The Trust has invested the amount of 52,50,000 Lakh in the equity share capital of the NHIT Southern Projects Private Limited (Project SPV’s - III NSPPL) during the year. NSPPL acquired rights for Tolling, Management and Maintenance of the eleven toll roads under the concession agreement signed with NHAI for consideration of 517,73,794.54 Lakhs, Appointed date for these projects are w.e.f 1st April 2025.
The Trust has invested the amount of 52,40,610 Lakh in the equity share capital of the NHIT Eastern Projects Private Limited (Project SPV’s - II NEPPL) during the previous year. NEPPL acquired rights for Tolling, Management and Maintenance of the seven toll roads under the concession agreement signed with NHAI for consideration of 515,69,988.18 Lakhs, Appointed date for these project are w.e.f 1st April 2024.
Based on the assessment of funds availability at SPV level it is estimated that principal repayments are not expected during the next financial year and therefore entire portion loans has been classified as non current financial asset.
Loans are non-derivative financial assets which are repayable by subsidiaries as per the repayment schedule mentioned in the facility agreement. Further, the subsidiaries are entitled to prepay all or any portion of the outstanding principal with a prior notice. The loans to subsidiaries carry interest @ 12.70% p.a.
flows as aforesaid to make such payment in full or part in accordance with the repayment schedule or the senior lender has sent a letter to the borrower requesting it to make the payment on the relevant repayment date.
The Trust has granted long term loan amounting to 51,635 Lakhs (PY. 513,30,536.39 lakhs) for Round 3 (R3) assets at the rate of 12.70% p.a. to subsidiary company NEPPL via Facility Agreement dated 12th March 2024 for financial assistance to be utilized for the purposes and terms and conditions as mentioned in the Concession Agreement between NHAI and NEPPL. The repayment schedule for the loan involves 5 annual installments starting from 31st March 2039 upto 31st March 2043 or earlier, and in accordance with premature repayment only if (a) on the relevant principal repayment dates(s),sufficient amount are available with the borrower (which are available and permitted to be utilised towards repayment of such principal amounts, without such utilising being in or resulting in breach of financial documents) to make such payments in full or part or (b) the senior lender has sent a letter to the borrower requesting it to make payments on the relevant repayment date. However, no repayments for the principal under the InvIT senior facility are mandatory unless the borrower can cover such payment, in full or partly, through the project’s cash flows following the repayment schedule, or if a request is received from the senior lender by the borrower.
The Trust has granted long term loan amounting to 515,26,304.54 Lakhs for Round 4 (R4) assets at the rate of 12.70% p.a. to subsidiary company NSPPL via Facility Agreement dated 12th March 2025 for financial assistance to be utilized for the purposes and terms and conditions as mentioned in the Concession Agreement between NHAI and NSPPL. The repayment schedule for the loan involves 6 unequal annual installments starting from 31st March 2038 upto 31st March 2043 or earlier, and in accordance with premature repayment only if (a) on the relevant principal repayment dates(s),sufficient amount are available with the borrower (which are available and permitted to be utilised towards repayment of such principal amounts, without such utilising being in or resulting in breach of financial documents) to make such payments in full or part or (b) the senior lender has sent a letter to the borrower requesting it to make payments on the relevant repayment date. However, no repayments for the principal under the InvIT senior facility are mandatory unless the borrower can cover such payment, in full or partly, through the project’s cash flows following the repayment schedule, or if a request is received from the senior lender by the borrower.
Details of loans and advances in the nature of loans to subsidiaries (including interest receivable):
The Trust has granted long term loan amounting to 529,966 lakhs for Round 1 (Rl) assets and 523,200 lakhs for Round 2 (R2) assets (PY: 56,500 lakhs for Rl and 512,400 lakhs for R2) at the rate of 12.70% p.a. to subsidiary company NWPPL for R1 & R2 via Facility Agreement dated 29th September 2021 & 10th October 2022 respectively for financial assistance to be utilized for the purposes and terms and conditions as mentioned in the Concession Agreements between NHAI and NWPPL. The repayment schedule for the R1 loan involves 102 quarterly installments due by 31st March 2047 or earlier, while the R2 loan is to be repaid annually from March 2037 until March 2043 or earlier in accordance with premature repayment only if (a) on the relevant principal repayment dates(s),sufficient amount are available with the borrower (Which are available and permitted to be utilised towards repayment of such principal amounts, without such utilising being in or resulting in breach of financial documents) to make such payments in full or part or (b) the senior lender has sent a letter to the borrower requesting it to make payments on the relevant repayment date. However no principal amount under InvIT senior facility will be due and payable by the borrower unless the borrower has the project cash
* The Fixed Deposits have been earmarked towards meeting loan obligations in terms of maintaining Debt Servicing Reserve balance as per borrowing agreements with lenders and as per terms of the debenture trust deed, to be utilized at the end of tenure of long term borrowings from Senior Lenders and Debenture holders, hence classified as Other Financial Assets- Non Current irrespective of date of maturity.
*62,46,50,000 units issued at 5133.50 per unit during current year (P.Y. 58,57,95,400 units issued at 5124.14 per unit).
In Current year the Trust offered an issue of 62,46,50,000 units of National Highways Infra Trust (“NHIT”), for cash at a price of 133.50 per unit (the “issue price”), aggregating to 58,33,907.75 lakh through Institutional and preferential placement in accordance with the Securities and Exchange Board of India (infrastructure Investment Trust) Regulations, 2014 including the rules, circulars and guidelines issued thereunder.
In previous year the Trust offered an issue of 58,57,95,400 units of National Highways Infra Trust (“NHIT”), for cash at a price of 124.14 per unit (the “issue price”), aggregating to 57,27,206.41 lakh through Institutional and preferential placement in accordance with the Securities and Exchange Board of India (infrastructure Investment Trust) Regulations, 2014 including the rules, circulars and guidelines issued thereunder.
Issue expenses of 53,905.54 lakhs (31st March 2024: 51,717.27 lakhs) incurred in connection with issue of
units have been reduced from the Unitholders capital in accordance with Ind AS 32 Financial Instruments:
Presentation.
Rights/ preferences and restrictions attached to Unit Capital
Subject to the provisions of the InvIT Regulations, the indenture of funds, and applicable rules, regulations and guidelines, the rights of the unit holders include:
a) The beneficial interest of each unitholder shall be equal and limited to the proportion of the number of the units held by that unitholder to the total number of units.
b) Right to receive income or distributions with respect to the units held.
c) Right to attend the annual general meeting and other meetings of unit holders of the Trust.
d) Right to vote upon any matters/resolutions proposed in relation to the Trust.
e) Right to receive periodic information having a bearing on the operation or performance of the Trust in accordance with the InvIT Regulations.
f) Right to apply to the Trust to take up certain issues at meetings for unit holders approval.
g) Right to receive additional information, if any, in accordance with InvIT documents filed with Placement Memorandum.
In accordance with the InvIT Regulations, no unit holders shall enjoy superior voting or any other rights over any other unit holders, and there shall not be multiple classes of units. There shall be only one denomination of units. Not withstanding the above, subordinate units may be issued only to the Sponsor and its Associates, where such subordinate units shall carry only inferior voting or any other rights compare to the other units.
Under the provisions of the InvIT Regulations, not less than 90% of the net distributable cash flows of the Trust is required to be distributed to the unitholders, and in accordance with such statutory obligation the Trust has formulated a distribution policy to declare and distribute the distributable cash flows to its unitholders atleast once every financial year as approved by the Board of Directors of the Investment Manager. The distributions made by Trust to its unitholders are based on the Net Distributable Cash Flows (NDCF) of the Trust under the InvIT Regulations. The distribution in proportion to the number of units held by the unitholders. The Trust declares and pays in distributions in Indian rupees.
Limitation to the Liability of the unit holders
The liability of each unit holders towards the payment of any amount (that may arise in relation to the Trust including any taxes, duties, fines, levies, liabilities, costs or expenses) shall be limited only to the extent of the capital contribution of such unit holders and after such capital contribution shall have been paid in full by the unit holders, the unit holders shall not be obligated to make any further payments.
The unit holders shall not have any personal liability or obligation with respect to the Trust.
Classification of Unit Holders’ Funds
Under the provisions of the InvIT Regulations, NHIT is required to distribute to Unitholders not less than ninety percent of the net distributable cash flows of NHIT for each financial year. Accordingly, a portion of the unitholders’ funds contains a contractual obligation of the Trust to pay to its Unitholders cash distributions. The Unitholders’ funds could therefore have been classified as compound financial instrument which contain both equity and liability components in accordance with Ind AS 32 - Financial Instruments: Presentation. However, in accordance with SEBI Circulars (Circular No.SEBI/HO/DDHS-PoD-2/p/CIR/2024/44 dated 15th May 2024) issued under the InvIT Regulations, the unitholders’ funds have been classified as equity in order to comply with the mandatory requirements of Section H of Annexure A to the SEBI Circular dated 20th October 2016 dealing with the minimum disclosures for key financial statements. In line with the above, the distribution payable to unit holders is recognised as liability when the same is approved by the Investment Manager.
As per records of the Trust, including its register of unitholders and other declaration received from unitholders regarding beneficial interest, the above unitholding represent both legal and beneficial ownership of units.
The Trust has not allotted any fully paid-up units by way of bonus units nor has it bought back any class of units from the date of incorporation till the balance sheet date. Further the Trust has not issued any units for consideration other than cash during the year.
Nature of Security for Non Convertible debentures:
The debenture holders are secured by :
a) a first ranking pari passu Security Interest over the Trust’s immovable assets (if any), both present and future. The Trust does not own any immovable property at the present time. In the event, the Trust acquires any immovable property in future, the Trust shall mortgage said property within 180 (one hundred eighty) days from the date of acquisition of such immovable assets. The Debenture Trustee shall be authorised to do all acts, deeds, and enter into necessary documents, agreement, amendments and/or modifications, as may be required to give effect the same, including carrying out the due diligence as may be required by Debenture Trustee;
b) a first ranking pari passu Security Interest over the Hypothecated Assets (including Receivables), both present and future; and
c) pledge of 100% shares in dematerialized form of the SPVs held by the NHIT; and
d) Negative Lien Undertaking
The group issued corporate guarantees amounting 51500 crore on 21st October 2022, to secure obligations in favor of the Debenture Trustee for the benefit of NCD holders. Following approval from the SBI Trustee for the waiver and cancellation of these corporate guarantees, an application was submitted to the stock exchange on 27th September 2024, seeking approval for the waiver and cancellation. The corporate guarantees were officially waived and cancelled, as approved by both BSE and NSE on 11th October 2024. Additionally, the corporate guarantees provided to the banks were released after 31st March 2024.
On 30th January 2025, NHIT has done the allotment of 1,01,584 secured, rated, listed, redeemable, non-convertible debentures of face value of 52,00,000 (Indian Rupees Two lakhs only) each (“Series I Debentures”) (comprising of 2 (two) separately transferable and redeemable principal parts (“STRPP”) (being 1,01,584 STRPP A Debenture of face value 51,00,000 (Indian Rupees One lakhs only) each (“Series I STRPP A Debentures”) and 1,01,584 STRPP B Debenture of face value of 51,00,000 (“Series I STRPP B Debentures’) (Indian Rupees One Lakhs only) each of the National Highways Infra Trust (“Trust”) (Series I STRPP A Debentures and Series I STRPP B Debentures).
Effective Interest Issued at a Discount of 50.78% .
Rate The effective yield as a result of such discount is 7.75%
_ STRPP A 2034 - 9 years from the deemed date of allotment.
Tenure
STRPP B 2035 - 10 years from the deemed date of allotment.
Security for Zero Coupon Bonds (ZCB):
(a) a first ranking pari passu Security Interest over the Issuer’s immovable assets (if any), both present and future. The Issuer does not own any immoveable property at the present time. In the event, the Issuer acquires any immovable property in future, the Issuer shall mortgage said property within 180 (one hundred eighty) days from the date of acquisition of such immovable assets.
(b) a first ranking pari passu Security Interest over the Hypothecated Assets (including Receivables), both present and future, including DSRA;
(c) Negative Lien Undertaking;
(d) a first ranking pari passu Security Interest by way of pledge over the pledged securities and shares of entities that may be acquired by the Issuer, in the future, which pledge shall be created within 45 days of such acquisition.
During F.Y. 2024-25, Trust has obtained the sanction of 510,071 Crores from banks and Financial Institutions for the acquisition of Round 4 Assets and has taken a disbursement of 59,500 Crores.
During the previous year ended 31st March 2024, the Trust has obtained the sanction of 5877 Crores from the Axis bank for initial improvement works of Round 2 Assets. Further Trust has obtained sanction of 59,000 Crores from banks and financial institution for acquistion of Round 3 Assets and has taken a disbursement of 58,658 Crore during the previous year.
Loan from Banks include loan received from IDBI Bank which is Promoter of IDBI Trusteeship Services Limited (ITSL) - Trustee of the Trust, therefore the transactions with IDBI Bank are disclosed in Related Party Transaction.
Note:- Other terms and conditions of Term Loans
i) Interest rate Benchmark Rate plus spread applicable on each reset date for facility
agreement.
Repayable in unstructured quarterly instalments with last repayment date upto 31st March 2041 & 31st March 2042 for facility agreement of R1 & R2 Assets respectively.
ii) Terms o Repayable in unstructured quarterly instalments with last repayment date
repayment
upto 31st March 2042 for facility agreement of R3 Asset.
Repayable in structured quarterly instalments with last repayment date upto 31st March 2043 for facility agreement of R4 Asset.
Security for Term Loans:
The loan is secured by,
- first pari passu charge on all immovable assets (if any), movable assets and receivables of the Trust including but not limited to,
(i) the interest and principal repayments on the loans advanced by the Trust to Project SPVs
(ii) dividends to be paid by Project SPVs to the Trust
- first pari passu Security Interest on Trust Escrow account and all sub-accounts thereunder, including DSRA.
- pledge of 100% equity shares of Project SPVs’ (NWPPL, NEPPL & NSPPL) in dematerialized form held by the Trust
- assignment of loans advanced by the Trust to Project SPVs’ (NWPPL, NEPPL & NSPPL) and securities created by the Trust including the assignment of rights of substitution, termination and invocation of provision of Escrow agreement in case of default.
- negative lien on immovable assets (including current assets and cash flows) of the Project SPVs (NWPPL, NEPPL & NSPPL) subject to sale of obsolete items or cars/ ambulances, old toll equipment etc., under normal business practice, subject to maximum cumulative value of 55 Crore in any financial year for R1 projects / 52 Crore per project in any financial year for R2 & R3 & 52 Crore per project in any financial year for R4.
The senior lenders of the Trust have also been provided with a corporate guarantee from Project SPV (NWPPL) to guarantee upto the secured obligations of the Trust. The funds have been raised at Trust level from unitholders and domestic lenders, and the same have been lent to Project SPV (NWPPL) for payment of concession fee by NWPPL to NHAI. The cashflows viz., toll collections are lying in NWPPL. However during the current year the corporate guarantee which was provided by the Project SPV ( NWPPL) to the senior
29. Capital Management
For the purpose of the Trust’s capital management, capital includes issued unit capital and all other reserves attributable to the unit holders of the Trust.
The primary objective of the Trust’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise unit holder value.
The Trust manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Trust may adjust the dividend payment / income distribution to unit holders (subject to the provisions of SEBI InvIT Regulations which require distribution of at least 90% of the net distributable cash flows of the Trust to unit holders), return capital to unit holders or issue new units. The Trust monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Trust’s policy is to keep the gearing ratio optimum.
In order to achieve this overall objective, the Board of Directors of Investment Manager, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the lenders to call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current year. No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March 2025 and 31st March 2024.
30. Financial Risk Management
The Trust’s risk management policies are established to identify and analyse the risks faced by the Trust, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Trust’s activities.
The Board of Directors of Investment Manager has overall responsibility for the establishment and oversight of the Trust’s risk management framework.
In performing its operating, investing and financing activities, the Trust is exposed to the Credit risk, Liquidity risk and Market risk.
Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk include loans and borrowings, Receivables and Payables and Investments measured at FVTPL.
The sensitivity analyses in the following sections relate to the position as at 31st March 2025 and 31st March 2024.
The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt are all constant.
The following assumptions have been made in calculating the sensitivity analyses:
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 31st March 2025 & 31st March 2024.
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Trust transacts business primarily in Indian Rupees only, and hence, the sensitivity of profit and loss of the Trust to a possible change in foreign exchange rates is non-existent as on 31st March 2025 & 31st March 2024.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Exposure to risk of changes in market interest rates generally relates primarily to long-term debt obligations with floating interest rates.
The Trust’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due without incurring unacceptable losses or risking damage to the Trust’s reputation. The Trust ensures that it has sufficient funds to meet expected operational expenses, servicing of financial obligations.
In addition, processes and policies related to such risk are overseen by senior management. Management monitors the Trust’s net liquidity position through rolling forecast on the basis of expected cash flows.
Price Risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk).
The Trust is not exposed to price risk due to investments of surplus funds in overnight mutual funds. Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial assets.
The Trust is exposed to liquidity risk due to bank borrowings and trade and other payables.
The Trust measures risk by forecasting cash flows.
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. To manage this, the Trust periodically assess the reliability of the receivables, taking into account the financials conditions, current economic trends, analysis of historical bad debts and aging of receivables. With respect to credit risk arising from other financial assets of the Trust, which comprise Balances with banks, Trade Receivables, Loans and Advances and Investments, the Trust’s exposure to credit risk arises from default of the counterparty, with maximum exposure equal to the carrying amount of these instruments.
The carrying value of financial assets represents the maximum credit risk. The maximum exposure to credit risk was 546,54,182.93 Lakh and 527,48,633.61 Lakh as at 31st March 2025 and 31st March 2024 respectively, being the total carrying value of Loans to Subsidiary, Trade receivables, Investments, Balances with bank, bank deposits and other financial assets.
31. Financial Information of Investment Manager
The summary financials of Investment Manager are not disclosed alongwith these financials as its networth is not materially eroded.
32. Withholding Tax liability for interest accrued but not due on non convertible debentures
The Trust has issued publicly listed non convertible debentures (“NCDs”) with interest payable on semi-annual basis. Interest on these NCDs was due for payment on 25th April 2025 and for the purpose of payment of interest, record date was 10th April 2025 and debenture-holders existing as on 10th April 2025 are entitled to the coupon interest. Trust has recorded liability of interest accrued till 31st March 2025 and there is no credit in favour of any payee at the time of creating such provision as entitled payee will be identifiable as on record date i.e., on 10th April 2025.
As on the year end March 2025, there is uncertainty with respect to the ultimate recipient of interest income, and such uncertainty would only become clear on the record date i.e., 10th April 2025 when the obligation of payment of interest by NHIT arises and therefore Trust has not withheld any taxes at the time of creating these provisions.
B. List of additional related parties as per Regulation 2(l)(zv) of the SEBI InvIT Regulations
Parties to the Trust
National Highways Infra Investment Managers Private Limited (NHIIMPL) - Investment Manager (im) of the Trust
IDBI Trusteeship Services Limited (ITSL) - Trustee of the Trust National Highways Authority of India (NHAl)- Sponsor
National Highways InvIT Project Managers Private Limited (NHIPMPL)- Project Manager
Promoters of the Parties to the Trust specified aboveve
Government of India (acting through Ministry of Road, Transport & Highways (MORTH)) - Promoter of NHIIMPL
IDBI Bank Limited (IDBI Bank) - Promoter of ITSL
Government of India (acting through Ministry of Road, Transport & Highways (MORTH)) - Promoter of NHAI National Highways Authority of India (NHAl) - Promoter of NHIPMPL
Defaults and Breaches
There are no defaults during the year with respect to repayment of principal and payment of interest and no breaches of the terms and conditions of the borrowings.
There are no breaches during the year which permitted lender to demand accelerated payment.
35. Fair Values of Assets and Liabilities
The carrying amount of all financial assets and liabilities appearing in the financial statements is reasonable approximation of fair values. Fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Fair Value Hierarchy
The Trust uses the following hierarchy for fair value measurement of the Trust’s financial assets and liabilities:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required)
39. Disclosure of segment information pursuant to IND AS 108 "Operating Segments"
The activities of the Trust mainly include investing in infrastructure assets primarily in the SPVs operating in the road sector to generate cash flows for distribution to unit holders. Based on the guiding principles given in Ind AS - 108 “Operating Segments”, this activity falls within a single operating segment. Further, the entire operations of the Trust are only in India and hence, disclosure of secondary/ geographical segment information does not arise. Accordingly, requirement of providing disclosures under Ind AS 108 does not arise.
40. Investment Management Fees
i) The Investment Management Agreement is revised and the fee with effect from 1st April 2023 has been agreed at Rs 1,800 Lakhs (Rupees Eighteen hundred lakhs) excluding GST for the Financial Year 2023-24.
ii) The management fee set out in paragraph (i) above shall be subject to escalation on an annual basis at the rate of 10% of the management fee for the previous year.
iii) The Investment Management Agreement is revised and the fee with effect from 1st April 2024 has been agreed at Rs 1,980 Lakhs (Rupees Nineteen hundred and Eighty Lakhs) excluding GST for the Financial Year 2024-25
iv) Any applicable taxes, cess or charges, as the case may be, shall be in addition to the management fee and shall be payable by National Highways Infra Trust (NHIT) to the Investment Manager (NHIIMPL). Frequency of Payment: Payment of management fee shall be made by National Highways Infra Trust (NHIT) to the Investment Manager (NHIIMPL) in advance on a quarterly basis at the beginning of each quarter of a financial year.
41. The Board of Directors of the Investment Manager has declared distribution for Jan & Feb 25 of 51.652 per unit which comprises of 51.644 per unit as interest and 0.008 per unit as other income in their meeting held on 12th March 2025. Further The Board of Directors of the Investment Manager has declared distribution for March 2025 of 50.395 per unit which comprises of 50.392 per unit as interest and 50.003 per unit as other income in their meeting held on 28th May 2025.
The Board of Directors of the Investment Manager has declared distribution for quarter ended December 2024 of 51.99 per unit which comprises of 51.99 per unit as interest pass through at the trust Level in their meeting held on 5th February 2025.
The Board of Directors of the Investment Manager has declared distribution for quarter ended September 2024 of 51.829 per unit which comprises of 51.806 per unit as interest and 50.023 per unit as other income on surplus funds at the Trust level in their meeting held on 12th November 2024.
The Board of Directors of the Investment Manager has declared distribution for quarter ended June 2024 of 51.805 per unit which comprises of 51.792 per unit as interest and 50.013 per unit as other income on surplus funds at the Trust level in their meeting held on 12th August, 2024.
43. The Existing debt facility obtained for aquisition of Round 1 Asset have been partly repaid from the issue of Zero Coupon Bonds to the extant of 5999.99 Crore which comprise repayment to SBI Bank of 5543.29 Crore, Axis Bank of 5274.02 Crore and Bank of Maharashtra of 5182.68 Crore.
44. National Highways Infra Trust has obtained the Bank Guarantee limits amounting to 5210 Crore from IndusInd Bank via sanction letter no. IBL/cCBG-corporate banking (large corporates)-WEST/SLR-28443/ FY 24-25 dated 14th October 2024. These limits are to be utilised for issuance of BGs in lieu of DSRA to be maintained by the InvIT to cover existing identified RTL debt outstanding on the date of issuance of BG towards R1, R2 & R3. These limits are valid for period upto 24 months.
45. As per Ind AS 36 'Impairment of assets',
In accordance with Ind AS 36 ‘Impairment of assets’, entity is required to assess at the end of each reporting period whether there is any indication that assets have been impaired. The financial assets appearing in NHIT Balance Sheet, which includes equity investment in subsidiaries of NHIT, loans provided to subsidiaries of NHIT and interest receivable on these loans have been assessed as at end of the financial year. Impairment exists if carrying value of these investments exceeds its recoverable value which is higher of the fair value less cost of disposal or its value in use. The value in use is based on the DCF cash flows based on which the enterprise value has been derived by the independent valuer.
In one of the subsidiaries of NHIT i.e NHIT Eastern Projects Private Limited, value in use determined based on the fair value of NEPPL as adjusted for Investment Manager fee allocated to NEPPL, The Recoverable Value has been estimated to be lower than its carrying amount. Consequently, an impairment loss of Rs.17,930.00 Lakhs has been recognised in the standalone financial statements of the Trust for the year ended 31-03-2025.
This impairment loss has been presented under in the Statement of Profit and Loss and reduces the carrying value of the investment in the NEPPL in the Balance Sheet.
Key Assumptions and Judgments:
The determination of the recoverable amount involved significant judgment, including estimates of future cash flows, growth rates, and discount rates applied. Management believes that the assumptions used are reasonable and supportable based on current information available.
46. Key sources of estimation
The preparation of financial statements in conformity with Ind AS requires the Trust makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates include allowance for doubtful loans/other receivables, fair value measurement etc. Difference, if any, between the actual results and estimates is recognised in the period in which the results are known.
47. Disclosure pursuant to Ind AS 23 "Borrowing Costs"
Borrowing cost capitalised during the year ended 31st March 2025 5 Nil [31st March 2024 : 5 Nil]
48. These standalone Financial Statements of Trust does not contain any false or misleading statement or figures and do not omit any material fact which makes the staements or the figures contained therein misleading.
49. Default and breaches
There are no defaults during the year with respect to repayment of principal and payment of interest and no breaches of the terms and conditions of the borrowings. There are no breaches during the year which permitted lender to demand accelerated payment.
50. Additional regulatory information required by Schedule III
(i) Details of benami property held
The Trust does not hold any benami property and no proceedings have been initiated against the trust under the Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder.
(ii) Wilful defaulter
The Trust is not declared wilful defaulter by any bank or financial institution or any other lender during the year.
(iii) The Trust have not received any fund from any person(s) or entity{ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Trust shall
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(iv) The Trust have not advance or loaned or invested (either from borrowed fund or share premium or any other source or kind of fund) by the company to or in any person{s) or entity{ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Trust shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(v) Undisclosed income
The Trust have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or surveyor any other relevant provisions of the Income Tax Act, 1961.
(vi) Details of crypto currency or virtual currency
The Trust has not traded or invested in crypto currency or virtual currency during the current or previous year.
(vii) Derivative Contracts
The Trust did not have any long term contracts including derivative contract for which there were any material foreseeable losses.
(viii) Relationship with struck off companies.
The Trust does not have any transactions with the companies struck off under Section 248 of companies Act 2013 and therefore no further disclosure required thereunder.
(ix) The Trust has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and the Companies Act, 2013 for the above transactions and the transactions are not violative of the Prevention of Money-Laundering Act, 2002 (15 of 2003)
51. Comparatives figures have been reclassified/regrouped wherever necessary to confirm to the current year classification.
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