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Cube Highways Trust Closes FY24 On Strong Note, Distributes ₹10.09 per Ordinary Unit for the FY
Published on May 23, 2024
Cube Highways Trust (“Cube InvIT”), managed by Cube Highways Fund Advisors Pvt. Ltd. (the “Investment Manager”) today announced its results for the quarter and the full-year ended March 31, 2024.
The Board of Directors of the Investment Manager has declared a Distribution Per Unit (“DPU”) of ₹ 3.94 to ordinary unitholders, amounting to a total distribution amount of ₹ 508 crores. This distribution comprises of ₹ 1.79 per unit as interest, ₹ 0.20 per unit as dividend, ₹ 1.94 per unit as repayment of SPV loan and ₹ 0.01 per unit as treasury income.
Pankaj Vasani, Group CFO of Cube InvIT, stated: “With a reported total consolidated income for the year at ₹ 3,074 crores, consolidated EBITDA at ₹ 1,956 crores and annual distribution of ₹ 1,302 crores, we have a solid close to the first financial year post listing. FY 24 witnessed a toll collection growth of 11.9% and a traffic growth of 6.5%. The Net Debt/Enterprise Value as of 31 March 2024 stands at 34 per cent, providing adequate headroom for growth. Entering 2025, we feel confident in sustaining this momentum.”
The annual DPU of ₹ 10.09 declared for the FY24 comprises of ₹ 7.10 per unit as interest, ₹ 0.99 per unit as dividend, ₹ 1.94 per unit as repayment of SPV loan and ₹ 0.06 per unit as treasury income.
Vinay Sekar, CEO of Cube InvIT, said, “Cube InvIT’s portfolio of high-quality infrastructure assets is uniquely structured to deliver high near-term yields along with long-term inflation protected growth for its unitholders. We plan to acquire seven more road assets, subject to requisite regulatory and unitholder approvals, of which six are based on NHAI’s Hybrid Annuity Model where the revenues are not contingent on traffic and hence would contribute to a higher revenue stability and yields. Investment in our people and culture has been one of the cornerstones of success. This unwavering focus has earned us the prestigious certification as a `Great Place to Work’, a recognition we are particularly proud of. As we look ahead to FY 2025, our vision remains clear: to be India’s leading InvIT.”
The record date for the distribution is May 24, 2024, and the distribution payout will be made on or before June 6, 2024.
