Ladies and gentlemen, good day and welcome to the Infra Trust Q4 FY 2025 earnings conference call. As a reminder, all participants lines will be in the listen-only mode. 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 touch-tone phone. 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 2025 earnings conference call of the Trust. This is our first earnings call in FY 2026 for the Q4 FY 2025. Just a quick update on the acquisitions made by our trust during the Q4 2025. In March 2025, we acquired 100% of GR Galgalia Bahadurganj Highway Private Limited, boosting our HAM assets from eight to nine. We have also received one more proposal from G R Infraprojects to acquire one of their HAM assets, and necessary diligence for the same is going on. We will keep you posted on that as well. As on March 31, 2025, the trust assets have an average balanced life of approximately 11.4 years.
For the same period, the outstanding annuities of the project SPV stood at approximately INR 10,336 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 2025 have declared a DPU of INR 2.25 for Q4 FY 2025, comprising interest of INR 0.96 per unit, which is 96 paisa 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 2025. 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 13.2 per unit. Again, 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 a greater 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 km of national highways in FY 2025 against their target construction of 5,150 km. However, total awards during the year were comparatively muted. The central unit's budget for fiscal 2025-2026 has allocated the CapEx of almost INR 11,21,00,00,000,000 crores, which is 3.1% of the GDP, including CapEx of INR 2,72,000 crores towards the Ministry of Road Transport and Highways.
We believe that India's union budget for FY 2025, 2026 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 lakh crores from various investors, including after market, since FY 2029, which implies that investors are increasingly viewing InvITs as a credible income-generating and low-risk investment vehicle. I am confident that InvITs in India have proven to be the vehicles of economic growth, financial innovation, and nation-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 your time, I will now pass it on to Harshael, who will take 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 standalone basis. The interest income on the loan extended by the trust to 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. So the dividend income during the quarter was higher on account of high annuity payments received during this quarter, including the first annual payment post-acquisition of G R Infraprojects project. The PBT to EBITDA, adjusted for the impairment value from the quarter, was INR 367 crores. The impairment was on account of the amount cash upstreamed by the SPVs to the trust. On a standalone basis, the total borrowing at the trust level stands at INR 1,750 crores, and the interest cost on the same during this quarter was around INR 35 crores.
The increase in the interest cost as compared to the last quarter was on account of the reduction in borrowing cost, in result with the reduction in repo rate. The cash outflows on a standalone level is only on other income, which is on interest cost. Coming to consolidated financials. During this quarter, total income was INR 268 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 annuity for three SPVs.
On a consolidated basis, the total debt at InvIT as well as SPV is INR 2,124 crores, which includes INR 394 crores of external debt at Velgoli, Wadpale, Pazhur bid project, which we acquired in the month of April. Coming to the NDCF, 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 170 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 Velgoli-Wadpale-Pazhur bid project, the NDCF at the trust level works out to INR 99.66 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.
Thank you very much. We will now begin 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 answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue is sent in. The first question is from the line of Siddesh Chaudhari from Maximal Capital. Please go ahead.
Good afternoon, sir. First of all, on the DPU for FY 2026. This year, we got listed in March 2024, and we have distributed INR 13.2. So if I annualize it is coming to around INR 13.1 or INR 13.2 for 12 months period. 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 two assets. I think with acquisition of those two assets, of course, our DPU has also bumped up. I think this year we are looking to distribute around INR 12.5 for the year.
INR 12.5. Okay. This will slightly drop compared to last year.
Actually, it's on the same range because if you see, our scenario is based on annuities on the balance concession, right? That also plays a significant part of the inflow. All of us are aware that there's a 50 basis reduction already. Because of that, and since out of our nine HAM assets, eight actually as of now are linking a blank rate, which is 1.3% is what we are receiving from NHAI. I think if you consider that, I think INR 12.5 against more or less the number you calculated, which is 13.2%, I think it's almost in the same range. Also, when we acquired assets from GR, back then the surplus cash was also available post-acquisitions. Some part of that 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. Yeah.
How much do you have in that surplus cash in this INR 14.2 till now?
It could be around the first distribution what we had done for the March quarter, which was March 2024. We had done a distribution of INR 3. So you can say that was almost from the surplus only.
Okay. Adjusting for that, basically you are at INR 11 or maybe annualized INR 10, and that is coming up to INR 12.5 for this year?
It is difficult to do actually that point-to-point calculation because there is 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. What would be the absolute reduction, let's say, in the total of these nine assets? For every 25 basis point reduction, what is the reduction in the overall flow that you get from NHAI?
See, if you see now, currently our leverage is around 30%. Right? Whatever reduction is happening, basically, we are able to absorb only 30% 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 basis points reduction ballpark in terms of NDCF, if I do a ballpark math, is around somewhere INR 50 crores-INR 60 crores. Yeah.
This is net of the interest cost benefit which we have, right?
Yeah.
Hello. This is net of the interest cost benefit.
Yeah.
Okay. Secondly, as we will scale and acquire more assets, then we will increase our debt. So our natural hedge in a way will increase, right?
That's right.
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 2026 and 2027?
For this fiscal year, asset acquisition guidance is almost, including GR and non-GR, I think we should acquire five to six assets this year.
Okay. That should be quite significant, right? I mean, compared to last year.
Absolutely.
The leverage ratio, sir, from the current 30%, where can we reach?
If we don't raise any equity, I think the leverage ratio should touch around 55%- odd .
Understood. That's all from my side.
Sure. Thank you.
Thank you. Participants who wish to ask a question may press star and one. Ladies and gentlemen, to ask a question, you may press star and one now. The first question is from the line of Anant Mundra from Mytemple Capital. Please go ahead.
Hello. Yeah, good afternoon, sir. Thank you for the opportunity. Sir, what would our expected IRR be from the latest facility we've acquired?
Equity IRR which we acquired the last asset?
Yes, the latest asset that we—the latest asset that we acquired.
At the Trust level, it was working around 12.5%.
Was this before the 25 basis points rate cut?
No, this was after the 25 basis points rate cut.
Okay. Sir, in the last call you had guided that after the acquisition of the first asset, for the unitholders, the IRR was about 11.8%. Since then there have been two rate cuts and there has been one more asset acquisition. Now where do that number stand at after 11.8% and now after the rate cut and after the new asset?
See, that number actually stands at around 12.12%, to be precise. 11.8% post this asset acquisition of Velgoli-Wadpale-Pazhur. That actually came to 12.12%.
Okay. After that there have been rate cut as well. There would have been some downward-
One rate cut after that.
One rate. Okay. Now it is 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 September, because what we acquired was in the 28th of August. So the last week of August.
Okay. Got that. In the guidance that you have given, sir, 12.5%, does it assume the asset acquisition that we are doing, or that would be like anything coming out of that would be news?
It assumes one more asset, which we are targeting to acquire say by month of June or July. Post that, any asset acquisition, that depends what kind of rate we get, what kind of discounting we get. But I think one more rooftop asset if I consider that, which we should do by, say, June or July, depending on when we get NHAI NOC and other NOCs. I think that is the guidance what we can give and what should be able to meet.
Got it. And sir, I see the payout in the NBFC side, we have paid out I think some INR 35 crores from our internal accruals, whereas I thought we were up to fund the new acquisitions from internally too.
That was not the case because what we are seeing is the optimum capital structure. Because we have a very healthy pipeline. I don't want to just have my, the entire debt. So there's a, 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 a very high pipeline of almost six, seven assets of this year. I'd rather use money in a more prudent way, post 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, I think, around 7.6%, there is also a rate cut we are expecting of another 50 basis points. So in this scenario, how are you ensuring that the unitholder interests are protected? Because if we go with your 20% IRR now, but if there is a rate cut later, it will affect our returns. 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 there are IRRs which the 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 sir, the newer acquisitions as well, when we calculate, we can assume the similar debt rates which we have, I think 7.6% right now.
7.6%, I think, yeah. We will endeavor to do it better, yeah. For the future.
Okay. It will only get better. It should not.
Yeah, we will endeavor to get it better. Not higher than this, for sure. We try to better it. Of course, that would be a function of market, liquidity, geopolitical situations, so many things. But we would want to basically better than 7.6%.
Got it. Sir, at both sides, when the repo rate starts, the benefit, I mean, the benefit and impact is immediate, both on the interest on annuity and on the interest payments that we have to make.
Yes.
The repo rate is immediate. Okay. There is no lag there. Okay.
Yeah.
Got it. Sir, could you just clarify what is the size of these five or six projects that we are targeting? What would their enterprise value be? Just to calculate what our enterprise value could be as at the end of 2026, from rough numbers.
Around INR 4,000 crore- INR 4,200 crore.
INR 4,000 crore-INR 4,200 crore. Okay. Our current, I think, number, enterprise value is
Is INR 7,000 crore.
INR 7,000 crore. So it goes to around INR 11,000 crore.
INR 11,000 crore. Yeah. INR 11,500 crore. Make a distribution, it should be in the range of around INR 10,500 crores-INR 11,000 crores. That is what we think.
You are saying we will see about 55% debt to AUM, about INR 1,500 crores debt.
Yes.
Okay.
Yeah, you can say that. Yes.
Thank you, sir. That is it from my end.
Thank you.
Thank you. Participant who wishes to ask a question may press star and one. Anyone who wishes to ask a question may press star and one. Anyone who wishes to ask a question, please press star and one now. The next question is from the line of Siddesh Chaudhari from Maximal Capital. Please go ahead.
Sir, on the situation in terms of the new road projects. We have seen a lull in the activity in terms of awarding new road projects across the sector. Any color or any thoughts that you can share on why it is so low, and plus it's been like for the last three quarters, we haven't seen much of a project announcement. How do you see that shaping up from a sectoral perspective?
Of course, FY 2025, of course because of the election year and there are other reasons, right? Awarding has been lesser. While towards the back end, late Q3 and Q4, we saw some awards which was NHIDCL through MoRTH and NHAI projects. Of course, in terms of value, I would say that are still lower than what it was in, say, FY 2023 or maybe 2022 or 2024 rather. But this year, I think again what we are hearing that government should start awarding because there's a lot of DPRs and all what we are hearing is being done. There are a lot of expressway, economic corridors are being looked at by government agencies to do some studies on, and maybe we can see that maybe second half again, Q3, Q4, we can expect the decent award. I think that shapes up the way what we are assuming.
Then, of course, we'll see more projects being awarded and then again, some markets opening for then which like I showed. 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 inventory. We don't see much challenge, at least for the next two, three years.
Given that most of these players, including your own sponsor, we are not seeing much of growth in their order books. Will it not sort of lead them to not be that forthcoming to unload the assets in time being or wanting to have a higher price because they do not see their balance sheet expanding with new projects, so the propensity to sell down might be much lower in the absence of new projects. How do you see that?
No, so actually, 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 is not much, say, awards happening, and it is going to the, say, not to the first, maybe second-round players, who are maybe taking it, say, lower than TPC of NHAI, because we can see some maybe degree of aggression in the offlate 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 sectors than highways. If you see any top highway companies for the last two, three years, everybody has gone into diversification. Again, diversification will call for the capital, right? Because everybody does not have that kind of capital so that they can go divert, do the diversion.
I think, recycling of capital as an overall theme will keep getting played out. On account of that, you will keep seeing the churning, in their capital, which in turn will push them to offload the HAM assets. That is one bit. However, the variability in the quality, that will remain a challenge, and that will basically add as a prudent man will have to keep looking for the quality so that when we take it actually becomes an addition of an asset to our portfolio. Of course, as we have always maintaining that, and that should be executive to the current year, what we are trading at.
Yes, I think, as an overall individual strategy level, somebody could think that, "Oh, there is 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-run 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 all BOT assets.
Okay. And finally, your free set of the component, which was mainly manipulation, return of capital if I look it for the entire year, that was maybe around 5% odd. But I think for this quarter it has been higher at 10% odd. 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. How do you see this mix for FY 2026 and beyond? Should it be at 5% range only of the overall payout or higher?
You see, structurally, I think, at the time of IPOs we had tried to explain to investors that in the initial years it will be more interest in dividend because of structural reasons you have positive networks. So of course you can just push up the profit in terms of dividends till the time the network is positive. Once it is negative, then you of course start on these paying for the interest, and then, of course, you repay the debt. I think especially in the initial years, they had said that it was going to be higher. But I think this year onwards, going forward, I think, what we see that return on the capital is going to be somewhere around, say, around 25%- 30% should be there as an overall distribution amount.
So that will meaningfully go up in this year?
Yes. Absolutely. Yeah.
Okay. And then should it stay the same or this is just a one-year sort of a thing?
Stay in the same area because again, you need to understand, we will again keep acquiring new assets also, right? So those new assets again will have some positive cash flows which we'd have to in incremental phases will get distributed in the form of dividend, then interest, then repayment. That’s why I think, structurally, if you say in the first two, three years, most of the substantial acquisition happens, is going to hover around this, and then maybe it may increase after, say, two, three years.
Okay. So for now, the few years it may remain at 5% odd , and then it will-
This year and next year it won't be at this percent, and maybe year after that, maybe we will be able to give better guidance in next year when we see our asset pipeline and growth, how it's basically panning out.
Okay. Thank you, sir. All the best.
Thank you.
Thank you. The next question is from the line of Nikhil Abhyankar from UTI Asset Management. Please go ahead.
Yeah. Sorry.
I am sorry to interrupt you. We cannot hear you, sir. We will move to the next question, which is from the line of Anant Mundra from from Mytemple Capital . Please go ahead.
Just a follow-up. The ROFO agreement includes BOT assets as well, right?
Yeah, that is right.
Does it include the concession assets also there is a GR. Is that also included?
No, that's not there. That's a different class itself. So we are not looking as of now to include transmission assets in this InvIT. They have to take a wider call because those assets should be part of this InvIT or they should be a separate InvIT. That's, of course, NHAI's prerogative. I wouldn't know, to be honest. But if any duty assets are in road sector, yes, that is part of the ROFO also.
Okay. Thank you, sir. Just wanted to clarify this. Thanks.
Sure.
Thank you. The next question is from the line of Jainam Jain from ICICI Securities. Please go ahead.
Hi. Thanks for the opportunity. My first question is, how is the competitive intensity to acquire a new asset, and how do you see this going forward, given that in the last two years, bidding from NHAI has been subdued. Do we see that there is a good span leading to an increase of competitive intensity for the third-party asset?
Yeah, definitely. I accept that acquiring a third-party asset in a competitive environment remains a challenge. You have to compete with the likes of big guys as well as the new ones who actually enter the industry. But at the same time, I think we have some inherent advantage because we are a developer-led InvIT. So we have some advantage of understanding asset and how 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. The challenges are there, but there are some advantage because of that we are seeing decent opportunities for us.
Sir, and the proposed asset acquisition that you’ve talked about, what percent will be third party in that?
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, two-third, one-third. In terms of value, I think it's going to be more 30/70. 70% is going to be GR, 30%, GR. I don’t know. I can't tell you the valuation now. But I think in terms of TPC, I think 30/70 is going to be broad range. And that may increase maybe next year.
Understood. And when can we expect this deal to finalize?
I think all of you are aware how M&A deals happen, so difficult to attribute a timeline. But if you ask me, we are working towards so that 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 timeline. If it gets elongated, maybe.
Understood.
But looking at maybe in the near term 6+ months, yeah, we should.
Okay. Last question, can you give a broad breakup of, you talked about 12.5% as the distribution to shareholders, broad breakdown of dividend.
Broad breakup of dividends and interest and capital. I think capital, I said around 25%-30%. In terms of dividend, it should be lesser, around 15%, and the balance is going to be interest.
Understood. Thank you a lot, sir.
Yeah.
Thank you. Participants who wish to ask a question may press star and one now. The next question is from the line of Nikhil Abhyankar from UTI Asset Management. Please go ahead.
Yeah. Am I audible?
Yeah, Nikhil. You are.
Yeah. Of these two GR assets, I think three were part of the earlier four assets which were to be transferred. Do you have a guarantee for almost 12.5% IRR around this?
No.
There is no such guarantee. It can be lower.
See, there was no guarantee per se. I again want to reemphasize that. What we had 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. 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 three, four assets, can we do at least minimum of 12%? No asset is acquired for 12.5%, to be honest. It was always 12% what we acquired.
The last two assets. The third asset what we are acquiring also again should be in that range. The valuation discussion has not yet happened with GR. It should be in that range. Next assets onwards, is it going to be at 12%? Answer is no. We'll have to negotiate, and we negotiate with GR in the same range that we negotiate with the third party. However, my 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. That's why what I did from GR and last two, three acquisitions, and the third acquisition what we'll do, that will again was included within that range what we have done. So at InvIT level, you get some value. That's why this 12.5% looks achievable to me.
Okay. Sir, you mentioned that AUM will be somewhere around INR 52 billion. So how much, I think the GRR asset is around INR 19 billion. So are the GRR assets smaller in size?
See, I maybe would not want to divulge those details now.
Okay.
Smaller anyway, we'll do this acquisition, and you'll get to know about it anyways.
Sure. I just want to understand how much of the internal accruals will be used for equity question or will we go for an IPO?
I think incremental business, it is difficult to give you percentage now because of the ambiguities. But I think incrementally, we are going to acquire, as I said, right? Since we are going to optimize the leverage threshold, which is from 30% to going 35% on an increase EV basis. I think predominantly money you can say is going to be coming from the leverage itself.
Okay. Majority of it is going to come from there. Sure.
Definitely.
Okay. Thanks, and all the best.
Thank you.
Thank you. Participants, to ask a question, you may press star and one. Next question is a follow-up question from the line of Siddesh Chaudhari from Maximal Capital. Please go ahead.
This is relevant to IRR that we are talking for future acquisition, which is actually IRR, right?
That's right.
Copy. Sir, I think, when we first posted our results, we were at INR 114 odd in terms of the NAV. This quarter, I think we are closer to INR 115.9 or thereabout. 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?
Yeah. How do you see this NAV should be, especially because we will be writing off a lot in terms of balance sheet. How do you see this number going?
See, NAV, to be honest, it is difficult to give you an NAV number because NAV will be function of how much my internal accruals I am going to utilize. How I am going to discount that incremental asset. Practically 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. I think difficult to give you a NAV number now. I cannot give you a NAV number. But I think if you do the ballpark maths, the kind of leverage what we are talking about, around 56% and the asset acquisition of AUM, I think we can reduce that number.
Now that you have already utilized this internal accruals, I think more or less 100% of the acquisition will be done by this, right?
I never said that. I think some things you will have to leave to Investment Manager to use their system to look at the market and to take call on the market variables. But I have been maintaining that I think the fee predominantly is going to be coming from my utilizing threshold, my leverage. But of course, some part of it will be funded from the internal accruals as well. However, the guidance what we have given will be unimpacted, irrespective of the internal accruals I use.
Understood, sir. Thank you.
Thank you. Participants, to ask a question, please press star and one. Anyone who wishes to ask a question may press star and one. 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. On behalf of Indus Infra Trust, this concludes this conference. Thank you for joining us, and you may now disconnect.