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Cube Highways Trust, managed by Cube Highways Fund Advisors, announced its results for the quarter and the full year ending 31 March 2024. The Board of Directors declared a Distribution Per Unit (DPU) of Rs 3.94 to ordinary unitholders, amounting to a total distribution of Rs 508 crores.
This distribution includes Rs 1.79 per unit as interest, Rs 0.20 per unit as a dividend, Rs 1.94 per unit as repayment of SPV loan, and Rs 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 Rs 3,074 crores, consolidated EBITDA at Rs 1,956 crores, and an annual distribution of Rs 1,302 crores, we have a solid close to the first financial year post-listing. FY24 witnessed a toll collection growth of 11.9 per cent and a traffic growth of 6.5 per cent. 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 Rs 10.09 declared for FY24 comprises Rs 7.10 per unit as interest, Rs 0.99 per unit as a dividend, Rs 1.94 per unit as repayment of SPV loan, and Rs 0.06 per unit as treasury income.
Vinay Sekar, CEO of Cube InvIT, commented, "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 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 24 May 2024, and the distribution payout will be made on or before 6 June 2024.
Cube Highways Trust ("Cube InvIT") is an irrevocable Trust set up under the Indian Trusts Act, 1882, and registered with the Securities and Exchange Board of India (SEBI) as an Infrastructure Investment Trust.
It is backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, Abu Dhabi’s sovereign investor Mubadala Investment Company, International Financial Corporation, and Japan Highways International BV. Cube Highways Trust implements the public-private partnership (PPP) model in India's highways sector, operating and managing highway projects in association with the central and state governments.
