBIDTA DURING THE YEAR FROM THE UNDERLYING PROJECTS:
The Projects are divided into four types, based form of revenue being generated by a project i.e. (i) hybrid annuity; (ii) toll; (iii) annuity; and (iv) annuity plus toll:
Revenue figures are based on actual cash flow for whole year. These figures are not comparable with audited financial statements based on IndAS and since commencement of operations by Shrem InvIT with effect from 15-9-2021
|
a. HAM & NHAI Toll (JDTL)
|
|
|
|
|
(Amt in Lakhs)
|
|
Particulars
|
Lucknow
Sultanpur
|
Kalmath Mahagaon Zarap Yavatmal
|
Tuljapur
Ausa
|
Wardha Yavatmal Jalpa Butibori Wardha Devi
|
|
Net Annuity Income
|
16421.80
|
9311.36
|
8791.54
|
5320.49
|
8465.62 9478.94
|
-
|
|
Toll Income
|
-
|
-
|
-
|
-
|
- -
|
1346
|
|
Other Income
|
598.01
|
1426.30
|
293.30
|
213.38
|
780.55 95.91
|
72.84
|
|
Total Income (A)
|
17019.82
|
10737.66
|
9084.83
|
5533.87
|
9246.17 9574.85
|
13537.46
|
|
O&M Exp
|
1654.00
|
828.00
|
444.00
|
500.00
|
1277.00 871.50
|
418.75
|
|
Other Expenses
|
1241.05
|
2503.04
|
922.03
|
705.69
|
926.77 734.66
|
2481.31
|
|
Total Expenses (B)
|
2895.05
|
3331.04
|
1366.03
|
1205.69
|
2203.77 1606.16
|
2900.06
|
|
EBITDA (A)-(B)
|
14124.76
|
7406.61
|
7718.81
|
4328.17
|
7042.39 7968.70
|
10637.40
|
|
* Payment of DLP deposit during O&M moratorium under HAM Projects.
|
|
|
|
b. State Assets: (Annuity Plus Toll & State Toll)
|
|
|
(Amt in Lakhs)
|
|
Particulars
|
Ashonagar
|
Hata
|
Mundi
|
Patan Sardarpur
|
Silwani
|
|
Net Annuity Income
|
987.84
|
|
1375.92
|
1622.88
|
3457.44 923.16
|
1860.04
|
|
Toll Income
|
194.02
|
|
183.43
|
459.51
|
495.44 207.2
|
380.55
|
|
Other Income
|
486.90
|
|
36.57
|
54.97
|
113.65 43.11
|
79.95
|
|
Total Income (A)
|
1,668.76
|
|
1,595.92
|
2,137.36
|
4,066.53 1,173.47
|
2,320.54
|
|
O&M Exp
|
95.59
|
|
141.96
|
128.57
|
195.54 69.64
|
131.25
|
|
Other Expenses
|
125.43
|
|
565.99
|
297.46
|
1,149.58 174.73
|
394.53
|
|
Total Expenses (B)
|
221.02
|
|
707.95
|
426.03
|
1345.12 244.37
|
525.78
|
|
EBITDA (A)-(B)
|
1,447.74
|
|
887.97
|
1,711.33
|
2,721.41 929.10
|
1,794.76
|
|
* Payment of DLP deposit during O&M moratorium under HAM Projects.
Please note all the projects are completed and no work is on going in the project.
|
|
|
| |
|
|
|
|
|
(Amt in Lakhs)
|
|
Particulars
|
Sitamau
|
Tikamgarh
|
Uchera
|
Suryavanshi
|
Betul
|
|
Net Annuity Income
|
723.24
|
|
1,746.36
|
1,658.16
|
-
|
3,034.08
|
|
Toll Income
|
345.82
|
|
426.68
|
430.35
|
630.79
|
904.55
|
|
Other Income
|
43.91
|
|
88.28
|
55.72
|
32.55
|
96.76
|
|
Total Income (A)
|
1,112.97
|
|
2,261.32
|
2,144.23
|
663.34
|
4,035.39
|
|
O&M Exp
|
53.50
|
|
166.07
|
112.50
|
101.79
|
275.93
|
|
Other Expenses
|
169.42
|
|
963.58
|
549.71
|
109.92
|
408.07
|
|
Total Expenses (B)
|
222.92
|
|
1,129.65
|
662.21
|
211.71
|
684.00
|
|
EBITDA (A)-(B)
|
890.05
|
|
1,131.67
|
1,482.02
|
451.63
|
3,351.39
|
|
Please note all the projects are completed and no work is on going in the project.
|
DETAILS OF PROJECT-WISE REVENUE AND EXPENDITURE AND EBIDTA DURING THE YEAR FROM THE UNDERLYING PROJECTS:
|
c. State Assets: (Annuity)
|
|
|
|
|
|
(Amt in Lakhs)
|
|
Particulars Hassan
|
Hirekerur
|
Nadiad
|
Mundargi
|
Jaora
|
Banklafata
|
|
Net Annuity Income 5,150.88
|
3,845.52
|
3,390.53
|
3,475.08
|
2,363.76
|
1,940.40
|
|
Toll Income -
|
-
|
-
|
-
|
|
-
|
-
|
|
Other Income 10.35
|
206.36
|
35.45
|
23.24
|
|
30.26
|
25.83
|
|
Total Income (A) 5,161.23
|
4,051.88
|
3,425.98
|
3,498.32
|
2,394.02
|
1,966.23
|
|
O&M Exp 523.69
|
380.71
|
211.61
|
343.39
|
182.14
|
123.21
|
|
Other Expenses 865.85
|
759.78
|
840.94
|
732.97
|
|
605.16
|
438.18
|
|
Total Expenses (B) 1,389.54
|
1,140.49
|
1,052.55
|
1,076.36
|
787.30
|
561.39
|
|
EBITDA (A)-(B) 3,771.69
|
2,911.39
|
2,373.43
|
2,421.96
|
1,606.72
|
1,404.84
|
|
Please note all the projects are completed and no work is on going in the project.
|
|
|
|
INVESTOR COMPLAINTS
The status of complaints is reported to the Board, investor complaints received. Status report on number Trustee, and the stock exchange on a quarterly basis. of investor complaint received and replied by the Trust During period ended March 31, 2022, there were no for the financial year 2021-22:
|
|
Investor complaints for the Financial Year ended March 31, 2022
|
|
|
|
Complaints
|
|
All complaints including SCORES complaints
|
SCORES complaints
|
|
Number of investor complaints pending at the beginning of the year.
|
|
|
0
|
|
|
0
|
|
Number of investor complaints received during the year.
|
|
|
0
|
|
|
0
|
|
Number of investor complaints disposed of during the year.
|
|
|
0
|
|
|
0
|
|
Number of investor complaints pending at the end of the year.
|
|
|
0
|
|
|
0
|
|
Average time taken for redressal of complaints
|
|
|
NA
|
|
|
NA
|
|
BOARD MEETINGS:
During the financial year the Board of Directors met six January 24, 2022 and February 11, 2022 attendance of times on July 21, 2021, September 20, 2021, 10:00 a.m., directors in meetings are as follow:
September 20, 2021 01:30 p.m., October 26, 2021,
|
|
Sr. No. Name of Director
|
No. of Board Meetings attended
|
|
1 Mr. Nitan Chhatwal
|
6
|
|
2 Mrs. Smita Nitan Chhatwal
|
2
|
|
3 Mr. Nikhil Pareek
|
6
|
|
4 Mr. Pradeep Singh
|
6
|
|
5 Mr. Suneet K Maheshwari
|
6
|
|
6 Mr. Anurag Kumar Sachan
|
6
|
|
Further, resolutions by circulation were passed by the Board of Directors on September 3, 2021, October 6, 2021 and February 16, 2022.
|
|