On behalf of the Board of Directors of Investment Manager it gives me great pleasureto share the performance highlights of IRB InvIT Fund ("the Trust") for FY2021-22.
FY 2021-22 witnessed the 2nd and 3rd waves of COVID-19 pandemic resulting in partiallockdown which restricted business activity across all projects. In addition to thisfarmers' agitation hampered the operations of our project in Punjab for nearly ninemonths. Despite the above challenges your Trust was able to distribute Rs.9.00 per unitfor FY 2021-22 aggregating a total distribution of Rs.50.30 per unit since listing in May2017.
On completion of the respective concession periods the Bharuch-Surat BOT Project washanded over to NHAI at the end of FY 2021-22 and Surat-Dahisar BOT Project was handed overto NHAI in May 2022. During the year we have re-financed a significant part of theexternal debt of the Trust resulting in interest savings of 0.35% p.a. Your Trustcontinues to enjoy AAA ratings for its debt.
In the last few months we have seen a good recovery in traffic. Our toll collectionthrough FASTag (ETC) has reached more than 95% resulting in further efficiency andtransparency. Backed by a resurgent economy and sharp tariff rate revision of 10.2% fromApril 2022 in four of our assets we expect healthy growth in revenue for these projects.
We are actively engaged in evaluation of potential acquisition opportunities. We arealso looking at the projects of the Sponsor Company. We will reach out to our esteemedunitholders after due diligence and full evaluation.
I would like to thank all the stakeholders including our Sponsor/Project Managerstaff and vendors who have done a tremendous job despite the challenges posed by COVID.To conclude I once again express my sincere gratitude to all the unitholders for thecontinued faith in the Trust and the valuable support and guidance from time to time.
Chairman of the Board
Investment Manager of the Trust.