Ladies and gentlemen, good day and welcome to the Indus Infra Trust Q4 and FY 2026 earning 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. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. 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 2026 earning conference call. This marks our first earnings call in FY 2027, covering the performance of Q4 FY 2026. A key highlight during the quarter was the continued progress in expanding the trust asset portfolio. In March 2026, we acquired 100% shareholding in three HAM assets from GR 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 unit holders. With these additions, now the total number of assets has increased to 13, with an AUM of over INR 9,400 crore.
As many of you are aware, we had signed an SPA in December 2025 to acquire four 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, 2026, the trust asset had an average residual life of across 11.34 years. The outstanding annuities across project SPVs stood at INR 10,695 crore, 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 2026. 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 5th, 2026.
Including this, our cumulative DPU, since listing stands at INR 27.74 unit. For FY 2026, 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 crore. 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 km awarded and more than 21,700 km 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 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 and Highways continues to be a major beneficiary of the government's CapEx program, with an allocation of across INR 2.94 lakh crore. 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 Expressway ecosystem for almost INR 3,630 crore, and the four-lane access control of NH -927, which is Barabanki to Bahraich corridor in UP for almost INR 6,970 odd crore. Additionally, the NMP 2.0 outlines the road monetization pipeline of exceeding INR 4 lakh crore, INR 4.14 lakh crore to be precise, which is a strong positive for road investors. 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 that I've taken 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 2026 performance on a standalone basis. The interest income on the loan extended by the trust to the SPVs was INR 195.03 crore, as against INR 187.41 crore 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 Araria , amounting to INR 547.73 crore 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 crore. The impairment is on account of the difference in the fair value and book value of the investments.
The total external borrowing in the trust level as on 31st March 2026, stands at INR 3,688 crore as against INR 2,425 crore during the last quarter. During the quarter, the trust availed additional borrowing of around INR 1,326 crore to refinance the external debt and the unsecured debt in the SPV. Accordingly, the finance cost during the quarter increased to INR 42.47 crore from INR 39.87 crore. 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 75.93 crore. During the quarter, as Amit mentioned earlier, we had completed the acquisition of three SPVs at an enterprise value of INR 2,639 crore. 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 two SPVs, there is an outstanding debt of INR 914.65 crore.
Coming to financial year 2026 on a standalone basis, the total income stood at INR 797.40 crore for the entire year, with an EBITDA excluding impairment of INR 757.65 crore. As compared to FY 2025, the fall is in revenues on account of lower dividend upstreamed by the SPV. As is 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 crore, which is on account of increased borrowings from INR 1,750 crore in FY 2025 to INR 3,688 crore in FY 2026, 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 crore 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 crore, which consists of revenue from operation of INR 187.94 crore and other income of around INR 20.18 crore. The revenue from operation includes finance income of INR 156 crore as against INR 135.61 crore during the last quarter. The revenue from contracts, that is COS, O&M, utility and claims for the quarter stood at INR 31.59 crore, which included a prior period expenses and COS payment of around INR 11.55 crore. The total expense for the quarter was INR 105.03 crore. Post adjusting for the tax liabilities, the PAT for the period was INR 106.28 crore. The total external borrowing, including the borrowing at the SPV level on a consolidated basis, stood at INR 4,602.88 crore.
In relation to the NDCF, cash flow from operations of the SPVs and including the other income, the total cash flow was INR 486.87 crore. Considering the release of reserve and the finance cost at the SPV level, the total SPV level NDCF was INR 662.58 crore, which was upstreamed to the trust. Post adjusting for financing costs, desert reserve, trust level expenses, which has been given on slide 10 of the presentation, the NDCF for the quarter works out to INR 161.33 crore, out of which INR 155.03 crore 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 5th, 2026. Thank you, and we are open to questions now.
Thank you so much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Reminder to all the participants. If you wish to ask a question, then press star and one. Thank you. Our first question comes from the line of Deep Vakil from Bandhan AMC. Please go ahead.
Thank you for the opportunity. Am I audible?
Yes, Deep, you are. Please go ahead.
Congratulations, sir. A very good set of distribution and NDCF and broadly the results. I understand, sir. We do not give a guidance, but initially for full year, would you give some guidance that INR 12.5 was the guidance that we had guided for FY 2026, and we have exceeded by INR 1. Any broad guidance, sir, for FY 2027, the DPU part?
Yeah, Deep. I think we can give guidance. The guidance for FY 2027 is going to be almost INR 14 because it is on the back of new asset which we are going to acquire, which will happen of course, during maybe Q1 and Q2. The annuities will start flowing second half onwards. I think the INR 14 is something which will be a minimum guidance for FY 2027.
Okay. Sir, any split that you would like to guide between capital repayment and interest?
Ballpark is going to be around, say 55%-60% will be interest and around 40% odd will be capital repayment and around maybe ballpark 5%-8% is going to be dividend.
Okay. Sir, any specific instance that there is 70% of current quarter distribution is repayment of capital. Any specific thoughts around that? I understand, you have mentioned earlier that depends on the life of the asset and the cash flow pertinent to that. But any specific things are in Q4?
No. I think on a periodic basis, we keep evaluating what is the profile in terms of the other debt which is extended by Indus to SPVs. We of course also believe in that debt also should be basically paid. As and when we need some capital to fund our growth, Indus always have a right to call upon some kind of repayment and that payment can be used to fuel the further growth. I think same thing happened in Q4. I think the same way as you have to just keep monitoring how the cash flows are and the debt which is extended by Indus to SPV should be basically repaid on time.
Got it. And sir, any AUM guidance for 2027? I understand you have given in prior years, but that stays intact and in accordance with that, any fundraising plans in near term?
Yeah. Of course, the way I think we have signed SPA with KNR and in one situation where we are looking at signing SPA in this quarter. Of course, the ROFO assets what we have this year may be five to six 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 crore-INR 8,500 crore of AUM this year. That is what we have. Anything suppose which we do during the year will be over and above this.
Okay. Probably INR 18,000 crore of AUM by year-end.
Yeah, you can add maybe INR 8,000 crore on numbers what we have. Somewhere between INR 17,500 crore- INR 18,000 crore. Yeah.
Got it. And sir, the fundraising, any near-term plans? Because I think-
Yeah. If you see, I think maybe I should have touched upon there in the presentation also. If you're on the gross level, we are already at 47%- 48% of our AUM. That is any incremental acquisition while we can use our available threshold of debt. But we have to raise equity, and I think this year we may do that for maybe one or two tranches. To fund this around INR 8,000 crore - INR 8,500 crore or maybe INR 9,000 crore of AUM, we'll have to raise equity and that is going to be around if you take around 40%- 45% of that should be somewhere around INR 3,800 crore -INR 4,000 crore. That kind of equity raise we are looking to do in this fiscal itself.
Okay. Sure sir, thank you.
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Sarvesh Gupta from Maximal Capital. Please go ahead.
Yeah. Hi, sir. Good afternoon and congratulations on good performance. 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 yeah, I think you would have seen our conduct in last two years, so I'll leave it up to you to ascribe it the way you-
No, since you are also planning to almost double the AUM base in FY 2027, so are you also taking into account some of the benefits that might occur because of that?
Sarvesh, as I said, this AUM addition will not happen at one shot. This will happen over the year. Maybe four to five assets will be acquired since the back end of this, which will be Q4. Q4 also back end. Basically as an InvIT, we will not accrue any benefit from acquisition of those assets in this fiscal. Basically what guidance we are giving, predominantly that what we will do, say, end up doing in Q1 and Q2. Those InvITs will start flowing in, say, Q2 onwards. That is why basically the guidance will be that whatever we acquire. You can see an AUM addition of a decent number but a certain part of that will get added in the back end. We will not have much approval coming from those.
Maybe 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.
Look, Q4, what is also happening is, as I said, Q4, this asset acquisition or additions will happen towards the back end. I will not have much basically cash flow to distribute. The asset action which will happen over the Q1 and Q2, that will contribute towards my overall distribution. Also, I think you would have seen our asset profile. Two, three of our assets have already received 11, 12 annuities. Now those assets are due for major maintenance. Two of our assets are going to be undergoing major maintenance for this year, which were the Phagwara-Rupnagar and Varanasi-Sangam . This will take a major maintenance. When we get added, we of course ensure that whatever we say, irrespective of any major maintenance activity which gets undertaking, the guidance does not change.
That is why I said that a minimum of INR 14 should be. We should be able to distribute for the year.
Okay. Just harping on the previous caller's point. Last two quarters we have seen abnormally high capital repayment. You said that maybe this year we should assume that to be 40% odd 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.
Yeah. I think, in the start of the InvIT, when we had acquired assets from GR, those seven assets you see. That time we had a lot of cash. And of course, those cash they were in form of different reserves. As and when basically we got lenders approval and those reserves got released, we distributed that in the form of dividend. But eventually what happens is that, I think once we are right as a company that unless you are net worth positive, you can declare dividend, after that you can't. Of course, this incremental borrowing which InvIT extended to SPVs, of course, the cost of debt also went higher. So because of that SPVs didn't give much with the profitability. 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 very less amount of capital return. Now you are seeing a form of interest from dividend to interest and to capital. Capital, as you said, InvIT keeps raising at the InvIT level, right? They keep extending to SPV. From a InvIT perspective, those repayment also has to happen. If you are not leaving with much cash, say, at the SPV's book, of course you will see lesser dividend going forward and a higher interest because, of course, InvIT is extending big amount of debt to SPV. That will in turn, InvIT will get lot of interest from SPVs and then maybe a lesser amount of maybe somewhere 5%-10% you can say as a dividend. Bulk of around 30%-35% of the capital repayment.
That is going to be the most likely profile. Until and unless-
This can continue even beyond FY 2027?
Yeah. I said that is going to be most likely because unless we acquire some asset again where there is a lot of cash and that gets distributed in the form of dividend.
Understood. This INR 8,000 crore-INR 8,500 crore, 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 five third party and five to six GR.
Okay. Broadly, like you alluded to, since you are also going to be raising funds for these, the mechanism that we have in place for funding these is basically 40%-50% equity, 40% remaining as debt going forward.
Yeah, that is what we see around 40%-42% of equity and around, say, 55% - 58%, 60%.
Why don't you want to go to the limit of 70%-odd ?
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 versus ready for the acquisition that during the year if you get something you should not that, "I again have to go and raise the equity," but I can do the debt because if you take it to 70%. Of course, rating agencies or maybe the lenders, they are not comfortable taking it to stretching to 70%. So they also have you to have your internal threshold which you've not crossed. So that threshold is, say, for example, 90% of 70%, which is 63% or say 65%. I'm talking about, say, 57%, 58%. So it's just a 6%, 7%, 8% threshold which is available.
We always, as investment managers, want to have some watchers ready so that if any immediate opportunity comes, right, it's not that at first I'm running for equity raise and then I'm doing that acquisition. So that's an option we want to have. I think that's basically, you can say approach we have been in since day zero when we started, and I think we are seeing a decent benefit for that. So we 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. 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 matrices 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 flush 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. I take your question and I want to answer this question in three parts. First thing is, of course, I am not ruling out the scenario that there is an issue of having good HAM assets in the market. Of course, but at the same time, 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 monetize the cash. Because while they are sitting on a cash, next opportunity is also for that they need cash. And I think nobody wants to have sitting on something which can give them cash and they want to put those cash back into their business where they can get an higher ROE than what they would be selling these assets to either InvITs or to the firms.
At the same time, if you see, like what I said, that if a next NMP program which is almost more than INR 4 lakh crore. I think we see opportunity for everyone to grow and exist in this market because there are, as you said, so lot of InvITs are coming and everybody is acquiring assets. That means there is a supply. Point to note is that whether that supply is having a decent quality or not. 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 this NMP and again, whatever the pipeline NHAI has, and like, we have got two HAM assets over the last 30 days, I think one month.
So in our case, if you see, we have 13 assets now, plus some third party, maybe acquiring five, six more assets. But even after that, we will have a pipeline of almost, you can say, 2- 15 more assets from here. And then, of course, the third party also. So I think there is an opportunity. And of course, I think you may see market, maybe multi assets InvITs, whether people will be starting looking at the constraint of the good road assets because may start looking at the other line of assets also. So I think there will be opportunity to grow, coexist with the other guys. And on the back of what NHAI is coming. And of course, we cannot 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 is again will turn and the opportunity to grow, I do not see any challenge from an InvIT perspective.
Okay. Currently, 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?
Yeah, 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. It's not same. It varies from, let's say, 12% - 13%, 13.5%, depending on how you are able to close it, crack it.
But as for, I mean, the new acquisition that we will be doing, especially this year when we are almost doubling up. Can you confirm that these will be like DPU accretive and NAV accretive?
Yes. This has been our investment philosophy that most of the acquisitions what we took, we DPU accretive for my existing unit holders. I think that is a philosophy we started with, and we have been able to maintain that.
Okay. 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-INR 2 . And that's because we added four assets, four more assets in last three months. So December we acquired one asset, and then we acquired three assets in March. So of course, acquisition of new assets will enhance and it will get added because it's a yield accretive. 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 given the financial thing, average cost has been basically in the range of 6.9%-7%. And it's a part of the, I think the financial statements what we basically published yesterday.
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.
Understood. Great. Thank you for giving the opportunity and all the best.
Thank you.
Thank you. Our next question comes from the line of Deep Vakil from Bandhan AMC. Please go ahead.
Sorry, you already answered earlier on the same incremental cost of debt, but I think Amit sir already mentioned it. Thank you. All the best.
Sure.
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. Thank you. Reminder to all the participants, if you wish to ask a question, you may press star and one on your touchtone telephone. Next question comes from the line of Anant Mundra from Mytemple Capital. Please go ahead.
Hello. Thank you for the opportunity. Sir, just want to check, are you also looking at any kind of TOT assets? There's a strong pipeline from NHAI on that. Is that an opportunity that you are exploring?
Yeah. I think because ecosystem is changing and in order to grow, if we need to, say, start looking at the TOT assets, we will have to start because that's why we see growth coming up. I think there's a decent list on NHAI where decent number of TOT assets are there. I think once you grow to a size, we have already been maintaining, right? But once we grow to a size, we will have to start looking at exploring TOT assets, and we will start doing that as well.
Okay. Would we be participating in any of the tenders this year itself, or that's something in the pipeline from FY 2028 onwards?
See, to be honest, participation is a function of. If the thing 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 2027, why not? But yeah, once you grow to a size, then only it makes sense for us to take TOT and all. I think that we've been maintaining. You can say maybe some in FY 2027, more may be evaluating FY 2028 onwards. But it's not that we are shutting out TOT in FY 2027.
Okay. In terms of the non-GR HAM asset pipeline, is that also strong? Like you mentioned that there is one asset that you are looking to acquire on the non-GR side this year, apart from the four that we are calling for KNR, which has already been announced. 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 issuers and they are also. How is that pipeline there?
See that pipeline, of course, it's not that we have a very good pipeline. I want to be candid here because there's intense competition because of the other people are also evaluating. Because a lot of other InvITs have also come up. But the thing, as I said, that from the selective pockets, you see opportunity and you need to build on what you have done earlier. So I think its pipeline is not that big, but yeah, you always keep working, keep evaluating. So we have evaluated in past lot of non-GR opportunities. Its pipeline is like if you want to build on that AUM game where you have to show non-GR assets, then of course you can add.
But whether you want to add those non-GR assets as it is, 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 in the accretion. It should make sense for our unitholders. We are not in that war of AUMs 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. That's why we keep capturing those opportunities in some way. And of course, then these TOTs and all are non-GR, right? If we do like opportunities for us.
And sir, so GR also has some power assets and some [ropeways] and all that stuff which is in their portfolio. Are these also a 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 a s of now the ROFO or the road assets, but we have not started evaluating any transmission or say, ROFO assets of GR. But if the strategy we bring through that and if there's a requirement, yeah, we may start looking at that as well.
Understood. Got it, sir. Thank you. Lastly, sir, congratulations. I think the cloud has been about INR 28 in listing, and we should be able to impact better now. So congratulations on the performance. Thank you.
Thank you. Thanks a lot. Thank you.
Thank you. Our next question comes from the line of Rahul Nair from Axis Mutual Fund. Please go ahead.
Yeah. Hi, sir. Just one clarification. This asset addition guidance of INR 8,000 crore which you gave, this is over and above the KNR acquisition, right?
No, that includes KNR.
Okay. So INR 3,000 crore of KNR plus another INR 5,000 crore.
Yeah. So if I just break it up, you can say around INR 4,200 crore is non-GR to almost INR 4,000 crore of the GR.
Okay. Thank you, sir.
Sure.
Thank you. Again, we have a follow-up question from Deep Vakil from Bandhan AMC. Please go ahead.
Sir, only one point. The INR 8,000 crore of addition that you just spoke, INR 4,200 crore non-GR and INR 4,000 crore of GR. Broadly, you mentioned total five third-party assets and five to six GR assets. Is my understanding correct? Broadly around, some might be INR 800 odd crore, but broadly in that range, right? Ten assets of INR 8,000 crore. Yeah.
Yeah.
Okay. Thank you. All the best. Thank you.
Yes. Ten to 11 assets of INR 8,000 crore, yeah.
Perfect. Okay.
Thank you. Ladies and gentlemen, anyone who wishes to ask a question, press star and one. Reminder to all the participants, if you wish to ask a question, press star and one. Thank you. 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.
Yeah. Thanks, Danish. And once again, I would 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.