Bharat Highways InvIT
INVITPUBLICROADS registry symbol BHARATINVIT
Overview · Triage · History · Financial statements · NAV & valuation · Distributions · Assets · Earnings calls · Debt · Unitholding · Documents
Overview
| Field | Value | Source |
|---|---|---|
| Listing class | PUBLIC | BHARATINVIT_2a2ac8a8c90c p5: “Overview of Indus Infra Trust Paving the Way for Progress and Permanence Indus Infra Trust is India’s first publicly listed Infrastructure Investment Trust (InvIT / Trust) with a portfolio exclusively comprising Hybrid A” |
| Sector | ROADS | BHARATINVIT_2a2ac8a8c90c p4: “highway” |
| Files on disk | 0 | |
| Distributions on record | 0 | |
| Accepted statements | 4 | 20 rejected (reasons below) |
Triage — is the trust returning income or returning the unit?
No distribution or accepted NAV statement on disk; nothing to triage.
History — DPU split by component
No distribution declaration on disk.
Financial statements (accepted 4, rejected 20)
BS · STANDALONE · 2025-03-31, 2024-03-31 · INR million BHARATINVIT_2a2ac8a8c90c p96
| Line | 2025-03-31 | 2024-03-31 |
|---|---|---|
| Standalone Balance Sheet as at March 31, 2025 All amounts in Rupees million unless otherwise stated Note As at 31 March 2025 As at 31 March 2024 Assets Non-current assets (a) Financial assets (i) Investments | 12,847.42 | 19,409.30 |
| (ii) Loans | 46,434.24 | 31,993.47 |
| (iii) Other financial assets | 0.00 | 567.68 |
| (b) Tax assets (net) | 9.74 | 0.00 |
| Total non-current assets | 59,291.40 | 51,970.45 |
| Current assets (a) Financial assets (i) Investments | 868.23 | 0.00 |
| (ii) Cash and cash equivalents | 54.68 | 0.36 |
| (iii) Bank balance other than (ii) above | 69.71 | 473.56 |
| (iv) Loans | 5,656.27 | 2,439.44 |
| (v) Other financial assets | 1,419.56 | 25.00 |
| (b) Other assets | 0.09 | 0.14 |
| Total current assets | 8,068.54 | 2,938.50 |
| Total assets | 67,359.94 | 54,908.95 |
| Equity and liabilities Equity (a) Corpus contribution | 0.01 | 0.01 |
| (b) Unit capital | 43,677.36 | 43,761.52 |
| (c) Other equity | 6,134.65 | 5,892.42 |
| Total unitholders' equity | 49,812.02 | 49,653.95 |
| Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings | 15,956.21 | 4,642.18 |
| (b) Deferred tax liabilities | 5.95 | 0.00 |
| Total non-current liabilities | 15,962.16 | 4,642.18 |
| Current liabilities (a) Financial liabilities (i) Borrowings | 1,545.57 | 204.39 |
| (ii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises | 5.27 | 0.00 |
| (b) Total outstanding dues of creditors other than micro enterprises and small enterprises | 25.55 | 9.53 |
| (iii) Other financial liabilities | 0.17 | 361.02 |
| (b) Other liabilities | 9.20 | 37.45 |
| (c) Current tax liabilities (net) | 0.00 | 0.43 |
| Total current liabilities | 1,585.76 | 612.82 |
| Total liabilities | 17,547.92 | 5,255.00 |
| Total equity and liabilities | 67,359.94 | 54,908.95 |
| Summary of material accounting policies | 2.20 | — |
| The accompanying notes are an integral part of these standalone financial statements As per our report of even date For S R B C & CO LLP For and on behalf of Board of Directors of Chartered Accountants GR Highways Investment Manager Private Limited ICAI Firm's Registration No :324982E/E300003 (As an Investment Manager to Indus Infra Trust) per Sukrut Mehta Ajendra Kumar Agarwal Amit Kumar Singh Partner Director Chief Executive Officer Membership No: 101974 DIN: 01147897 Place : Gurugram Place : Gurugram Date : May 7, 2025 Date : May 7, 2025 Harshael Sawant Mohnish Dutta Chief Financial Officer Company Secretary ICSI Mem. No. FCS10411 Place : Ahmedabad Place : Gurugram Place : Gurugram Date : May 7, 2025 Date : May 7, 2025 Date : May 7, 2025 Indus Infra Trust Note Year ended 31 March 2025 Year ended 31 March 2024 (refer note 34) I Incomes and gains: (a) Interest income on loan given to subsidiaries | 17.00 | 6,381.31 |
| (b) Interest income on deposit with banks | 86.58 | 1.31 |
| (c) Dividend income from subsidiaries | 7,976.22 | 0.00 |
| (d) Gain on sale of investment in mutual fund (net) | 50.72 | 0.00 |
| (e) Fair value gain on financial assets measured at FVTPL (net) | 13.91 | 0.00 |
| Total income and gain | 14,508.74 | 296.44 |
| II Expenses and losses: (a) Valuation expenses | 1.88 | 1.30 |
| (b) Audit fees | 4.23 | 4.13 |
| (c) Investment management fees | 265.17 | 4.89 |
| (d) Trustee fee | 0.61 | 0.59 |
| (e) Finance costs | 1,150.57 | 21.50 |
| (f) Impairment of non financial assets | 7,517.59 | 0.00 |
| (g) Other expenses | 52.86 | 27.31 |
| Total expenses | 8,992.91 | 59.72 |
| III Profit before tax (I-II) | 5,515.83 | 236.72 |
| IV Tax expense: (a) Current tax | 58.69 | 0.56 |
| (b) Deferred tax charge | 5.95 | 0.00 |
| Total tax expenses | 64.64 | 0.56 |
| V Profit for the year (III-IV) | 5,451.19 | 236.16 |
| VI Other comprehensive income ("OCI") (a) Items that will not be reclassified to profit or loss in subsequent years (net of tax) | 0.00 | 0.00 |
| (b) Items that will be reclassified to profit or loss in subsequent years (net of tax) | 0.00 | 0.00 |
| Other comprehensive income (net of tax) | 0.00 | 0.00 |
| VII Total Comprehensive Income for the year, net of tax (V+VI) | 5,451.19 | 236.16 |
| Earnings per unit | 0.00 | — |
| Basic earning per unit (in ₹) | 12.31 | 7.42 |
| Diluted earning per unit (in ₹) | 12.31 | 7.42 |
| Summary of material accounting policies | 2.20 | — |
CF · STANDALONE · 2025-03-31, 2024-03-31 · INR million BHARATINVIT_2a2ac8a8c90c p100
| Line | 2025-03-31 | 2024-03-31 |
|---|---|---|
| Standalone Statement of Cash Flows for the year ended March 31, 2025 All amounts in Rupees million unless otherwise stated Year ended 31 March 2025 Year ended 31 March 2024 (refer note 34) A Cash flows from operating activities Profit before tax | 5,515.83 | 236.72 |
| Adjustment to reconcile profit before tax to net cash flows: Interest income on loan given to subsidiaries and deposit with bank | -6,467.89 | -296.44 |
| Dividend income from subsidiaries | -7,976.22 | 0.00 |
| Impairment of non financial assets | 7,517.59 | 0.00 |
| Gain on sale of investments in mutual fund (net) | -50.72 | 0.00 |
| Fair value gain on financial assets measured at FVTPL (net) | -13.91 | 0.00 |
| Finance costs | 1,150.57 | 21.50 |
| Operating (loss) before Working Capital changes | -324.75 | -38.22 |
| Adjustment for changes in working capital : Increase / (Decrease) in financial and non financial assets | 0.05 | -22.19 |
| Increase in trade payables | 21.29 | 9.53 |
| (Decrease) / Increase in financial and non financial liabilities | -28.25 | 32.30 |
| Cash (used in) operating activities | -331.66 | -18.58 |
| Income tax paid (net of refunds) | -68.85 | -0.13 |
| Net Cash (used in) operating activities (A) | -400.51 | -18.71 |
| B Cash Flows from Investing Activities Proceeds from bank deposits having original maturity of more than three months | 405.40 | -566.50 |
| Investment in bank deposits having original maturity of more than three months | -1,169.23 | 0.00 |
| Earmarked balance with Bank | 403.85 | -473.56 |
| (Investment) in mutual funds (net) | -803.60 | 0.00 |
| Indemnification claim received (refer note 3) | 494.06 | 0.00 |
| Purchase of equity shares including assignment of loan in subsidiaries | -5,650.45 | 0.00 |
| Loans given to subsidiaries | -14,166.87 | -28,873.00 |
| Loan repaid by subsidiaries | 693.61 | 0.00 |
| Dividend received from subsidiaries | 7,976.22 | 0.00 |
| Interest received from subsidiaries and on bank deposits | 6,421.17 | 276.18 |
| Net Cash (used in) investing activities (B) | -5,395.84 | -29,636.88 |
| C Cash Flows from Financing Activities Proceeds from issue of units | 0.00 | 24,999.99 |
| Repayment of unit capital | -84.16 | — |
| Unit issue expenses paid | -361.02 | -143.75 |
| Proceeds from non-current borrowings | 13,443.05 | 4,873.68 |
| Repayment of non-current borrowings | -743.04 | -60.92 |
| Payment of distribution to unitholders | -5,208.79 | 0.00 |
| (Repayment) / proceeds of current borrowings (net) | -30.92 | 5.47 |
| Interest paid | -1,164.45 | -18.61 |
| Net cash generated from financing activities | 5,850.67 | 29,655.86 |
| Net increase in cash and cash equivalents (A+B+C) | 54.32 | 0.27 |
| Cash and cash equivalents at the beginning of the year | 0.36 | 0.09 |
| Cash and cash equivalents at the end of the year | 54.68 | 0.36 |
| Non- cash financing and investing activities Units issued in exchange of purchase of equity shares of subsidiaries including assignment of loans (refer note 3 below and note 3) | 0.00 | 24,950.13 |
| Notes: Components of cash and cash equivalents (refer note 7) As at 31 March 2025 As at 31 March 2024 Cash on hand | 0.01 | 0.01 |
| Balance with banks in current account | 54.67 | 0.35 |
| Cash and cash equivalents at end of the year | 54.68 | 0.36 |
BS · CONSOLIDATED · 2025-03-31, 2024-03-31 · INR million BHARATINVIT_2a2ac8a8c90c p142
| Line | 2025-03-31 | 2024-03-31 |
|---|---|---|
| Consolidated Balance Sheet as at 31 March 2025 All amounts in Rupees million unless otherwise stated Note As at 31 March 2025 As at 31 March 2024 Assets Non-current assets (a) Financial assets (i) Receivable under service concession arrangements | 55,551.46 | 47,002.25 |
| (ii) Other financial assets | 14.07 | 1,239.01 |
| (b) Tax assets (net) | 397.41 | 139.85 |
| (c) Other assets | 1,115.62 | 254.71 |
| Total non-current assets | 57,078.56 | 48,635.82 |
| Current assets (a) Financial assets (i) Investments | 4,572.27 | 673.50 |
| (ii) Trade receivables | 9.31 | 60.44 |
| (iii) Cash and cash equivalents | 1,686.15 | 1,912.97 |
| (iv) Bank balance other than (iii) above | 266.07 | 3,209.56 |
| (v) Receivable under service concession agreements | 3,983.78 | 3,185.45 |
| (vi) Other financial assets | 1,845.83 | 2,702.49 |
| (b) Other assets | 1,678.24 | 2,213.88 |
| Total current assets | 14,041.65 | 13,958.29 |
| Total assets | 71,120.21 | 62,594.11 |
| Equity and liabilities Equity (a) Corpus contribution | 0.01 | 0.01 |
| (b) Unit capital | 43,677.36 | 43,761.52 |
| (c) Other equity | 5,412.02 | 5,804.32 |
| Total unit holder's equity | 49,089.39 | 49,565.85 |
| Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings | 19,640.09 | 9,730.48 |
| (b) Deferred tax liabilities (net) | 66.69 | 0.00 |
| Total non-current liabilities | 19,706.78 | 9,730.48 |
| Current liabilities (a) Financial liabilities (i) Borrowings | 1,802.57 | 1,645.55 |
| (ii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises | 248.41 | 0.68 |
| (b) Total outstanding dues of creditors other than micro enterprises and small enterprises | 196.28 | 1,118.80 |
| (iii) Other financial liabilities | 0.57 | 361.50 |
| (b) Other liabilities | 76.21 | 163.12 |
| (c) Current tax liabilities (net) | 0.00 | 8.13 |
| Total current liabilities | 2,324.04 | 3,297.78 |
| Total liabilities | 22,030.82 | 13,028.26 |
| Total equity and liabilities | 71,120.21 | 62,594.11 |
| Summary of material accounting policies | 2.20 | — |
| The accompanying notes are an integral part of these consolidated financial statements As per our report of even date For S R B C & CO LLP For and on behalf of Board of Directors of Chartered Accountants GR Highways Investment Manager Private Limited ICAI Firm's Registration No :324982E/E300003 (As an Investment Manager to Indus Infra Trust) per Sukrut Mehta Ajendra Kumar Agarwal Amit Kumar Singh Partner Director Chief Executive Officer Membership No: 101974 DIN: 01147897 Place : Gurugram Place : Gurugram Date : May 7, 2025 Date : May 7, 2025 Harshael Sawant Mohnish Dutta Chief Financial Officer Company Secretary ICSI Mem. No. FCS10411 Place : Ahmedabad Place : Gurugram Place : Gurugram Date : May 7, 2025 Date : May 7, 2025 Date : May 7, 2025 Indus Infra Trust | 138.00 | — |
| Note Year ended 31 March 2025 Year ended 31 March 2024 (refer note 41) I Incomes and gains: (a) Revenue from operations | 7,445.96 | 1,206.93 |
| (b) Interest income on deposit with banks | 323.89 | 38.64 |
| (c) Interest income from income tax refund | 16.72 | 35.43 |
| (d) Gain on sale of investment in mutual fund (net) | 195.73 | 0.00 |
| (e) Fair value gain on financial assets measured at FVTPL (net) | 61.00 | 5.07 |
| (f) Other Income | 512.67 | 0.15 |
| Total income and gain | 8,555.97 | 1,286.22 |
| II Expenses and losses: (a) Sub-contractor charges | 1,566.50 | 760.11 |
| (b) Valuation expenses | 1.88 | 1.30 |
| (c) Audit fees | 4.23 | 4.13 |
| (d) Insurance expenses | 38.79 | 3.74 |
| (e) Employee benefits expense | 4.45 | 0.51 |
| (f) Project management fees | 3.88 | 0.18 |
| (g) Investment management fees | 265.17 | 4.89 |
| (h) Trustee fees | 0.61 | 0.59 |
| (i) Finance costs | 1,290.95 | 249.85 |
| (j) Other expenses | 350.93 | 63.74 |
| Total expenses | 3,527.39 | 1,089.04 |
| III Profit before tax (I-II) | 5,028.58 | 197.18 |
| IV Tax expense: (a) Current tax | 111.72 | 49.12 |
| (b) Adjustment of income tax related to earlier years | 33.51 | 0.00 |
| (c) Deferred tax charge | 66.69 | 0.00 |
| Total tax expenses | 211.92 | 49.12 |
| V Profit for the year (III-IV) | 4,816.66 | 148.06 |
| VI Other comprehensive income ("OCI") (a) Items that will not be reclassified to profit or loss in subsequent years (net of tax) | 0.00 | 0.00 |
| (b) Items that will be reclassified to profit or loss in subsequent years (net of tax) | 0.00 | 0.00 |
| Other comprehensive income (net of tax) | 0.00 | 0.00 |
| VII Total Comprehensive Income for the year (V+VI) | 4,816.66 | 148.06 |
CF · STANDALONE · 2024-03-31, 2023-03-31 · UNKNOWN BHARATINVIT_40efd83e8094 p88
| Line | 2024-03-31 | 2023-03-31 |
|---|---|---|
| Financial Statements Statutory Reports Corporate Overview Annual Report 2023-24 Bharat Highways InvIT Standalone Statement of Cash Flows for the year ended 31 March 2024 Year ended 31 March 2024 Period ended from 16 June 2022 to 31 March 2023 (Refer Note 32) A Cash flows from operating activities Profit before tax | 236.72 | 0.00 |
| Adjustment to reconcile profit before tax to net cash flows: Interest income | -296.44 | 0.00 |
| Finance costs | 21.50 | 0.00 |
| Operating (loss) before Working Capital changes | -38.22 | 0.00 |
| Adjustment for changes in working capital : (Decrease) in financial and other assets | -22.19 | -2.95 |
| Increase in trade payables | 9.53 | 0.00 |
| Increase in financial and other liabilities | 32.30 | 5.15 |
| Cash generated from operating activities | -18.58 | 2.20 |
| Direct tax paid (net of refunds) | -0.13 | 0.00 |
| Net Cash (used in) / generated from operating activities | -18.71 | 2.20 |
| B Cash Flows from Investing Activities Investment in bank deposits having original maturity of more than three months (net) | -566.50 | 0.00 |
| Deposit in earmarked bank balance | -473.56 | 0.00 |
| Loans given to subsidiaries | -28,873.00 | 0.00 |
| Interest received | 276.18 | 0.00 |
| Net Cash (used in) investing activities | -29,636.88 | 0.00 |
| C Cash Flows from Financing Activities Proceeds form Corpus contribution | 0.00 | 0.01 |
| Proceeds from issue of units (refer note 4 below) | 24,999.99 | 0.00 |
| Issue expenses paid | -143.75 | -27.57 |
| Proceeds from non-current borrowings | 4,873.68 | 0.00 |
| Repayment of non-current borrowings | -60.92 | 0.00 |
| Proceeds / (repayment) of current borrowings (net) | 5.47 | 25.45 |
| Interest paid | -18.61 | 0.00 |
| Net cash generated from / (used in) financing activities | 29,655.86 | -2.11 |
| Net increase in cash and cash equivalents (A+B+C) | 0.27 | 0.09 |
| Cash and cash equivalents at the beginning of the year / period | 0.09 | 0.00 |
| Cash and cash equivalents at the end of the year / period | 0.36 | 0.09 |
| Notes: Components of cash and cash equivalents (refer note 6) As at 31 March 2024 As at 31 March 2023 Cash on hand | 0.01 | 0.01 |
| Balance with banks in current account | 0.35 | 0.08 |
| Cash and cash equivalents at end of the year / period | 0.36 | 0.09 |
| The above Standalone Statement of Cash Flows has been prepared under the “Indirect Method” as set out in Indian Accounting Standard (Ind AS) - 7 “Statement of Cash Flows”. All amounts in ` Million unless otherwise stated Annual Report 2023-24 | 3.00 | — |
| Changes in liabilities arising from financing activities in terms of Ind AS 7: As at 01 April 2023 Net cash flow Others* As at 31 March 2024 Non-current borrowings (including current maturities and interest) | 0.00 | 4,794.15 |
| Current borrowings | 25.45 | 5.47 |
| Total | 25.45 | 4,799.62 |
| As at 01 April 2022 Net cash flow Others* As at 31 March 2023 Non-current borrowings (including current maturities and interest) | 0.00 | 0.00 |
| Current borrowings | 0.00 | 25.45 |
| Total | 0.00 | 25.45 |
| * Others consist of interest accrual during the year/period The InvIT has acquired 100% equity stake in GR Akkalkot Solapur Highway Private Limited, GR Dwarka Devariya Highway Private Limited, GR Gundugolanu Devarapalli Highway Private Limited, GR Phagwara Expressway Limited, Porbandar Dwarka Expressway Private Limited, Varanasi Sangam Expressway Private Limited and GR Sangli Solapur Highway Private Limited from G R Infraprojects Limited in exchange of issuance of 13,75,30,405 its units as consideration. Additionally, pursuant to assignment agreement entered with G R Infraprojects Limited dated 20 February 2024, InvIT has issued 5,54,08,300 units toward assignment of outstanding unsecured loan of ` 5,540.83 Million given by G R Infraprojects Limited to subsidiary companies. The same being non-cash transaction is not reflected in standalone cash flow statement. | 5.00 | — |
Rejected statements
| Statement | Scope | Columns | Reason | Source |
|---|---|---|---|---|
| NDCF | UNSTATED | NO_TOTALS | BHARATINVIT_2a2ac8a8c90c p63 | |
| NAV | UNSTATED | 2025-03-31 | NO_TOTALS | BHARATINVIT_2a2ac8a8c90c p154 |
| NDCF | STANDALONE | 2025-03-31 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p200 |
| NDCF | UNSTATED | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p218 | |
| NDCF | UNSTATED | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p221 | |
| NDCF | UNSTATED | 2024-03-31, 2024-09-30, 2025-03-31 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p223 |
| NDCF | CONSOLIDATED | 2025-03-31, 2024-03-31 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p226 |
| NDCF | CONSOLIDATED | 2025-03-31, 2024-03-31, 2024-09-30 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p229 |
| NDCF | CONSOLIDATED | 2025-03-31, 2024-03-31 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p232 |
| NDCF | CONSOLIDATED | 2024-03-31, 2025-03-31 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p235 |
| NDCF | CONSOLIDATED | 2025-03-31, 2024-03-31 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p238 |
| NDCF | CONSOLIDATED | 2025-03-31, 2024-03-31 | TOTAL_DOES_NOT_TIE:A-B!=NDCF | BHARATINVIT_2a2ac8a8c90c p241 |
| NAV | UNSTATED | NO_TOTALS | BHARATINVIT_40efd83e8094 p82 | |
| TR | UNSTATED | NO_TOTALS | BHARATINVIT_40efd83e8094 p82 | |
| NAV | STANDALONE | 2024-03-31 | NO_TOTALS | BHARATINVIT_40efd83e8094 p83 |
| TR | STANDALONE | 2024-03-31 | NO_TOTALS | BHARATINVIT_40efd83e8094 p83 |
| PL | STANDALONE | 2024-03-31, 2023-03-31 | NO_TOTALS | BHARATINVIT_40efd83e8094 p86 |
| NAV | UNSTATED | 2024-03-31 | NO_TOTALS | BHARATINVIT_40efd83e8094 p91 |
| BS | UNSTATED | NO_TOTAL_ASSETS | BHARATINVIT_40efd83e8094 p95 | |
| PL | CONSOLIDATED | 2024-03-31, 2023-03-31 | NO_TOTALS | BHARATINVIT_40efd83e8094 p128 |
NAV & valuation
No accepted Statement of Net Assets at Fair Value on disk for this trust.
Property/project-wise fair values: not extracted in this release; 0 valuation report(s) on disk.
Distributions
none on disk
Assets
Project/property tables (concession length, remaining life, availability, MW) are not extracted in this release; 0 valuation reports and 0 decks are on disk under Documents.
Earnings calls
0 usable call document(s); 0 document(s) on file are not transcripts.
Debt
Borrowings schedule not extracted in this release; the balance sheet lines above carry total borrowings where a statement was accepted.
Unitholding
0 unitholding filings on disk (not parsed in this release).
Documents
| Class | Kind | Filing date | File | SHA-256 |
|---|