National Highways Infra Trust
INVITPRIVATELY_PLACED_LISTEDROADS registry symbol NHIT
Overview · Triage · History · Financial statements · NAV & valuation · Distributions · Assets · Earnings calls · Debt · Unitholding · Documents
Overview
| Field | Value | Source |
|---|---|---|
| Listing class | PRIVATELY_PLACED_LISTED | NHIT_b94fcffe914f p9: “On 3rd November, 2021, the NHAI InvIT, pursuant to its maiden Private Placement had issued 59.” |
| Sector | ROADS | NHIT_30c4ae312cfa p1: “nhai” |
| Files on disk | 153 | |
| Distributions on record | 14 | |
| Accepted statements | 30 | 101 rejected (reasons below) |
Triage — is the trust returning income or returning the unit?
| Measure | Value | Basis |
|---|---|---|
| TTM DPU | 5.93 | declared, from the notices |
| TTM DPU ex return of capital | 5.93 | 0.0% of the distribution is capital returned |
History — DPU split by component
| Period end | Type | DPU ₹ | Interest | Dividend | Div (taxable) | Div (exempt) | Return of capital | Repayment of debt | Other | Capital returned % | Basis |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022-06-30 | quarter | 1.75 | — | — | — | — | 1.74 | — | 0.01 | 99.40 | STATED_NO_PERIOD_IN_SENTENCE |
| 2022-12-31 | quarter | 1.41 | 1.38 | — | — | — | — | — | 0.02 | — | STATED |
| 2023-03-31 | quarter | 1.60 | 1.58 | — | — | — | — | — | 0.03 | — | STATED |
| 2023-06-30 | quarter | 1.75 | 1.74 | — | — | — | — | — | 0.01 | — | STATED |
| 2023-09-30 | quarter | 1.82 | 1.77 | — | — | — | — | — | 0.04 | — | STATED |
| 2023-12-31 | quarter | 1.70 | 1.69 | — | — | — | — | — | 0.00 | — | STATED |
| 2024-03-31 | quarter | 0.70 | 0.69 | — | — | — | — | — | 0.02 | — | STATED |
| 2024-05-31 | quarter | 0.70 | — | — | — | — | — | — | — | — | STATED |
| 2024-06-30 | quarter | 1.80 | 1.79 | — | — | — | — | — | 0.01 | — | STATED |
| 2024-09-30 | quarter | 1.83 | — | — | — | — | — | — | — | — | STATED |
| 2024-12-31 | quarter | 1.99 | — | — | — | — | — | — | — | — | STATED |
| 2025-06-30 | quarter | 2.98 | 2.92 | — | — | — | — | — | 0.07 | — | STATED |
| 2025-12-31 | quarter | 2.74 | 2.73 | — | — | — | — | — | 0.01 | — | STATED |
| 2026-06-30 | quarter | 3.19 | 3.18 | — | — | — | — | — | 0.01 | — | STATED |
Financial statements (accepted 30, rejected 101)
PL · CONSOLIDATED · 2023-06-30 · UNKNOWN NHIT_340484f72f0f p16
| Line | 2023-06-30 |
|---|---|
| NATIONAL HIGHWAYS INFRA TRUST Unaudited Consolidated Interim Statement of Profit and Loss for the quarter ended 30 June 2023 NATIONAL HIGHWAYS INFRA TRUST Unaudited Consolidated Interim Statement of Profit and Loss for the quarter ended 30 June 2023 (All amounts in ? lakh unless otherwise stated) ) | 0.00 |
| Quarter ended Period ended Year ended PARTICULARS June 30,2023 | March 31,2023 [ Junc 30,2022 | June30,2023 | March 31,2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) INCOME Revenue from Operations 23.582.10 21.779.61 13.737.41 | 23,582.10 |
| 68.717.20 Interest Income | 25,137.00 |
| Profit on sale of investments | 211.05 |
| Other Income | 7.78 |
| Total Income | 24,052.30 |
| EXPE Investment Manger Fees | 448.77 |
| 1.263.70 Trustee Fees | 239.00 |
| Valuation expenses | 1.08 |
| Annual listing fees | 13.41 |
| Rating fees | 0.05 |
| Insurance expenses | 19,537.00 |
| Custodian Fees | 0.79 |
| Project Management Fees | 247.80 |
| Operating Expenses 3.654.17 | 374.83 |
| 9.025.05 Employee Benefits Expenses | 195.14 |
| Finance Cost 6.131.95 5.927.45 2.653.10 6.131.95 16.621.32 Depreciation & Amortization Expense 5.653.76 5.803.65 | 344,045.00 |
| 5.653.76 17.560.63 Other Expenses | 54,032.00 |
| 1.901.95 Audit Fees - Statutory audit fees | 3.86 |
| - Other audit services (including certification) | 0.04 |
| Total Expenses | 17,088.91 |
| 17.332.66 | 8,087.39 |
| Profit/(Loss) before Exceptional Ttems and Tax 6.963.39 | 5,085.39 |
| 5.761.74 | 6,963.39 |
| Exceptional Items (net) B Profit / (Loss) before Tax | 6,963.39 |
| 5.761.74 | 6,963.39 |
| Tax Expenses Current Tax | 125.18 |
| Provision for Tax for Earlier Years | 0.00 |
| Deferred Tax expense/(credit) (1.422.93) (1.466.36) | -558.38 |
| (4.422.79) Total Tax (1,297.75)| | -1,240.61 |
| (3,948.89), Profit/ (loss) for the period | 8,261.14 |
| 6.326.00 | 6,280.34 |
| Other Comprehensive Income Items that will not be reclassified to Profit and Loss | 0.00 |
| Ttems that will be reclassified to Profit and Loss | 0.00 |
| Total Comprehensive Income for the period | 8,261.14 |
| 6.326.00 | 6,280.34 |
| 8.261.14 | 25,689.57 |
| Earnings per Unit Basic | 114.00 |
| Diluted | 114.00 |
| Debt- Equity Ratio: | 0.40 |
| Debt Service coverage ratio: | 241.00 |
| Inte rvice coverage ratio | 214.00 |
| Security Cover ratio: | 328.00 |
| NA | 328.00 |
| Outstanding redeemable preference shares (quantity ar| | 0.00 |
| Capital redemption reserve/debenture redemption reses | 0.00 |
| Networth : 7.35.735.16 7.39.134.56 6,07.771.35 7.35.735.16 .134.56 Net Profit after tax : | 8,261.14 |
| 6.326.00 6.280.34 8.261.14 25.689.57 Current Ratio: | 2.69 |
| Long term debt to working capital: | 20.85 |
| Bad debts to Accounts receiveable ratio: | 0.00 |
| Total debts to total assets: | 28.00 |
| Current liability ratio: | 0.03 |
| Debtors turnover: | 0.00 |
| Inventory turnover: | 0.00 |
| = | 0.00 |
BS · STANDALONE · 2025-03-31 · UNKNOWN NHIT_2cd3689d83df p126
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 212.00 |
| STANDALONE BALANCE SHEET AS AT MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes As at March 31, 2025 As at March 31, 2024 ASSETS 1) Non-Current Assets (a) Financial Assets (i) Investment | 612,233.52 |
| (ii) Loans | 3,821,148.59 |
| (iii) Other Financial Assets | 20,842.62 |
| (b) Other Non-Current Assets | 50.47 |
| TOTAL NON-CURRENT ASSETS | 4,454,275.20 |
| 2) Current Assets (a) Financial Assets (i) Cash and Cash Equivalents | 21,808.80 |
| (ii) Other Financial Assets | 178,149.39 |
| (b) Current Tax Assets (Net) | 38.94 |
| (c) Other Current Assets | 1,157.14 |
| TOTAL CURRENT ASSETS | 201,154.27 |
| TOTAL ASSETS | 4,655,429.47 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 2,297,095.67 |
| 2) Initial Settlement Amount | 0.10 |
| 3) Other Equity | 183,525.25 |
| TOTAL EQUITY | 2,480,621.02 |
| LIABILITIES 1) Non-Current Liabilities (a) Financial Liabilities (i) Borrowings | 2,147,149.53 |
| (ii) Other Financial Liabilities | 1,293.51 |
| TOTAL NON-CURRENT LIABILITIES | 2,148,443.04 |
| Particulars Notes As at March 31, 2025 As at March 31, 2024 2) CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings | 19,899.70 |
| (ii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 137.40 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 992.53 |
| (iii) Other Financial Liabilities | 5,144.00 |
| (b) Current Tax Liabilities (Net) | 191.78 |
| TOTAL CURRENT LIABILITIES | 26,365.41 |
| TOTAL EQUITY AND LIABILITIES | 4,655,429.47 |
PL · STANDALONE · 2025-03-31 · UNKNOWN NHIT_2cd3689d83df p127
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 214.00 |
| STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 INCOME AND GAINS Interest income on loan given to subsidiaries | 303,268.27 |
| Interest Income on fixed deposits | 1,812.69 |
| Profit on sale of investments | 798.22 |
| Other income | 74.80 |
| Total Income | 305,953.98 |
| EXPENSES Investment Manager Fees | 2,158.20 |
| Trustee Fees | 11.33 |
| Valuation expenses | 57.45 |
| Annual listing fees | 53.80 |
| Rating fees | 30.33 |
| Audit Fees - Statutory audit fees | 4.47 |
| - Other audit services (including certification) | 2.17 |
| Custodian Fees | 2.97 |
| Impairment of non-current investments | 17,930.00 |
| Finance Cost | 98,790.59 |
| Other Expenses | 273.34 |
| Total Expenses | 119,314.65 |
| Profit before Tax | 186,639.33 |
| Tax Expenses Current Tax | 1,147.98 |
| Current tax - earlier years | 0.00 |
| Deferred Tax | 0.00 |
| Total Tax | 1,147.98 |
| Profit after Tax | 185,491.35 |
| Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 Other Comprehensive Income A (i) Items that will not be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| B (i) Items that will be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| Total Comprehensive Income for the year | 185,491.35 |
| Earnings per Unit Basic | 13.99 |
| Diluted | 13.99 |
CF · STANDALONE · 2025-03-31 · UNKNOWN NHIT_2cd3689d83df p128
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 216.00 |
| STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 A. Cash flows from operating activities Net Profit/(Loss) Before Tax | 186,639.33 |
| Adjustments: Finance Cost (net) | 98,790.59 |
| Interest Income on Bank FDR | -1,812.69 |
| Impairment of Investment in Subsidiaries | 17,930.00 |
| Interest Income on Long Term Loan given to SPVs' | -303,268.27 |
| Profit on redemption of Mutual Funds | -798.22 |
| Operating cash flows before Working Capital Changes | -2,519.26 |
| Movements in Working Capital Decrease/ (Increase) in Other Non Current/ Current Financial Assets | -47.25 |
| Decrease/ (Increase) in Other Current/ Non-Current Assets | -419.04 |
| Increase/ (Decrease) in Trade & Other Payables | 396.19 |
| Increase/ (Decrease) in Other Financial Liabilities | 14.41 |
| Increase/ (Decrease) in Other Current Liabilities | -2.51 |
| Cash used in operating activities | -2,577.46 |
| Income Tax paid | -1,179.88 |
| Net Cash Flows from/(used in) operating activities -A | -3,757.34 |
| B. Cash flows from investing activities Long Term Loans given | -1,581,105.54 |
| Investment in Equity Shares of SPV | -250,000.00 |
| Investment in FDR (Net) | -9,838.01 |
| Profit on redemption of Mutual Funds | 798.22 |
| Interest received on Long Term Loan given | 212,689.18 |
| Interest Received from Bank | 993.65 |
| Net Cash Flows used in investing activities - B | -1,626,462.50 |
| C. Cash flows from financing activities Proceeds from Issue of unit capital | 833,907.75 |
| Expense incurred towards institutional unit allotment | -3,941.49 |
| Processing Fee paid | -1,513.71 |
| Proceeds from Long Term Borrowings | 1,119,205.61 |
| Distribution paid to unit holders | -104,726.73 |
| Repayment of Long Term Borrowings | -124,557.83 |
| Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 Finance Costs Paid | -97,063.37 |
| Net Cash Flows from/(Used in) financing activities -C | 1,621,310.23 |
| Net Increase/Decrease in Cash and Cash equivalents (A+B+C) | -8,909.61 |
| Cash and Cash Equivalents at the Beginning of the Year | 30,718.41 |
| Cash and Cash Equivalents at the end of the Year (Refer Note 7) | 21,808.80 |
| Reconciliation of liabilities arising from Financing Activities pursuant to Ind AS 7 - Statement of Cash Flows. Net Debt Recognition (All amounts are in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 a) Carrying amount of debt at the beginning of the year | 1,173,448.94 |
| b) Additional borrowings during the year | 1,119,205.61 |
| c) Repayments during the year | -124,557.83 |
| d) Other adjustments/settlements during the year | 0.00 |
| e) Transaction Cost adjustment | -1,047.49 |
| f) Carrying amount of debt at the end of the year | 2,167,049.23 |
| Note: (i) The above Statement of Cash Flows has been prepared under the indirect method as set out in “Ind AS 7 Statement of Cash Flows”. (ii) Amount in bracket represent outflows. This is the Cash Flow Statement referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) CA Mohd. Azam Ansari Partner M.No.511623 Rakshit Jain Director DIN: 06858141 Mahavir Parsad Sharma Director DIN: 03158413 Date : 28th May 2025 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2025 Cont. (All amounts are in ₹ lakh unless otherwise stated) ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 218.00 |
| STANDALONE STATEMENT OF CHANGES IN UNIT HOLDERS EQUITY FOR THE YEAR ENDED MARCH 31, 2025 A. Initial Settlement Amount (All amounts are in ₹ lakh unless otherwise stated) Particulars Amount Balance as at April 1, 2023 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2024 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2025 | 0.10 |
| B. Unit Capital* (All amounts are in ₹ lakh unless otherwise stated) Particulars Number of unit Amount Balance as at April 1, 2023 | 726,405,200.00 |
| Changes in unit capital | 585,795,400.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2024 | 1,312,200,600.00 |
| Changes in unit capital | 624,650,000.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2025 | 1,936,850,600.00 |
| Issue expenses of ₹3,905.54 lakhs (31st March 2024: ₹1,717.27 lakhs) incurred in connection with issue of units have been reduced from the Unitholders capital in accordance with Ind AS 32 Financial Instruments: Presentation C. Other Equity** (All amounts are in ₹ lakh unless otherwise stated) Particulars Reserves and Surplus Items of Other Comprehensive Income Total Items that will not be reclassified to profit or loss Retained Earnings Remeasurement of Defined Benefit Obligation/ Plan Balance as at April 1, 2023 | 60,432.64 |
| Profit for the year | 96,819.27 |
| Less: | 0.00 |
| Distribution to unit holders^ | 0.00 |
| Interest | 53,701.68 |
| Other Income | 789.60 |
| Balance as at March 31, 2024 | 102,760.63 |
BS · CONSOLIDATED · 2025-03-31 · UNKNOWN NHIT_2cd3689d83df p155
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 270.00 |
| CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes As at March 31, 2025 As at March 31, 2024 ASSETS 1) Non - Current Assets (a) Property, Plant and Equipment | 1,051.35 |
| (b) Capital work in Progress (CWIP) | 77.44 |
| (c) Goodwill | 10,144.46 |
| (d) Right of Use Assets | 924.11 |
| (e) Other Intangible assets | 2,610,313.87 |
| (f) Financial Assets (i) Other Financial Assets | 20,928.04 |
| (g) Deferred Tax Assets (net) | 32,996.44 |
| (h) Other Non Current Assets | 1,774,096.55 |
| Total non-current assets | 4,450,532.26 |
| 2) Current Assets (a) Contract Assets | 461.43 |
| (b) Financial Assets (i) Trade receivables | 1,634.94 |
| (ii) Cash and Cash Equivalents | 46,560.79 |
| (iii) Bank Balances Other than Cash & Cash Equivalents | 0.00 |
| (iv) Other financial assets | 31.88 |
| (c) Current Tax Assets (Net) | 132.36 |
| (d) Other current assets | 3,525.25 |
| Total current assets | 52,346.65 |
| TOTAL ASSETS | 4,502,878.91 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 2,297,095.67 |
| 2) Initial settlement amount | 0.10 |
| 3) Other Equity | -99,768.17 |
| Total Equity | 2,197,327.60 |
| LIABILITIES 1) Non-Current liabilities Particulars Notes As at March 31, 2025 As at March 31, 2024 (a) Financial liabilities (i) Borrowings | 2,147,149.53 |
| (ii) Lease Liabilities | 809.52 |
| (iii) Other Financial liabilities | 1,485.72 |
| (b) Provisions | 34,564.12 |
| Total non-current liabilities | 2,184,008.89 |
| 2) Current liabilities (a) Financial liabilities (i) Borrowings | 19,899.70 |
| (ii) Lease Liabilities | 136.16 |
| (iii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 1,511.80 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 8,656.80 |
| (iv) Other financial liabilities | 8,669.68 |
| (b) Other current liabilities | 1,171.38 |
| (c) Provisions | 81,439.56 |
| (d) Current Tax Liabilities (Net) | 57.34 |
| Total current liabilities | 121,542.42 |
| Total liabilities | 2,305,551.31 |
| TOTAL EQUITY & LIABILITIES | 4,502,878.91 |
PL · CONSOLIDATED · 2025-03-31 · UNKNOWN NHIT_2cd3689d83df p156
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 272.00 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 INCOME Revenue from Operations | 236,381.72 |
| Interest Income | 2,346.50 |
| Profit on sale of investments | 2,592.31 |
| Other Income | 237.77 |
| TOTAL INCOME | 241,558.30 |
| EXPENSES Investment Manger Fee | 2,158.20 |
| Trustee Fee | 11.33 |
| Valuation expenses | 57.45 |
| Annual listing fees | 53.80 |
| Rating fees | 30.33 |
| Insurance expenses | 1,712.79 |
| Custodian Fees | 2.97 |
| Project Management Fees | 1,416.00 |
| Operating Expenses | 31,276.49 |
| Employee Benefits Expenses | 2,526.49 |
| Finance Cost | 105,547.92 |
| Depreciation & Amortization Expense | 79,720.08 |
| Audit Fees - Statutory audit fees | 16.89 |
| - Other audit services (including certification) | 6.78 |
| Other Expenses | 4,788.08 |
| TOTAL EXPENSES | 229,325.60 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2025 Cont. (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 Profit / (Loss) before Tax | 12,232.70 |
| Tax Expenses Current Tax | 1,205.32 |
| Current tax - earlier years | 0.00 |
| Deferred Tax | -21,473.24 |
| Total Tax | -20,267.92 |
| Profit/ (loss) for the year | 32,500.62 |
| Other Comprehensive Income Items that will not be reclassified to Profit or Loss | -0.76 |
| Income tax relating to items that will not be reclassified to profit or loss | 0.16 |
| Total Comprehensive Income for the year | 32,500.00 |
| Earnings per Unit Basic | 2.45 |
| Diluted | 2.45 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3 - 74 This is the Statement of Profit and Loss referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) CA Mohd. Azam Ansari Partner M.No.511623 Rakshit Jain Director DIN: 06858141 Mahavir Parsad Sharma Director DIN: 03158413 Date : 28th May 2025 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 274.00 |
| CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 A. OPERATING ACTIVITIES Net Profit/(Loss) Before Tax | 12,232.70 |
| Adjustments for : Depreciation and Amortization | 79,720.08 |
| Profit on redemption of mutual funds | -2,592.31 |
| Interest income from FDR | -2,346.50 |
| Finance Cost (net) | 98,790.59 |
| Provision for major maintenance expenses | 15,544.89 |
| Unwinding interest on major maintenance provision & Infrastructure Upgrade | 6,694.19 |
| Unwinding interest on Lease Liability | 41.47 |
| Liabilities no longer required written back | -51.01 |
| Provision for Leave encashment and Gratuity | 95.87 |
| Operating Profit/(Loss) before Working Capital Changes | 208,129.97 |
| Working Capital Adjustments: Decrease/ (Increase) in Trade & Other Receivables | -1,660.16 |
| Decrease/ (Increase) in Other Non Current/ Current Assets | -1,242.65 |
| Decrease/ (Increase) in Other Financial Assets | -149.39 |
| Increase/ (Decrease) in Trade & Other Payables | 5,495.34 |
| Increase/ (Decrease) in Other Financial Liabilities | -36.31 |
| Increase/ (Decrease) in Provisions | -4.82 |
| Increase/ (Decrease) in Other Current Liabilities | 774.39 |
| Income Tax paid | -1,439.61 |
| Net Cash Flows from/ (used in) Operating Activities | 209,866.76 |
| B. INVESTING ACTIVITIES Purchase of Property, Plant & Equipment, including CWIP, capital creditors and capital advances | -1,825,731.37 |
| Investment in FDR | -9,333.75 |
| Interest received on maturity of FDR | 1,536.08 |
| Profit on redemption of mutual funds | 2,592.31 |
| Net cash flows from (used in) Investing activities | -1,830,936.73 |
| C. FINANCING ACTIVITIES Proceeds from Issue of Unit Capital | 833,907.75 |
BS · STANDALONE · 2023-03-31 · UNKNOWN NHIT_90c57c919765 p65
| Line | 2023-03-31 |
|---|---|
| Annual Report 2022-23 Annual Report 2022-23 | 97.00 |
| NATIONAL HIGHWAYS INFRA TRUST STANDALONE BALANCE SHEET AS AT MARCH 31, 2023 (All amounts are in ` lakh unless otherwise stated) Particulars Notes As at March 31, 2023 As at March 31, 2022 ASSETS 1) Non - Current Assets (a) Financial Assets (i) Investment in subsidiary | 139,553.52 |
| (ii) Loans | 890,606.66 |
| (iii) Other Financial Assets | 9,670.84 |
| Total non current assets | 1,039,831.02 |
| 2) Current Assets (a) Financial Assets (i) Cash and Cash Equivalents | 14,080.38 |
| (ii) Other Financial Assets | 46,982.88 |
| (b) Other Current Assets | 828.75 |
| TOTAL CURRENT ASSETS | 61,892.01 |
| TOTAL ASSETS | 1,101,723.03 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 741,604.32 |
| 2) Initial Settlement Amount | 0.10 |
| 3) Other Equity | 60,432.64 |
| TOTAL EQUITY | 802,037.06 |
| LIABILITIES 1) Non-Current Liabilities (a) Financial Liabilities (i) Borrowings | 292,158.33 |
| (b) Deferred Tax liabilities | 0.00 |
| TOTAL NON CURRENT LIABILITIES | 292,158.33 |
| Particulars Notes As at March 31, 2023 As at March 31, 2022 2) CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings | 2,000.00 |
| (ii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 3.88 |
| "(b) Total outstanding, dues of creditors other than micro and small enterprises" | 342.69 |
| (iii) Other Financial Liabilities | 5,129.59 |
| (b) Other Current Liabilities | 42.50 |
| (c) Current Tax Liabilities (Net) | 8.98 |
| TOTAL CURRENT LIABILITIES | 7,527.64 |
| TOTAL EQUITY AND LIABILITIES | 1,101,723.03 |
PL · STANDALONE · 2023-03-31 · UNKNOWN NHIT_90c57c919765 p66
| Line | 2023-03-31 |
|---|---|
| Annual Report 2022-23 Annual Report 2022-23 | 99.00 |
| NATIONAL HIGHWAYS INFRA TRUST STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2023 (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2023 For the year ended March 31, 2022 INCOME Revenue from Operations | 94,698.30 |
| Interest Income | 352.28 |
| Profit on sale of investments | 422.20 |
| Other income | 316.59 |
| Total Income | 95,789.37 |
| EXPENSES Investment Manager Fees | 1,263.70 |
| Trustee Fees | 9.60 |
| Valuation expenses | 4.00 |
| Annual listing fees | 20.00 |
| Rating fees | 0.20 |
| Audit Fees - Statutory audit fees | 2.90 |
| - Other audit services (including certification) | 0.88 |
| Custodian Fees | 0.84 |
| Finance Cost | 16,590.17 |
| Other Expenses | 190.16 |
| Total Expenses | 18,082.45 |
| Profit / (Loss) before Tax | 77,706.92 |
| Tax Expenses Current Tax | 473.89 |
| Current tax - earlier years | 0.01 |
| Deferred Tax expense/(credit) | -3.16 |
| Total Tax | 470.74 |
| Profit for the year | 77,236.17 |
| Particulars Notes For the year ended March 31, 2023 For the year ended March 31, 2022 Other Comprehensive Income A (i) Items that will not be reclassified to Profit and Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| B (i) Items that will be reclassified to Profit and Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| Total Comprehensive Income for the year | 77,236.17 |
| Earnings per Unit Basic | 11.76 |
| Diluted | 11.76 |
PL · CONSOLIDATED · 2023-03-31 · UNKNOWN NHIT_90c57c919765 p95
| Line | 2023-03-31 |
|---|---|
| Annual Report 2022-23 | 156.00 |
| Annual Report 2022-23 | 157.00 |
| NATIONAL HIGHWAYS INFRA TRUST CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2023 (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2023 For the year ended March 31, 2022 INCOME Revenue from Operations | 68,717.20 |
| Interest Income | 373.43 |
| Profit on sale of investments | 671.17 |
| Other Income | 326.11 |
| TOTAL INCOME | 70,087.91 |
| EXPENSES Investment Manager Fee | 1,263.70 |
| Trusteeship Fee | 9.60 |
| Valuation expenses | 4.00 |
| Annual listing fees | 20.00 |
| Rating fees | 0.20 |
| Insurance expenses | 628.74 |
| Custodian Fees | 0.84 |
| Project Management Fees | 991.20 |
| Operating Expenses | 9,025.05 |
| Employee Benefits Expenses | 311.33 |
| Finance Cost | 16,621.32 |
| Depreciation & Amortization Expense | 17,560.63 |
| Other Expenses | 1,901.95 |
| Audit Fees - Statutory audit fees | 7.73 |
| - Other audit services (including certification) | 0.93 |
| TOTAL EXPENSES | 48,347.23 |
| Profit / (Loss) before Tax | 21,740.68 |
| Tax Expenses Current Tax | 473.89 |
| Current tax - earlier years | 0.01 |
| NATIONAL HIGHWAYS INFRA TRUST CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2023 Cont. (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2023 For the year ended March 31, 2022 Deferred Tax expense/(credit) | -4,422.79 |
| Total Tax | -3,948.89 |
| Profit/ (loss) for the year | 25,689.57 |
| Other Comprehensive Income Items that will not be reclassified to Profit and Loss | 0.00 |
| Items that will be reclassified to Profit and Loss | 0.00 |
| Total Comprehensive Income for the year | 25,689.57 |
| Earnings per Unit Basic | 3.91 |
| Diluted | 3.91 |
| Significant Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3-64 This is the Statement of Profit and Loss referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf Board of the National Highways Infra Investment Managers Private Limited (Investment Manager of National Highways Infra Trust) CA Kailash Chand Gupta Partner M.No.085003 Suresh Krishan Goyal Director DIN: 02721580 Mahavir Parsad Sharma Director DIN: 03158413 Date : 22nd May 2023 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer Annual Report 2022-23 | 158.00 |
| Annual Report 2022-23 | 159.00 |
| NATIONAL HIGHWAYS INFRA TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2023 (All amounts are in ` lakh unless otherwise stated) Particulars For the year ended March 31, 2023 For the year ended March 31, 2022 A. OPERATING ACTIVITIES Net Profit/(Loss) Before Tax | 21,740.68 |
| Adjustments for : Depreciation and Amortization | 17,560.63 |
| Profit on redemption of mutual funds | -671.17 |
| Interest income from FDR | -373.43 |
| Finance Cost (net) | 16,590.17 |
| Provision for major maintenance expenses | 5,879.20 |
| Unwinding interest on major maintenance provision | 24.95 |
| Provision for Leave encashment and Gratuity | 11.93 |
| Provision for expected credit loss | 59.60 |
| Bad debts written off | 9.90 |
| Operating Profit/(Loss) before Working Capital Changes | 60,832.46 |
| Working Capital Adjustments: Decrease/ (Increase) in Trade & Other Receivables | 180.10 |
| Decrease/ (Increase) in Other Non Current Financial Assets | -208.85 |
| Decrease/ (Increase) in Other Non Current/ Current Assets | -834.96 |
| Decrease/ (Increase) in Other Current Financial Assets | -293.53 |
| Increase/ (Decrease) in Trade & Other Payables | 3,267.01 |
| Increase/ (Decrease) in Other Financial Liabilities | 57.50 |
| Increase/ (Decrease) in Provisions | -0.11 |
| Increase/ (Decrease) in Other Current Liabilities | -0.14 |
| Increase/ (Decrease) in Current Tax Liabilities | 0.00 |
| Income Tax paid | -626.67 |
| Net Cash Flows from/ (used in) Operating Activities | 62,372.81 |
| B. INVESTING ACTIVITIES Purchase of Property, Plant & Equipment, including CWIP, capital creditors and capital advances | -285,101.04 |
| Purchase of Non Current Investments | 0.00 |
BS · STANDALONE · 2024-03-31 · UNKNOWN NHIT_f973e7872fbe p54
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 104.00 |
| STANDALONE BALANCE SHEET AS AT MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes As at March 31, 2024 As at March 31, 2023 ASSETS 1) Non-Current Assets (a) Financial Assets (i) Investment | 380,163.52 |
| (ii) Loans | 2,240,043.05 |
| (iii) Other Financial Assets | 10,174.48 |
| (b) Other Non-Current Assets | 95.43 |
| TOTAL NON-CURRENT ASSETS | 2,630,476.48 |
| 2) Current Assets (a) Financial Assets (i) Cash and Cash Equivalents | 30,718.41 |
| (ii) Other Financial Assets | 87,534.15 |
| (b) Current Tax Assets (Net) | 7.04 |
| (c) Other Current Assets | 693.14 |
| TOTAL CURRENT ASSETS | 118,952.74 |
| TOTAL ASSETS | 2,749,429.22 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 1,467,093.46 |
| 2) Initial Settlement Amount | 0.10 |
| 3) Other Equity | 102,760.63 |
| TOTAL EQUITY | 1,569,854.19 |
| LIABILITIES 1) Non-Current Liabilities (a) Financial Liabilities (i) Borrowings | 1,163,394.94 |
| TOTAL NON-CURRENT LIABILITIES | 1,163,394.94 |
| Particulars Notes As at March 31, 2024 As at March 31, 2023 2) CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings | 10,054.00 |
| (ii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 36.17 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 733.58 |
| (iii) Other Financial Liabilities | 5,162.05 |
| (b) Current Tax Liabilities (Net) | 0.00 |
| (c) Other Current Liabilities | 194.29 |
| TOTAL CURRENT LIABILITIES | 16,180.09 |
| TOTAL EQUITY AND LIABILITIES | 2,749,429.22 |
PL · STANDALONE · 2024-03-31 · UNKNOWN NHIT_f973e7872fbe p55
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 106.00 |
| STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 INCOME AND GAINS Interest income on loan given to subsidiaries | 123,103.51 |
| Interest Income on fixed deposits | 786.74 |
| Profit on sale of investments | 840.99 |
| Other income | 4.21 |
| Total Income | 124,735.45 |
| EXPENSES Investment Manager Fees | 1,800.00 |
| Trustee Fees | 9.60 |
| Valuation expenses | 11.07 |
| Annual listing fees | 53.80 |
| Rating fees | 7.73 |
| Audit Fees - Statutory audit fees | 5.75 |
| - Other audit services (including certification) | 1.72 |
| Custodian Fees | 3.15 |
| Finance Cost | 25,139.68 |
| Other Expenses | 188.64 |
| Total Expenses | 27,221.14 |
| Profit before Tax | 97,514.31 |
| Tax Expenses Current Tax | 697.56 |
| Current tax - earlier years | -2.52 |
| Deferred Tax expense/(credit) | 0.00 |
| Total Tax | 695.04 |
| Profit after Tax | 96,819.27 |
| Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 Other Comprehensive Income A (i) Items that will not be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| B (i) Items that will be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| Total Comprehensive Income for the year | 96,819.27 |
| Earnings per Unit Basic | 12.85 |
| Diluted | 12.85 |
CF · STANDALONE · 2024-03-31 · UNKNOWN NHIT_f973e7872fbe p56
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 108.00 |
| STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 A. Cash flows from operating activities Net Profit/(Loss) Before Tax | 97,514.31 |
| Adjustments: Finance Cost (net) | 25,015.90 |
| Interest Income on Bank FDR | -786.74 |
| Interest Income on Long Term Loan given to SPVs' | -123,103.51 |
| Profit on redemption of Mutual Funds | -840.99 |
| Operating cash flows before Working Capital Changes | -2,201.03 |
| Movements in Working Capital Decrease/ (Increase) in Other Non Current Financial Assets | -0.90 |
| Decrease/ (Increase) in Other Current Financial Assets | -292.14 |
| Decrease/(Increase) in Other Current/ Non-Current Assets | 579.16 |
| Increase/ (Decrease) in Trade & Other Payables | -312.33 |
| Increase/ (Decrease) in Other Financial Liabilities | 0.00 |
| Increase/ (Decrease) in Other Current Liabilities | 151.79 |
| Increase/ (Decrease) in Current Tax Liabilities | 0.00 |
| Cash used in operating activities | -2,075.45 |
| Income Tax paid | -711.06 |
| Net Cash Flows from/(used in) operating activities -A | -2,786.51 |
| B. Cash flows from investing activities Long Term Loans given | -1,349,436.40 |
| Purchase of Non Current Investments | -240,610.00 |
| Investment in FDR | -447.00 |
| Profit on redemption of Mutual Funds | 840.99 |
| Interest received on Long Term Loan given | 82,549.94 |
| Interest Received from Bank | 734.73 |
| Net Cash Flows used in investing activities - B | -1,506,367.74 |
| C. Cash flows from financing activities Proceeds from Issue of unit capital | 727,206.41 |
| Expense incurred towards initial public debt offering | 0.00 |
| Expense incurred towards institutional unit allotment | -1,471.46 |
| Processing Fee paid | -1,482.16 |
| Proceeds from Long Term Borrowings | 884,700.00 |
| Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 Distribution paid to unit holders | -54,491.29 |
| Repayment of Long Term Borrowings | -3,759.73 |
| Finance Costs Paid | -24,909.51 |
| Net Cash Flows from/(Used in) financing activities -C | 1,525,792.27 |
| Net Increase/Decrease in Cash and Cash equivalents (A+B+C) | 16,638.03 |
| Cash and Cash Equivalents at the Beginning of the Year | 14,080.38 |
| Cash and Cash Equivalents at the end of the Year (Refer Note 7) | 30,718.41 |
| Reconciliation of liabilities arising from Financing Activities pursuant to Ind AS 7 - Statement of Cash Flows. Net Debt Recognition (All amounts are in ` lakh unless otherwise stated) Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 a) Carrying amount of debt at the beginning of the year | 294,158.33 |
| b) Additional borrowings during the year | 884,700.00 |
| c) Repayments during the year | -3,759.73 |
| d) Other adjustments/settlements during the year | 0.00 |
| e) Transaction Cost adjustment | -1,649.66 |
| f) Carrying amount of debt at the end of the year | 1,173,448.94 |
| Note: (i) The above Statement of Cash Flows has been prepared under the indirect method as set out in “Ind AS 7 Statement of Cash Flows”. (ii) Amounts in bracket represent outflows. This is the Cash Flow Statement referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of Board of Directors of the National Highways Infra Investment Managers Private Limited (Acting as Investment Manager of National Highways Infra Trust) CA Mohd. Azam Ansari Partner M.No.511623 Suresh Krishan Goyal Director DIN: 02721580 Mahavir Parsad Sharma Director DIN: 03158413 Date : 27th May 2024 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2024 Cont. (All amounts are in ` lakh unless otherwise stated) ANNUAL REPORT 2023-24 | 110.00 |
| STANDALONE STATEMENT OF CHANGES IN UNIT HOLDERS EQUITY FOR THE YEAR ENDED MARCH 31, 2024 A. Initial Settlement Amount (All amounts are in ` lakh unless otherwise stated) Particulars Amount Balance as at April 1, 2022 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2023 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2024 | 0.10 |
| B. Unit Capital* (All amounts are in ` lakh unless otherwise stated) Particulars Number of unit Amount Balance as at April 1, 2022 | 595,200,000.00 |
| Changes in unit capital | 131,205,200.00 |
| One time issue expenses | 0.00 |
| Balance as at March 31, 2023 | 726,405,200.00 |
| Changes in unit capital | 585,795,400.00 |
| One time issue expenses | 0.00 |
| Balance as at March 31, 2024 | 1,312,200,600.00 |
| Issue expenses of ` 1,717.26 lakhs (31st March, 2023: ` 852.17 lakhs) incurred in connection with issue of units have been reduced from the Unitholders capital in accordance with Ind AS 32 Financial Instruments: Presentation C. Other Equity** (All amounts are in ` lakh unless otherwise stated) Particulars Reserves and Surplus Items of Other Comprehensive Income Total Items that will not be reclassified to profit or loss Retained Earnings Remeasurement of Defined Benefit Obligation/ Plan Balance as at April 1, 2022 | 18,124.33 |
| Profit for the year | 77,236.17 |
| Less: | 0.00 |
| Distribution to unit holders | 0.00 |
| Return on capital | 0.00 |
BS · CONSOLIDATED · 2024-03-31 · UNKNOWN NHIT_f973e7872fbe p81
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 158.00 |
| CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes As at March 31, 2024 As at March 31, 2023 ASSETS 1) Non - Current Assets (a) Property, Plant and Equipment | 219.29 |
| (b) Capital work in Progress (CWIP) | 19.76 |
| (c) Goodwill | 10,144.46 |
| (d) Other Intangible assets | 1,088,670.84 |
| (e) Financial Assets (i) Other Financial Assets | 10,177.86 |
| (f) Deferred Tax Assets (net) | 11,523.20 |
| (g) Non-Current Tax Assets (Net) | 22.38 |
| (h) Other Non Current Assets | 1,570,649.18 |
| Total non-current assets | 2,691,426.97 |
| 2) Current Assets (a) Financial Assets (i) Trade receivables | 385.20 |
| (ii) Cash and Cash Equivalents | 46,400.78 |
| (iii) Bank Balances Other than Cash & Cash Equivalents | 512.98 |
| (iv) Other financial assets | 4.54 |
| (b) Other current assets | 2,303.89 |
| Total current assets | 49,607.39 |
| TOTAL ASSETS | 2,741,034.36 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 1,467,093.47 |
| 2) Initial settlement amount | 0.10 |
| 3) Other Equity | -27,541.44 |
| Total Equity | 1,439,552.13 |
| LIABILITIES 1) Non-Current liabilities (a) Financial liabilities (i) Borrowings | 1,163,394.94 |
| Particulars Notes As at March 31, 2024 As at March 31, 2023 (ii) Other Financial liabilities | 80.90 |
| (b) Provisions | 35,923.32 |
| Total non-current liabilities | 1,199,399.16 |
| 2) Current liabilities (a) Financial liabilities (i) Borrowings | 10,054.00 |
| (ii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 275.99 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 4,479.00 |
| (iii) Other financial liabilities | 7,224.53 |
| (b) Provisions | 79,404.66 |
| (c) Current Tax Liabilities (Net) | 181.66 |
| (d) Other current liabilities | 463.23 |
| Total current liabilities | 102,083.07 |
| Total liabilities | 1,301,482.23 |
| TOTAL EQUITY & LIABILITIES | 2,741,034.36 |
PL · CONSOLIDATED · 2024-03-31 · UNKNOWN NHIT_f973e7872fbe p82
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 160.00 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 INCOME Revenue from Operations | 94,390.77 |
| Interest Income | 871.71 |
| Profit on sale of investments | 2,141.16 |
| Other Income | 59.53 |
| TOTAL INCOME | 97,463.17 |
| EXPENSES Investment Manger Fee | 1,800.00 |
| Trusteeship Fee | 9.60 |
| Valuation expenses | 11.07 |
| Annual listing fees | 53.80 |
| Rating fees | 7.73 |
| Insurance expenses | 737.91 |
| Custodian Fees | 3.15 |
| Project Management Fees | 1,168.20 |
| Operating Expenses | 13,665.60 |
| Employee Benefits Expenses | 1,156.60 |
| Finance Cost | 28,023.17 |
| Depreciation & Amortization Expense | 24,771.04 |
| Audit Fees - Statutory audit fees | 18.49 |
| - Other audit services (including certification) | 1.72 |
| Other Expenses | 2,569.62 |
| TOTAL EXPENSES | 73,997.70 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024 Cont. (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 Profit / (Loss) before Tax | 23,465.47 |
| Tax Expenses Current Tax | 886.30 |
| Current tax - earlier years | -2.52 |
| Deferred Tax expense/(credit) | -6,837.88 |
| Total Tax | -5,954.10 |
| Profit/ (loss) for the year | 29,419.57 |
| Other Comprehensive Income Items that will not be reclassified to Profit or Loss | 0.10 |
| Income tax relating to items that will not be reclassified to profit or loss | 0.03 |
| Total Comprehensive Income for the year | 0.00 |
| Earnings per Unit Basic | 3.90 |
| Diluted | 3.90 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3 - 66 This is the Consolidated Balance Sheet referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of Board of Directors of the National Highways Infra Investment Managers Private Limited (Acting as Investment Manager of National Highways Infra Trust) CA Mohd. Azam Ansari Partner M.No.511623 Suresh Krishan Goyal Director DIN: 02721580 Mahavir Parsad Sharma Director DIN: 03158413 Date : 27th May 2024 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer ANNUAL REPORT 2023-24 | 162.00 |
| CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 A. OPERATING ACTIVITIES Net Profit/(Loss) Before Tax | 23,465.47 |
| Adjustments for : Depreciation and Amortization | 24,771.04 |
| Profit on redemption of mutual funds | -2,141.16 |
| Interest income from FDR | -871.71 |
| Finance Cost (net) | 25,015.90 |
| Provision for major maintenance expenses | 8,444.05 |
| Unwinding interest on major maintenance provision | 2,867.62 |
| Provision for Leave encashment and Gratuity | 52.43 |
| Provision for expected credit loss | 0.00 |
| Bad debts written off | 0.00 |
| Operating Profit/(Loss) before Working Capital Changes | 81,603.64 |
| Working Capital Adjustments: Decrease/ (Increase) in Trade & Other Receivables | -34.34 |
| Decrease/ (Increase) in Other Non Current Financial Assets | -2.52 |
| Decrease/ (Increase) in Other Non Current/ Current Assets | -516.99 |
| Decrease/ (Increase) in Other Current Financial Assets | -293.92 |
| Increase/ (Decrease) in Trade & Other Payables | 12.68 |
| Increase/ (Decrease) in Other Financial Liabilities | 188.39 |
| Increase/ (Decrease) in Provisions | -3.57 |
| Increase/ (Decrease) in Other Current Liabilities | 229.27 |
| Income Tax paid | -721.42 |
| Net Cash Flows from/ (used in) Operating Activities | 80,461.22 |
| B. INVESTING ACTIVITIES Purchase of Property, Plant & Equipment, including CWIP, capital creditors and capital advances | -1,582,977.68 |
| Investment in FDR | -951.26 |
| Interest received on maturity of FDR | 810.99 |
| Profit on redemption of mutual funds | 2,141.16 |
| Net cash flows from (used in) Investing activities | -1,580,976.79 |
BS · STANDALONE · 2025-03-31 · UNKNOWN NHIT_671bb8f90d43 p108
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 212.00 |
| STANDALONE BALANCE SHEET AS AT MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes As at March 31, 2025 As at March 31, 2024 ASSETS 1) Non-Current Assets (a) Financial Assets (i) Investment | 612,233.52 |
| (ii) Loans | 3,821,148.59 |
| (iii) Other Financial Assets | 20,842.62 |
| (b) Other Non-Current Assets | 50.47 |
| TOTAL NON-CURRENT ASSETS | 4,454,275.20 |
| 2) Current Assets (a) Financial Assets (i) Cash and Cash Equivalents | 21,808.80 |
| (ii) Other Financial Assets | 178,149.39 |
| (b) Current Tax Assets (Net) | 38.94 |
| (c) Other Current Assets | 1,157.14 |
| TOTAL CURRENT ASSETS | 201,154.27 |
| TOTAL ASSETS | 4,655,429.47 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 2,297,095.67 |
| 2) Initial Settlement Amount | 0.10 |
| 3) Other Equity | 183,525.25 |
| TOTAL EQUITY | 2,480,621.02 |
| LIABILITIES 1) Non-Current Liabilities (a) Financial Liabilities (i) Borrowings | 2,147,149.53 |
| (ii) Other Financial Liabilities | 1,293.51 |
| TOTAL NON-CURRENT LIABILITIES | 2,148,443.04 |
| Particulars Notes As at March 31, 2025 As at March 31, 2024 2) CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings | 19,899.70 |
| (ii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 137.40 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 992.53 |
| (iii) Other Financial Liabilities | 5,144.00 |
| (b) Current Tax Liabilities (Net) | 191.78 |
| TOTAL CURRENT LIABILITIES | 26,365.41 |
| TOTAL EQUITY AND LIABILITIES | 4,655,429.47 |
PL · STANDALONE · 2025-03-31 · UNKNOWN NHIT_671bb8f90d43 p109
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 214.00 |
| STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 INCOME AND GAINS Interest income on loan given to subsidiaries | 303,268.27 |
| Interest Income on fixed deposits | 1,812.69 |
| Profit on sale of investments | 798.22 |
| Other income | 74.80 |
| Total Income | 305,953.98 |
| EXPENSES Investment Manager Fees | 2,158.20 |
| Trustee Fees | 11.33 |
| Valuation expenses | 57.45 |
| Annual listing fees | 53.80 |
| Rating fees | 30.33 |
| Audit Fees - Statutory audit fees | 4.47 |
| - Other audit services (including certification) | 2.17 |
| Custodian Fees | 2.97 |
| Impairment of non-current investments | 17,930.00 |
| Finance Cost | 98,790.59 |
| Other Expenses | 273.34 |
| Total Expenses | 119,314.65 |
| Profit before Tax | 186,639.33 |
| Tax Expenses Current Tax | 1,147.98 |
| Current tax - earlier years | 0.00 |
| Deferred Tax | 0.00 |
| Total Tax | 1,147.98 |
| Profit after Tax | 185,491.35 |
| Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 Other Comprehensive Income A (i) Items that will not be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| B (i) Items that will be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| Total Comprehensive Income for the year | 185,491.35 |
| Earnings per Unit Basic | 13.99 |
| Diluted | 13.99 |
CF · STANDALONE · 2025-03-31 · UNKNOWN NHIT_671bb8f90d43 p110
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 216.00 |
| STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 A. Cash flows from operating activities Net Profit/(Loss) Before Tax | 186,639.33 |
| Adjustments: Finance Cost (net) | 98,790.59 |
| Interest Income on Bank FDR | -1,812.69 |
| Impairment of Investment in Subsidiaries | 17,930.00 |
| Interest Income on Long Term Loan given to SPVs' | -303,268.27 |
| Profit on redemption of Mutual Funds | -798.22 |
| Operating cash flows before Working Capital Changes | -2,519.26 |
| Movements in Working Capital Decrease/ (Increase) in Other Non Current/ Current Financial Assets | -47.25 |
| Decrease/ (Increase) in Other Current/ Non-Current Assets | -419.04 |
| Increase/ (Decrease) in Trade & Other Payables | 396.19 |
| Increase/ (Decrease) in Other Financial Liabilities | 14.41 |
| Increase/ (Decrease) in Other Current Liabilities | -2.51 |
| Cash used in operating activities | -2,577.46 |
| Income Tax paid | -1,179.88 |
| Net Cash Flows from/(used in) operating activities -A | -3,757.34 |
| B. Cash flows from investing activities Long Term Loans given | -1,581,105.54 |
| Investment in Equity Shares of SPV | -250,000.00 |
| Investment in FDR (Net) | -9,838.01 |
| Profit on redemption of Mutual Funds | 798.22 |
| Interest received on Long Term Loan given | 212,689.18 |
| Interest Received from Bank | 993.65 |
| Net Cash Flows used in investing activities - B | -1,626,462.50 |
| C. Cash flows from financing activities Proceeds from Issue of unit capital | 833,907.75 |
| Expense incurred towards institutional unit allotment | -3,941.49 |
| Processing Fee paid | -1,513.71 |
| Proceeds from Long Term Borrowings | 1,119,205.61 |
| Distribution paid to unit holders | -104,726.73 |
| Repayment of Long Term Borrowings | -124,557.83 |
| Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 Finance Costs Paid | -97,063.37 |
| Net Cash Flows from/(Used in) financing activities -C | 1,621,310.23 |
| Net Increase/Decrease in Cash and Cash equivalents (A+B+C) | -8,909.61 |
| Cash and Cash Equivalents at the Beginning of the Year | 30,718.41 |
| Cash and Cash Equivalents at the end of the Year (Refer Note 7) | 21,808.80 |
| Reconciliation of liabilities arising from Financing Activities pursuant to Ind AS 7 - Statement of Cash Flows. Net Debt Recognition (All amounts are in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 a) Carrying amount of debt at the beginning of the year | 1,173,448.94 |
| b) Additional borrowings during the year | 1,119,205.61 |
| c) Repayments during the year | -124,557.83 |
| d) Other adjustments/settlements during the year | 0.00 |
| e) Transaction Cost adjustment | -1,047.49 |
| f) Carrying amount of debt at the end of the year | 2,167,049.23 |
| Note: (i) The above Statement of Cash Flows has been prepared under the indirect method as set out in “Ind AS 7 Statement of Cash Flows”. (ii) Amount in bracket represent outflows. This is the Cash Flow Statement referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) CA Mohd. Azam Ansari Partner M.No.511623 Rakshit Jain Director DIN: 06858141 Mahavir Parsad Sharma Director DIN: 03158413 Date : 28th May 2025 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2025 Cont. (All amounts are in ₹ lakh unless otherwise stated) ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 218.00 |
| STANDALONE STATEMENT OF CHANGES IN UNIT HOLDERS EQUITY FOR THE YEAR ENDED MARCH 31, 2025 A. Initial Settlement Amount (All amounts are in ₹ lakh unless otherwise stated) Particulars Amount Balance as at April 1, 2023 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2024 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2025 | 0.10 |
| B. Unit Capital* (All amounts are in ₹ lakh unless otherwise stated) Particulars Number of unit Amount Balance as at April 1, 2023 | 726,405,200.00 |
| Changes in unit capital | 585,795,400.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2024 | 1,312,200,600.00 |
| Changes in unit capital | 624,650,000.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2025 | 1,936,850,600.00 |
| Issue expenses of ₹3,905.54 lakhs (31st March 2024: ₹1,717.27 lakhs) incurred in connection with issue of units have been reduced from the Unitholders capital in accordance with Ind AS 32 Financial Instruments: Presentation C. Other Equity** (All amounts are in ₹ lakh unless otherwise stated) Particulars Reserves and Surplus Items of Other Comprehensive Income Total Items that will not be reclassified to profit or loss Retained Earnings Remeasurement of Defined Benefit Obligation/ Plan Balance as at April 1, 2023 | 60,432.64 |
| Profit for the year | 96,819.27 |
| Less: | 0.00 |
| Distribution to unit holders^ | 0.00 |
| Interest | 53,701.68 |
| Other Income | 789.60 |
| Balance as at March 31, 2024 | 102,760.63 |
BS · CONSOLIDATED · 2025-03-31 · UNKNOWN NHIT_671bb8f90d43 p137
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 270.00 |
| CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes As at March 31, 2025 As at March 31, 2024 ASSETS 1) Non - Current Assets (a) Property, Plant and Equipment | 1,051.35 |
| (b) Capital work in Progress (CWIP) | 77.44 |
| (c) Goodwill | 10,144.46 |
| (d) Right of Use Assets | 924.11 |
| (e) Other Intangible assets | 2,610,313.87 |
| (f) Financial Assets (i) Other Financial Assets | 20,928.04 |
| (g) Deferred Tax Assets (net) | 32,996.44 |
| (h) Other Non Current Assets | 1,774,096.55 |
| Total non-current assets | 4,450,532.26 |
| 2) Current Assets (a) Contract Assets | 461.43 |
| (b) Financial Assets (i) Trade receivables | 1,634.94 |
| (ii) Cash and Cash Equivalents | 46,560.79 |
| (iii) Bank Balances Other than Cash & Cash Equivalents | 0.00 |
| (iv) Other financial assets | 31.88 |
| (c) Current Tax Assets (Net) | 132.36 |
| (d) Other current assets | 3,525.25 |
| Total current assets | 52,346.65 |
| TOTAL ASSETS | 4,502,878.91 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 2,297,095.67 |
| 2) Initial settlement amount | 0.10 |
| 3) Other Equity | -99,768.17 |
| Total Equity | 2,197,327.60 |
| LIABILITIES 1) Non-Current liabilities Particulars Notes As at March 31, 2025 As at March 31, 2024 (a) Financial liabilities (i) Borrowings | 2,147,149.53 |
| (ii) Lease Liabilities | 809.52 |
| (iii) Other Financial liabilities | 1,485.72 |
| (b) Provisions | 34,564.12 |
| Total non-current liabilities | 2,184,008.89 |
| 2) Current liabilities (a) Financial liabilities (i) Borrowings | 19,899.70 |
| (ii) Lease Liabilities | 136.16 |
| (iii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 1,511.80 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 8,656.80 |
| (iv) Other financial liabilities | 8,669.68 |
| (b) Other current liabilities | 1,171.38 |
| (c) Provisions | 81,439.56 |
| (d) Current Tax Liabilities (Net) | 57.34 |
| Total current liabilities | 121,542.42 |
| Total liabilities | 2,305,551.31 |
| TOTAL EQUITY & LIABILITIES | 4,502,878.91 |
PL · CONSOLIDATED · 2025-03-31 · UNKNOWN NHIT_671bb8f90d43 p138
| Line | 2025-03-31 |
|---|---|
| ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 272.00 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 INCOME Revenue from Operations | 236,381.72 |
| Interest Income | 2,346.50 |
| Profit on sale of investments | 2,592.31 |
| Other Income | 237.77 |
| TOTAL INCOME | 241,558.30 |
| EXPENSES Investment Manger Fee | 2,158.20 |
| Trustee Fee | 11.33 |
| Valuation expenses | 57.45 |
| Annual listing fees | 53.80 |
| Rating fees | 30.33 |
| Insurance expenses | 1,712.79 |
| Custodian Fees | 2.97 |
| Project Management Fees | 1,416.00 |
| Operating Expenses | 31,276.49 |
| Employee Benefits Expenses | 2,526.49 |
| Finance Cost | 105,547.92 |
| Depreciation & Amortization Expense | 79,720.08 |
| Audit Fees - Statutory audit fees | 16.89 |
| - Other audit services (including certification) | 6.78 |
| Other Expenses | 4,788.08 |
| TOTAL EXPENSES | 229,325.60 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2025 Cont. (All amounts are in ₹ lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2025 For the year ended March 31, 2024 Profit / (Loss) before Tax | 12,232.70 |
| Tax Expenses Current Tax | 1,205.32 |
| Current tax - earlier years | 0.00 |
| Deferred Tax | -21,473.24 |
| Total Tax | -20,267.92 |
| Profit/ (loss) for the year | 32,500.62 |
| Other Comprehensive Income Items that will not be reclassified to Profit or Loss | -0.76 |
| Income tax relating to items that will not be reclassified to profit or loss | 0.16 |
| Total Comprehensive Income for the year | 32,500.00 |
| Earnings per Unit Basic | 2.45 |
| Diluted | 2.45 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3 - 74 This is the Statement of Profit and Loss referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) CA Mohd. Azam Ansari Partner M.No.511623 Rakshit Jain Director DIN: 06858141 Mahavir Parsad Sharma Director DIN: 03158413 Date : 28th May 2025 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer ANNUAL REPORT 2024-2025 ANNUAL REPORT 2024-2025 | 274.00 |
| CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2025 (All amounts are in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 A. OPERATING ACTIVITIES Net Profit/(Loss) Before Tax | 12,232.70 |
| Adjustments for : Depreciation and Amortization | 79,720.08 |
| Profit on redemption of mutual funds | -2,592.31 |
| Interest income from FDR | -2,346.50 |
| Finance Cost (net) | 98,790.59 |
| Provision for major maintenance expenses | 15,544.89 |
| Unwinding interest on major maintenance provision & Infrastructure Upgrade | 6,694.19 |
| Unwinding interest on Lease Liability | 41.47 |
| Liabilities no longer required written back | -51.01 |
| Provision for Leave encashment and Gratuity | 95.87 |
| Operating Profit/(Loss) before Working Capital Changes | 208,129.97 |
| Working Capital Adjustments: Decrease/ (Increase) in Trade & Other Receivables | -1,660.16 |
| Decrease/ (Increase) in Other Non Current/ Current Assets | -1,242.65 |
| Decrease/ (Increase) in Other Financial Assets | -149.39 |
| Increase/ (Decrease) in Trade & Other Payables | 5,495.34 |
| Increase/ (Decrease) in Other Financial Liabilities | -36.31 |
| Increase/ (Decrease) in Provisions | -4.82 |
| Increase/ (Decrease) in Other Current Liabilities | 774.39 |
| Income Tax paid | -1,439.61 |
| Net Cash Flows from/ (used in) Operating Activities | 209,866.76 |
| B. INVESTING ACTIVITIES Purchase of Property, Plant & Equipment, including CWIP, capital creditors and capital advances | -1,825,731.37 |
| Investment in FDR | -9,333.75 |
| Interest received on maturity of FDR | 1,536.08 |
| Profit on redemption of mutual funds | 2,592.31 |
| Net cash flows from (used in) Investing activities | -1,830,936.73 |
| C. FINANCING ACTIVITIES Proceeds from Issue of Unit Capital | 833,907.75 |
BS · CONSOLIDATED · 2026-03-31 · UNKNOWN NHIT_e3f4ef047898 p161
| Line | 2026-03-31 |
|---|---|
| Consolidated Statement of Assets and Liabilities as at March 31, 2026 Consolidated Statement of Assets and Liabilities as at March 31, 2026 Cont. Particulars Note As at March 31, 2026 As at March 31, 2025 ASSETS 1) Non - Current Assets (a) Property, Plant and Equipment | 1,627.51 |
| (b) Capital work in Progress (CWIP) | 19.40 |
| (c) Goodwill | 10,144.46 |
| (d) Right of Use Assets | 782.14 |
| (e) Other Intangible assets | 4,288,323.33 |
| (f) Financial Assets (i) Other Financial Assets | 14,079.64 |
| (g) Deferred Tax Assets (net) | 70,337.04 |
| (h) Other Non Current Assets | 636,844.22 |
| Total non-current assets | 5,022,157.74 |
| 2) Current Assets (a) Contract Assets | 306.74 |
| (b) Financial Assets (i) Trade receivables | 5,319.41 |
| (ii) Cash and Cash Equivalents | 61,970.30 |
| (iii) Bank Balances Other than Cash & Cash Equivalents | 6,757.45 |
| (iv) Other financial assets | 124.69 |
| (c) Current Tax Assets (Net) | 61.97 |
| (d) Other current assets | 2,659.29 |
| Total current assets | 77,199.85 |
| TOTAL ASSETS | 5,099,357.59 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 2,600,167.93 |
| 2) Initial settlement amount | 0.10 |
| 3) Other Equity | -220,112.66 |
| Total Equity | 2,380,055.37 |
| LIABILITIES 1) Non-Current liabilities (a) Financial liabilities (i) Borrowings | 2,480,565.44 |
| (ii) Lease Liabilities | 731.97 |
| (iii) Other Financial liabilities | 9,133.49 |
| (b) Provisions | 63,803.79 |
| Total non-current liabilities | 2,554,234.69 |
| (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars Note As at March 31, 2026 As at March 31, 2025 2) Current liabilities (a) Financial liabilities (i) Borrowings | 23,349.70 |
| (ii) Lease Liabilities | 123.32 |
| (iii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 2,055.66 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 14,527.22 |
| (iv) Other financial liabilities | 12,460.35 |
| (b) Other current liabilities | 1,066.10 |
| (c) Provisions | 111,485.18 |
| Total current liabilities | 165,067.53 |
| Total liabilities | 2,719,302.22 |
| TOTAL EQUITY & LIABILITIES | 5,099,357.59 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3-78 This is the Consolidated Balance Sheet referred to in our report of even date. For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) For A.R. & Co. Chartered Accountants Firm Registration no. 002744C CA Mohd. Azam Ansari Partner M.No. 511623 Place : New Delhi Date : 13th May 2026 Rakshit Jain MD & CEO DIN: 06858141 Gunjan Singh Compliance Officer M. No. : F6112 Mathew George Chief Financial Officer Consolidated Financial Statements ANNUAL REPORT 2025-2026 | 320.00 |
PL · CONSOLIDATED · 2026-03-31 · UNKNOWN NHIT_e3f4ef047898 p162
| Line | 2026-03-31 |
|---|---|
| Consolidated Statement of Profit and Loss for the year ended March 31, 2026 Consolidated Statement of Profit and Loss for the year ended March 31, 2026 Cont. Particulars Note No. For the year ended March 31, 2026 For the year ended March 31, 2025 INCOME Revenue from Operations | 427,407.37 |
| Interest Income | 1,347.26 |
| Profit on sale of investments | 3,402.79 |
| Other Income | 63.34 |
| TOTAL INCOME | 432,220.76 |
| EXPENSES Investment Manger Fee | 2,570.04 |
| Trustee Fee | 11.33 |
| Valuation expenses | 77.35 |
| Annual listing fees | 81.40 |
| Rating fees | 27.26 |
| Insurance expenses | 2,152.56 |
| Custodian Fees | 3.32 |
| Project Management Fees | 2,242.00 |
| Operating Expenses | 64,469.08 |
| Employee Benefits Expenses | 5,369.81 |
| Finance Cost | 172,348.17 |
| Depreciation & Amortization Expense | 145,092.27 |
| Audit Fees - Statutory audit fees | 30.33 |
| - Other audit services (including certification) | 22.01 |
| Other Expenses | 5,729.09 |
| TOTAL EXPENSES | 400,226.02 |
| Profit before Tax | 31,994.74 |
| Tax Expenses Current Tax | 812.54 |
| Current tax - earlier years | -29.08 |
| Deferred Tax | -37,340.60 |
| Total Tax | -36,557.14 |
| Profit after tax | 68,551.88 |
| (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars Note No. For the year ended March 31, 2026 For the year ended March 31, 2025 Other Comprehensive Income Items that will not be reclassified to Profit or Loss | 30.09 |
| Income tax relating to items that will not be reclassified to profit or loss | -6.05 |
| Total Comprehensive Income for the year | 68,575.92 |
| Earnings per Unit Basic (INR absolute amount) | 3.53 |
| Diluted (INR absolute amount) | 3.53 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3-78 This is the Consolidated Balance Sheet referred to in our report of even date. For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) For A.R. & Co. Chartered Accountants Firm Registration no. 002744C CA Mohd. Azam Ansari Partner M.No. 511623 Place : New Delhi Date : 13th May 2026 Rakshit Jain MD & CEO DIN: 06858141 Gunjan Singh Compliance Officer M. No. : F6112 Mathew George Chief Financial Officer ANNUAL REPORT 2025-2026 | 322.00 |
CF · CONSOLIDATED · 2026-03-31 · UNKNOWN NHIT_e3f4ef047898 p163
| Line | 2026-03-31 |
|---|---|
| Consolidated Statement of Cash Flows for the year ended March 31, 2026 Consolidated Statement of Cash Flows for the year ended March 31, 2026 Cont. Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 A. OPERATING ACTIVITIES Net Profit/(Loss) Before Tax | 31,994.74 |
| Adjustments for : Depreciation and Amortization | 145,092.28 |
| Profit on redemption of mutual funds | -3,402.79 |
| Interest income from FDR | -1,347.26 |
| Finance Cost (net) | 165,140.22 |
| Provision for major maintenance expenses | 32,465.21 |
| Unwinding interest on major maintenance provision & Infrastructure Upgrade | 7,141.72 |
| Unwinding interest on Lease Liability | 63.17 |
| Liabilities no longer required written back | -15.42 |
| Provision for Leave encashment and Gratuity | 243.88 |
| Operating Profit/(Loss) before Working Capital Changes | 377,375.75 |
| Working Capital Adjustments: Decrease / (Increase) in Trade & Other Receivables | -3,437.81 |
| Decrease / (Increase) in Other Non Current/Current Assets | 853.57 |
| Decrease / (Increase) in Other Financial Assets | 205.56 |
| Increase / (Decrease) in Trade & Other Payables | 6,999.05 |
| Increase / (Decrease) in Other Financial Liabilities | 83.22 |
| Increase / (Decrease) in Provisions | 853.90 |
| Increase / (Decrease) in Other Current Liabilities | -126.34 |
| Income Tax paid | -770.42 |
| Net Cash Flows from/(used in) Operating Activities | 382,036.48 |
| (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 B. INVESTING ACTIVITIES Purchase of Property, Plant & Equipment, including CWIP, capital creditors and capital advances | -664,435.07 |
| Investment in FDR | -905.59 |
| Interest received on maturity of FDR | 2,315.55 |
| Profit on redemption of mutual funds | 3,402.79 |
| Net cash flows from (used in) Investing activities | -659,622.32 |
| C. FINANCING ACTIVITIES Proceeds from Issue of Unit Capital | 308,601.00 |
| Expense incurred towards institutional unit allotment | -6,609.31 |
| Precessing Fee paid | -232.58 |
| Distribution to Unit Holders | -188,920.41 |
| Proceeds from Long Term Borrowings (net of processing fees) | 357,101.49 |
| Payment of Rent | -169.74 |
| Financing charges paid | -156,751.26 |
| Repayment of Long Term Borrowings | -20,023.84 |
| Net cash flows from (used in) Financing activities | 292,995.35 |
| Net Increase/Decrease in Cash and Cash equivalents (A+B+C) | 15,409.51 |
| Cash and cash equivalents at the beginning of the year | 46,560.79 |
| Cash and cash equivalents at the end of the year (Refer Note No. 13) | 61,970.30 |
| ANNUAL REPORT 2025-2026 | 324.00 |
| Issue expenses of Rs. 5,528.74 lakhs (March 31, 2025: Rs. 3,905.54 lakhs) incurred in connection with issue of units have been reduced from the Unitholders capital in accordance with Ind AS 32 Financial Instruments: Presentation. For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) For A.R. & Co. Chartered Accountants Firm Registration no. 002744C CA Mohd. Azam Ansari Partner M.No. 511623 Place : New Delhi Date : 13th May 2026 Rakshit Jain MD & CEO DIN: 06858141 Gunjan Singh Compliance Officer M. No. : F6112 Mathew George Chief Financial Officer A. Initial Settlement Amount B. Unit Capital * C. OTHER EQUITY ** Note: (i) The above Consolidated Statement of Cash Flows has been prepared under the indirect method as set out in “Ind AS 7 Statement of Cash Flows”. (ii) Amount in bracket represent outflows. This is the Consolidated Cash Flows Statement referred to in our report of even date. Reconciliation of liabilities arising from Financing Activities pursuant to Ind AS 7- Statement of Cash Flows. Net Debt Recognition Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 a) Carrying amount of debt at the beginning of the year | 2,167,049.23 |
| b) Additional borrowings during the year | 357,101.49 |
| c) Repayments during the year | -20,023.84 |
| d) Other adjustments/settlements during the year | 0.00 |
| e) Transaction Cost adjustment | -211.74 |
| f) Unwinding of interest | 0.00 |
| g) Carrying amount of debt at the end of the year | 2,503,915.14 |
| (All amounts in ₹ lakh unless otherwise stated) Consolidated Statement of Changes in Unit Holder’s Equity for the year ended March 31, 2026 Consolidated Statement of Cash Flows for the year ended March 31, 2026 Cont. (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars Amount Balance as at April 1, 2024 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2025 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2026 | 0.10 |
| Particulars Number of unit Amount Balance as at April 1, 2024 | 1,312,200,600.00 |
| Changes in unit capital | 624,650,000.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2025 | 1,936,850,600.00 |
| Changes in unit capital | 201,700,000.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2026 | 2,138,550,600.00 |
| Particulars Reserves and Surplus Items of Other Comprehensive Income Total Items that will not be reclassified to profit or loss Retained Earnings Remeasurement of Defined Benefit Obligation/ Plan Balance as at April 1, 2024 | -27,541.57 |
| Profit/ (Loss) for the year | 32,500.62 |
| Less: Distribution to unit holders^ Interest | 103,913.17 |
BS · STANDALONE · 2024-03-31 · UNKNOWN NHIT_802edc2371ff p55
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 104.00 |
| STANDALONE BALANCE SHEET AS AT MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes As at March 31, 2024 As at March 31, 2023 ASSETS 1) Non-Current Assets (a) Financial Assets (i) Investment | 380,163.52 |
| (ii) Loans | 2,240,043.05 |
| (iii) Other Financial Assets | 10,174.48 |
| (b) Other Non-Current Assets | 95.43 |
| TOTAL NON-CURRENT ASSETS | 2,630,476.48 |
| 2) Current Assets (a) Financial Assets (i) Cash and Cash Equivalents | 30,718.41 |
| (ii) Other Financial Assets | 87,534.15 |
| (b) Current Tax Assets (Net) | 7.04 |
| (c) Other Current Assets | 693.14 |
| TOTAL CURRENT ASSETS | 118,952.74 |
| TOTAL ASSETS | 2,749,429.22 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 1,467,093.46 |
| 2) Initial Settlement Amount | 0.10 |
| 3) Other Equity | 102,760.63 |
| TOTAL EQUITY | 1,569,854.19 |
| LIABILITIES 1) Non-Current Liabilities (a) Financial Liabilities (i) Borrowings | 1,163,394.94 |
| TOTAL NON-CURRENT LIABILITIES | 1,163,394.94 |
| Particulars Notes As at March 31, 2024 As at March 31, 2023 2) CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings | 10,054.00 |
| (ii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 36.17 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 733.58 |
| (iii) Other Financial Liabilities | 5,162.05 |
| (b) Current Tax Liabilities (Net) | 0.00 |
| (c) Other Current Liabilities | 194.29 |
| TOTAL CURRENT LIABILITIES | 16,180.09 |
| TOTAL EQUITY AND LIABILITIES | 2,749,429.22 |
PL · STANDALONE · 2024-03-31 · UNKNOWN NHIT_802edc2371ff p56
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 106.00 |
| STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 INCOME AND GAINS Interest income on loan given to subsidiaries | 123,103.51 |
| Interest Income on fixed deposits | 786.74 |
| Profit on sale of investments | 840.99 |
| Other income | 4.21 |
| Total Income | 124,735.45 |
| EXPENSES Investment Manager Fees | 1,800.00 |
| Trustee Fees | 9.60 |
| Valuation expenses | 11.07 |
| Annual listing fees | 53.80 |
| Rating fees | 7.73 |
| Audit Fees - Statutory audit fees | 5.75 |
| - Other audit services (including certification) | 1.72 |
| Custodian Fees | 3.15 |
| Finance Cost | 25,139.68 |
| Other Expenses | 188.64 |
| Total Expenses | 27,221.14 |
| Profit before Tax | 97,514.31 |
| Tax Expenses Current Tax | 697.56 |
| Current tax - earlier years | -2.52 |
| Deferred Tax expense/(credit) | 0.00 |
| Total Tax | 695.04 |
| Profit after Tax | 96,819.27 |
| Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 Other Comprehensive Income A (i) Items that will not be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| B (i) Items that will be reclassified to Profit or Loss | 0.00 |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.00 |
| Total Comprehensive Income for the year | 96,819.27 |
| Earnings per Unit Basic | 12.85 |
| Diluted | 12.85 |
CF · STANDALONE · 2024-03-31 · UNKNOWN NHIT_802edc2371ff p57
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 108.00 |
| STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 A. Cash flows from operating activities Net Profit/(Loss) Before Tax | 97,514.31 |
| Adjustments: Finance Cost (net) | 25,015.90 |
| Interest Income on Bank FDR | -786.74 |
| Interest Income on Long Term Loan given to SPVs' | -123,103.51 |
| Profit on redemption of Mutual Funds | -840.99 |
| Operating cash flows before Working Capital Changes | -2,201.03 |
| Movements in Working Capital Decrease/ (Increase) in Other Non Current Financial Assets | -0.90 |
| Decrease/ (Increase) in Other Current Financial Assets | -292.14 |
| Decrease/(Increase) in Other Current/ Non-Current Assets | 579.16 |
| Increase/ (Decrease) in Trade & Other Payables | -312.33 |
| Increase/ (Decrease) in Other Financial Liabilities | 0.00 |
| Increase/ (Decrease) in Other Current Liabilities | 151.79 |
| Increase/ (Decrease) in Current Tax Liabilities | 0.00 |
| Cash used in operating activities | -2,075.45 |
| Income Tax paid | -711.06 |
| Net Cash Flows from/(used in) operating activities -A | -2,786.51 |
| B. Cash flows from investing activities Long Term Loans given | -1,349,436.40 |
| Purchase of Non Current Investments | -240,610.00 |
| Investment in FDR | -447.00 |
| Profit on redemption of Mutual Funds | 840.99 |
| Interest received on Long Term Loan given | 82,549.94 |
| Interest Received from Bank | 734.73 |
| Net Cash Flows used in investing activities - B | -1,506,367.74 |
| C. Cash flows from financing activities Proceeds from Issue of unit capital | 727,206.41 |
| Expense incurred towards initial public debt offering | 0.00 |
| Expense incurred towards institutional unit allotment | -1,471.46 |
| Processing Fee paid | -1,482.16 |
| Proceeds from Long Term Borrowings | 884,700.00 |
| Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 Distribution paid to unit holders | -54,491.29 |
| Repayment of Long Term Borrowings | -3,759.73 |
| Finance Costs Paid | -24,909.51 |
| Net Cash Flows from/(Used in) financing activities -C | 1,525,792.27 |
| Net Increase/Decrease in Cash and Cash equivalents (A+B+C) | 16,638.03 |
| Cash and Cash Equivalents at the Beginning of the Year | 14,080.38 |
| Cash and Cash Equivalents at the end of the Year (Refer Note 7) | 30,718.41 |
| Reconciliation of liabilities arising from Financing Activities pursuant to Ind AS 7 - Statement of Cash Flows. Net Debt Recognition (All amounts are in ` lakh unless otherwise stated) Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 a) Carrying amount of debt at the beginning of the year | 294,158.33 |
| b) Additional borrowings during the year | 884,700.00 |
| c) Repayments during the year | -3,759.73 |
| d) Other adjustments/settlements during the year | 0.00 |
| e) Transaction Cost adjustment | -1,649.66 |
| f) Carrying amount of debt at the end of the year | 1,173,448.94 |
| Note: (i) The above Statement of Cash Flows has been prepared under the indirect method as set out in “Ind AS 7 Statement of Cash Flows”. (ii) Amounts in bracket represent outflows. This is the Cash Flow Statement referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of Board of Directors of the National Highways Infra Investment Managers Private Limited (Acting as Investment Manager of National Highways Infra Trust) CA Mohd. Azam Ansari Partner M.No.511623 Suresh Krishan Goyal Director DIN: 02721580 Mahavir Parsad Sharma Director DIN: 03158413 Date : 27th May 2024 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2024 Cont. (All amounts are in ` lakh unless otherwise stated) ANNUAL REPORT 2023-24 | 110.00 |
| STANDALONE STATEMENT OF CHANGES IN UNIT HOLDERS EQUITY FOR THE YEAR ENDED MARCH 31, 2024 A. Initial Settlement Amount (All amounts are in ` lakh unless otherwise stated) Particulars Amount Balance as at April 1, 2022 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2023 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2024 | 0.10 |
| B. Unit Capital* (All amounts are in ` lakh unless otherwise stated) Particulars Number of unit Amount Balance as at April 1, 2022 | 595,200,000.00 |
| Changes in unit capital | 131,205,200.00 |
| One time issue expenses | 0.00 |
| Balance as at March 31, 2023 | 726,405,200.00 |
| Changes in unit capital | 585,795,400.00 |
| One time issue expenses | 0.00 |
| Balance as at March 31, 2024 | 1,312,200,600.00 |
| Issue expenses of Rs. 1,717.26 lakhs (March 31, 2023: Rs 852.17 lakhs) incurred in connection with issue of units have been reduced from the Unitholders capital in accordance with Ind AS 32 Financial Instruments: Presentation C. Other Equity** (All amounts are in ` lakh unless otherwise stated) Particulars Reserves and Surplus Items of Other Comprehensive Income Total Items that will not be reclassified to profit or loss Retained Earnings Remeasurement of Defined Benefit Obligation/ Plan Balance as at April 1, 2022 | 18,124.33 |
| Profit for the year | 77,236.17 |
| Less: | 0.00 |
| Distribution to unit holders | 0.00 |
| Return on capital | 0.00 |
BS · CONSOLIDATED · 2024-03-31 · UNKNOWN NHIT_802edc2371ff p82
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 158.00 |
| CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes As at March 31, 2024 As at March 31, 2023 ASSETS 1) Non - Current Assets (a) Property, Plant and Equipment | 219.29 |
| (b) Capital work in Progress (CWIP) | 19.76 |
| (c) Goodwill | 10,144.46 |
| (d) Other Intangible assets | 1,088,670.84 |
| (e) Financial Assets (i) Other Financial Assets | 10,177.86 |
| (f) Deferred Tax Assets (net) | 11,523.20 |
| (g) Non-Current Tax Assets (Net) | 22.38 |
| (h) Other Non Current Assets | 1,570,649.18 |
| Total non-current assets | 2,691,426.97 |
| 2) Current Assets (a) Financial Assets (i) Trade receivables | 385.20 |
| (ii) Cash and Cash Equivalents | 46,400.78 |
| (iii) Bank Balances Other than Cash & Cash Equivalents | 512.98 |
| (iv) Other financial assets | 4.54 |
| (b) Other current assets | 2,303.89 |
| Total current assets | 49,607.39 |
| TOTAL ASSETS | 2,741,034.36 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 1,467,093.47 |
| 2) Initial settlement amount | 0.10 |
| 3) Other Equity | -27,541.44 |
| Total Equity | 1,439,552.13 |
| LIABILITIES 1) Non-Current liabilities (a) Financial liabilities (i) Borrowings | 1,163,394.94 |
| Particulars Notes As at March 31, 2024 As at March 31, 2023 (ii) Other Financial liabilities | 80.90 |
| (b) Provisions | 35,923.32 |
| Total non-current liabilities | 1,199,399.16 |
| 2) Current liabilities (a) Financial liabilities (i) Borrowings | 10,054.00 |
| (ii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 275.99 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 4,479.00 |
| (iii) Other financial liabilities | 7,224.53 |
| (b) Provisions | 79,404.66 |
| (c) Current Tax Liabilities (Net) | 181.66 |
| (d) Other current liabilities | 463.23 |
| Total current liabilities | 102,083.07 |
| Total liabilities | 1,301,482.23 |
| TOTAL EQUITY & LIABILITIES | 2,741,034.36 |
PL · CONSOLIDATED · 2024-03-31 · UNKNOWN NHIT_802edc2371ff p83
| Line | 2024-03-31 |
|---|---|
| ANNUAL REPORT 2023-24 | 160.00 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 INCOME Revenue from Operations | 94,390.77 |
| Interest Income | 871.71 |
| Profit on sale of investments | 2,141.16 |
| Other Income | 59.53 |
| TOTAL INCOME | 97,463.17 |
| EXPENSES Investment Manger Fee | 1,800.00 |
| Trusteeship Fee | 9.60 |
| Valuation expenses | 11.07 |
| Annual listing fees | 53.80 |
| Rating fees | 7.73 |
| Insurance expenses | 737.91 |
| Custodian Fees | 3.15 |
| Project Management Fees | 1,168.20 |
| Operating Expenses | 13,665.60 |
| Employee Benefits Expenses | 1,156.60 |
| Finance Cost | 28,023.17 |
| Depreciation & Amortization Expense | 24,771.04 |
| Audit Fees - Statutory audit fees | 18.49 |
| - Other audit services (including certification) | 1.72 |
| Other Expenses | 2,569.62 |
| TOTAL EXPENSES | 73,997.70 |
| CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024 Cont. (All amounts are in ` lakh unless otherwise stated) Particulars Notes For the year ended March 31, 2024 For the year ended March 31, 2023 Profit / (Loss) before Tax | 23,465.47 |
| Tax Expenses Current Tax | 886.30 |
| Current tax - earlier years | -2.52 |
| Deferred Tax expense/(credit) | -6,837.88 |
| Total Tax | -5,954.10 |
| Profit/ (loss) for the year | 29,419.57 |
| Other Comprehensive Income Items that will not be reclassified to Profit or Loss | 0.10 |
| Income tax relating to items that will not be reclassified to profit or loss | 0.03 |
| Total Comprehensive Income for the year | 0.00 |
| Earnings per Unit Basic | 3.90 |
| Diluted | 3.90 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3 - 66 This is the Consolidated Balance Sheet referred to in our report of even date. For A.R. & Co. Chartered Accountants Firm Registration no. 002744C For and on behalf of Board of Directors of the National Highways Infra Investment Managers Private Limited (Acting as Investment Manager of National Highways Infra Trust) CA Mohd. Azam Ansari Partner M.No.511623 Suresh Krishan Goyal Director DIN: 02721580 Mahavir Parsad Sharma Director DIN: 03158413 Date : 27th May 2024 Place : New Delhi Mathew George Chief Financial Officer Gunjan Singh Compliance Officer ANNUAL REPORT 2023-24 | 162.00 |
| CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2024 (All amounts are in ` lakh unless otherwise stated) Particulars For the year ended March 31, 2024 For the year ended March 31, 2023 A. OPERATING ACTIVITIES Net Profit/(Loss) Before Tax | 23,465.47 |
| Adjustments for : Depreciation and Amortization | 24,771.04 |
| Profit on redemption of mutual funds | -2,141.16 |
| Interest income from FDR | -871.71 |
| Finance Cost (net) | 25,015.90 |
| Provision for major maintenance expenses | 8,444.05 |
| Unwinding interest on major maintenance provision | 2,867.62 |
| Provision for Leave encashment and Gratuity | 52.43 |
| Provision for expected credit loss | 0.00 |
| Bad debts written off | 0.00 |
| Operating Profit/(Loss) before Working Capital Changes | 81,603.64 |
| Working Capital Adjustments: Decrease/ (Increase) in Trade & Other Receivables | -34.34 |
| Decrease/ (Increase) in Other Non Current Financial Assets | -2.52 |
| Decrease/ (Increase) in Other Non Current/ Current Assets | -516.99 |
| Decrease/ (Increase) in Other Current Financial Assets | -293.92 |
| Increase/ (Decrease) in Trade & Other Payables | 12.68 |
| Increase/ (Decrease) in Other Financial Liabilities | 188.39 |
| Increase/ (Decrease) in Provisions | -3.57 |
| Increase/ (Decrease) in Other Current Liabilities | 229.27 |
| Income Tax paid | -721.42 |
| Net Cash Flows from/ (used in) Operating Activities | 80,461.22 |
| B. INVESTING ACTIVITIES Purchase of Property, Plant & Equipment, including CWIP, capital creditors and capital advances | -1,582,977.68 |
| Investment in FDR | -951.26 |
| Interest received on maturity of FDR | 810.99 |
| Profit on redemption of mutual funds | 2,141.16 |
| Net cash flows from (used in) Investing activities | -1,580,976.79 |
BS · CONSOLIDATED · 2026-03-31 · UNKNOWN NHIT_c02b3d8a3887 p181
| Line | 2026-03-31 |
|---|---|
| Consolidated Statement of Assets and Liabilities as at March 31, 2026 Consolidated Statement of Assets and Liabilities as at March 31, 2026 Cont. Particulars Note As at March 31, 2026 As at March 31, 2025 ASSETS 1) Non - Current Assets (a) Property, Plant and Equipment | 1,627.51 |
| (b) Capital work in Progress (CWIP) | 19.40 |
| (c) Goodwill | 10,144.46 |
| (d) Right of Use Assets | 782.14 |
| (e) Other Intangible assets | 4,288,323.33 |
| (f) Financial Assets (i) Other Financial Assets | 14,079.64 |
| (g) Deferred Tax Assets (net) | 70,337.04 |
| (h) Other Non Current Assets | 636,844.22 |
| Total non-current assets | 5,022,157.74 |
| 2) Current Assets (a) Contract Assets | 306.74 |
| (b) Financial Assets (i) Trade receivables | 5,319.41 |
| (ii) Cash and Cash Equivalents | 61,970.30 |
| (iii) Bank Balances Other than Cash & Cash Equivalents | 6,757.45 |
| (iv) Other financial assets | 124.69 |
| (c) Current Tax Assets (Net) | 61.97 |
| (d) Other current assets | 2,659.29 |
| Total current assets | 77,199.85 |
| TOTAL ASSETS | 5,099,357.59 |
| EQUITY AND LIABILITIES EQUITY 1) Unit Capital | 2,600,167.93 |
| 2) Initial settlement amount | 0.10 |
| 3) Other Equity | -220,112.66 |
| Total Equity | 2,380,055.37 |
| LIABILITIES 1) Non-Current liabilities (a) Financial liabilities (i) Borrowings | 2,480,565.44 |
| (ii) Lease Liabilities | 731.97 |
| (iii) Other Financial liabilities | 9,133.49 |
| (b) Provisions | 63,803.79 |
| Total non-current liabilities | 2,554,234.69 |
| (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars Note As at March 31, 2026 As at March 31, 2025 2) Current liabilities (a) Financial liabilities (i) Borrowings | 23,349.70 |
| (ii) Lease Liabilities | 123.32 |
| (iii) Trade Payables (a) Total Outstanding, dues of micro and small enterprises | 2,055.66 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 14,527.22 |
| (iv) Other financial liabilities | 12,460.35 |
| (b) Other current liabilities | 1,066.10 |
| (c) Provisions | 111,485.18 |
| Total current liabilities | 165,067.53 |
| Total liabilities | 2,719,302.22 |
| TOTAL EQUITY & LIABILITIES | 5,099,357.59 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3-78 This is the Consolidated Balance Sheet referred to in our report of even date. For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) For A.R. & Co. Chartered Accountants Firm Registration no. 002744C CA Mohd. Azam Ansari Partner M.No. 511623 Place : New Delhi Date : 13th May 2026 Rakshit Jain MD & CEO DIN: 06858141 Gunjan Singh Compliance Officer M. No. : F6112 Mathew George Chief Financial Officer Consolidated Financial Statements ANNUAL REPORT 2025-2026 | 320.00 |
PL · CONSOLIDATED · 2026-03-31 · UNKNOWN NHIT_c02b3d8a3887 p182
| Line | 2026-03-31 |
|---|---|
| Consolidated Statement of Profit and Loss for the year ended March 31, 2026 Consolidated Statement of Profit and Loss for the year ended March 31, 2026 Cont. Particulars Note No. For the year ended March 31, 2026 For the year ended March 31, 2025 INCOME Revenue from Operations | 427,407.37 |
| Interest Income | 1,347.26 |
| Profit on sale of investments | 3,402.79 |
| Other Income | 63.34 |
| TOTAL INCOME | 432,220.76 |
| EXPENSES Investment Manger Fee | 2,570.04 |
| Trustee Fee | 11.33 |
| Valuation expenses | 77.35 |
| Annual listing fees | 81.40 |
| Rating fees | 27.26 |
| Insurance expenses | 2,152.56 |
| Custodian Fees | 3.32 |
| Project Management Fees | 2,242.00 |
| Operating Expenses | 64,469.08 |
| Employee Benefits Expenses | 5,369.81 |
| Finance Cost | 172,348.17 |
| Depreciation & Amortization Expense | 145,092.27 |
| Audit Fees - Statutory audit fees | 30.33 |
| - Other audit services (including certification) | 22.01 |
| Other Expenses | 5,729.09 |
| TOTAL EXPENSES | 400,226.02 |
| Profit before Tax | 31,994.74 |
| Tax Expenses Current Tax | 812.54 |
| Current tax - earlier years | -29.08 |
| Deferred Tax | -37,340.60 |
| Total Tax | -36,557.14 |
| Profit after tax | 68,551.88 |
| (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars Note No. For the year ended March 31, 2026 For the year ended March 31, 2025 Other Comprehensive Income Items that will not be reclassified to Profit or Loss | 30.09 |
| Income tax relating to items that will not be reclassified to profit or loss | -6.05 |
| Total Comprehensive Income for the year | 68,575.92 |
| Earnings per Unit Basic (INR absolute amount) | 3.53 |
| Diluted (INR absolute amount) | 3.53 |
| Material Accounting Policies 1-2 The accompanying notes form an integral part of these consolidated financial statements. 3-78 This is the Consolidated Balance Sheet referred to in our report of even date. For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) For A.R. & Co. Chartered Accountants Firm Registration no. 002744C CA Mohd. Azam Ansari Partner M.No. 511623 Place : New Delhi Date : 13th May 2026 Rakshit Jain MD & CEO DIN: 06858141 Gunjan Singh Compliance Officer M. No. : F6112 Mathew George Chief Financial Officer ANNUAL REPORT 2025-2026 | 322.00 |
CF · CONSOLIDATED · 2026-03-31 · UNKNOWN NHIT_c02b3d8a3887 p183
| Line | 2026-03-31 |
|---|---|
| Consolidated Statement of Cash Flows for the year ended March 31, 2026 Consolidated Statement of Cash Flows for the year ended March 31, 2026 Cont. Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 A. OPERATING ACTIVITIES Net Profit/(Loss) Before Tax | 31,994.74 |
| Adjustments for : Depreciation and Amortization | 145,092.28 |
| Profit on redemption of mutual funds | -3,402.79 |
| Interest income from FDR | -1,347.26 |
| Finance Cost (net) | 165,140.22 |
| Provision for major maintenance expenses | 32,465.21 |
| Unwinding interest on major maintenance provision & Infrastructure Upgrade | 7,141.72 |
| Unwinding interest on Lease Liability | 63.17 |
| Liabilities no longer required written back | -15.42 |
| Provision for Leave encashment and Gratuity | 243.88 |
| Operating Profit/(Loss) before Working Capital Changes | 377,375.75 |
| Working Capital Adjustments: Decrease / (Increase) in Trade & Other Receivables | -3,437.81 |
| Decrease / (Increase) in Other Non Current/Current Assets | 853.57 |
| Decrease / (Increase) in Other Financial Assets | 205.56 |
| Increase / (Decrease) in Trade & Other Payables | 6,999.05 |
| Increase / (Decrease) in Other Financial Liabilities | 83.22 |
| Increase / (Decrease) in Provisions | 853.90 |
| Increase / (Decrease) in Other Current Liabilities | -126.34 |
| Income Tax paid | -770.42 |
| Net Cash Flows from/(used in) Operating Activities | 382,036.48 |
| (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 B. INVESTING ACTIVITIES Purchase of Property, Plant & Equipment, including CWIP, capital creditors and capital advances | -664,435.07 |
| Investment in FDR | -905.59 |
| Interest received on maturity of FDR | 2,315.55 |
| Profit on redemption of mutual funds | 3,402.79 |
| Net cash flows from (used in) Investing activities | -659,622.32 |
| C. FINANCING ACTIVITIES Proceeds from Issue of Unit Capital | 308,601.00 |
| Expense incurred towards institutional unit allotment | -6,609.31 |
| Precessing Fee paid | -232.58 |
| Distribution to Unit Holders | -188,920.41 |
| Proceeds from Long Term Borrowings (net of processing fees) | 357,101.49 |
| Payment of Rent | -169.74 |
| Financing charges paid | -156,751.26 |
| Repayment of Long Term Borrowings | -20,023.84 |
| Net cash flows from (used in) Financing activities | 292,995.35 |
| Net Increase/Decrease in Cash and Cash equivalents (A+B+C) | 15,409.51 |
| Cash and cash equivalents at the beginning of the year | 46,560.79 |
| Cash and cash equivalents at the end of the year (Refer Note No. 13) | 61,970.30 |
| ANNUAL REPORT 2025-2026 | 324.00 |
| Issue expenses of Rs. 5,528.74 lakhs (March 31, 2025: Rs. 3,905.54 lakhs) incurred in connection with issue of units have been reduced from the Unitholders capital in accordance with Ind AS 32 Financial Instruments: Presentation. For and on behalf of National Highways Infra Trust (By National Highways Infra Investment Managers Private Limited) For A.R. & Co. Chartered Accountants Firm Registration no. 002744C CA Mohd. Azam Ansari Partner M.No. 511623 Place : New Delhi Date : 13th May 2026 Rakshit Jain MD & CEO DIN: 06858141 Gunjan Singh Compliance Officer M. No. : F6112 Mathew George Chief Financial Officer A. Initial Settlement Amount B. Unit Capital * C. OTHER EQUITY ** Note: (i) The above Consolidated Statement of Cash Flows has been prepared under the indirect method as set out in “Ind AS 7 Statement of Cash Flows”. (ii) Amount in bracket represent outflows. This is the Consolidated Cash Flows Statement referred to in our report of even date. Reconciliation of liabilities arising from Financing Activities pursuant to Ind AS 7- Statement of Cash Flows. Net Debt Recognition Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 a) Carrying amount of debt at the beginning of the year | 2,167,049.23 |
| b) Additional borrowings during the year | 357,101.49 |
| c) Repayments during the year | -20,023.84 |
| d) Other adjustments/settlements during the year | 0.00 |
| e) Transaction Cost adjustment | -211.74 |
| f) Unwinding of interest | 0.00 |
| g) Carrying amount of debt at the end of the year | 2,503,915.14 |
| (All amounts in ₹ lakh unless otherwise stated) Consolidated Statement of Changes in Unit Holder’s Equity for the year ended March 31, 2026 Consolidated Statement of Cash Flows for the year ended March 31, 2026 Cont. (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) (All amounts in ₹ lakh unless otherwise stated) Particulars Amount Balance as at April 1, 2024 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2025 | 0.10 |
| Changes in unit capital | 0.00 |
| Balance as at March 31, 2026 | 0.10 |
| Particulars Number of unit Amount Balance as at April 1, 2024 | 1,312,200,600.00 |
| Changes in unit capital | 624,650,000.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2025 | 1,936,850,600.00 |
| Changes in unit capital | 201,700,000.00 |
| Offer related expenses | 0.00 |
| Balance as at March 31, 2026 | 2,138,550,600.00 |
| Particulars Reserves and Surplus Items of Other Comprehensive Income Total Items that will not be reclassified to profit or loss Retained Earnings Remeasurement of Defined Benefit Obligation/ Plan Balance as at April 1, 2024 | -27,541.57 |
| Profit/ (Loss) for the year | 32,500.62 |
| Less: Distribution to unit holders^ Interest | 103,913.17 |
Rejected statements
| Statement | Scope | Columns | Reason | Source |
|---|---|---|---|---|
| BS | STANDALONE | 2023-09-30 | NO_LIABILITY_TOTAL | NHIT_d31d00b72d88 p5 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_d31d00b72d88 p10 | |
| BS | CONSOLIDATED | 2023-09-30 | NO_TOTAL_ASSETS | NHIT_d31d00b72d88 p17 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_d31d00b72d88 p22 | |
| NDCF | STANDALONE | NO_TOTALS | NHIT_d31d00b72d88 p23 | |
| TR | STANDALONE | NO_TOTALS | NHIT_740fb3df3281 p28 | |
| TR | CONSOLIDATED | 2022-03-31 | NO_TOTALS | NHIT_740fb3df3281 p33 |
| TR | STANDALONE | NO_TOTALS | NHIT_740fb3df3281 p45 | |
| BS | STANDALONE | NO_TOTAL_ASSETS | NHIT_740fb3df3281 p53 | |
| BS | CONSOLIDATED | NO_TOTAL_ASSETS | NHIT_740fb3df3281 p97 | |
| PL | CONSOLIDATED | NO_TOTALS | NHIT_740fb3df3281 p98 | |
| BS | STANDALONE | 2023-06-30, 2023-03-31 | NO_LIABILITY_TOTAL | NHIT_340484f72f0f p5 |
| CF | STANDALONE | 2023-06-30 | NO_TOTALS | NHIT_340484f72f0f p7 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_340484f72f0f p8 | |
| BS | CONSOLIDATED | 2023-06-30, 2023-03-31 | NO_LIABILITY_TOTAL | NHIT_340484f72f0f p15 |
| CF | CONSOLIDATED | 2023-06-30 | NO_TOTALS | NHIT_340484f72f0f p17 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_340484f72f0f p18 | |
| NDCF | STANDALONE | NO_TOTALS | NHIT_340484f72f0f p19 | |
| BS | STANDALONE | 2024-06-30 | NO_LIABILITY_TOTAL | NHIT_e4c7633283d5 p5 |
| CF | STANDALONE | 2024-06-30 | NO_TOTALS | NHIT_e4c7633283d5 p8 |
| NDCF | UNSTATED | 2024-06-30 | NO_TOTALS | NHIT_e4c7633283d5 p10 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_e4c7633283d5 p17 | |
| BS | CONSOLIDATED | 2024-06-30 | NO_LIABILITY_TOTAL | NHIT_e4c7633283d5 p20 |
| CF | CONSOLIDATED | 2024-06-30 | TOTAL_DOES_NOT_TIE:opening+flows!=closing | NHIT_e4c7633283d5 p23 |
| NDCF | UNSTATED | 2024-06-30 | NO_TOTALS | NHIT_e4c7633283d5 p24 |
| NDCF | UNSTATED | 2024-06-30 | NO_TOTALS | NHIT_e4c7633283d5 p25 |
| NDCF | UNSTATED | 2024-06-30 | NO_TOTALS | NHIT_e4c7633283d5 p26 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_e4c7633283d5 p35 | |
| NDCF | STANDALONE | NO_TOTALS | NHIT_e4c7633283d5 p36 | |
| NDCF | STANDALONE | NO_TOTALS | NHIT_e4c7633283d5 p37 | |
| NAV | UNSTATED | 2025-03-31 | NO_TOTALS | NHIT_2cd3689d83df p124 |
| TR | UNSTATED | NO_TOTALS | NHIT_2cd3689d83df p124 | |
| NAV | UNSTATED | 2025-03-31 | NO_TOTALS | NHIT_2cd3689d83df p125 |
| TR | UNSTATED | 2025-03-31 | NO_TOTALS | NHIT_2cd3689d83df p125 |
| NAV | STANDALONE | 2025-03-31, 2024-03-31 | NO_TOTALS | NHIT_2cd3689d83df p130 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_2cd3689d83df p131 | |
| NAV | CONSOLIDATED | 2025-03-31, 2025-03-31 | NO_TOTALS | NHIT_2cd3689d83df p153 |
| TR | CONSOLIDATED | NO_TOTALS | NHIT_2cd3689d83df p153 | |
| NAV | CONSOLIDATED | 2025-03-31, 2024-03-31 | NO_TOTALS | NHIT_2cd3689d83df p158 |
| NDCF | UNSTATED | NO_TOTALS | NHIT_2cd3689d83df p160 | |
| NDCF | UNSTATED | NO_TOTALS | NHIT_2cd3689d83df p161 | |
| BS | STANDALONE | 2023-09-30 | NO_LIABILITY_TOTAL | NHIT_5ab4e1888f9d p281 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_5ab4e1888f9d p286 | |
| BS | CONSOLIDATED | 2023-09-30 | NO_TOTAL_ASSETS | NHIT_5ab4e1888f9d p293 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_5ab4e1888f9d p298 | |
| NDCF | STANDALONE | NO_TOTALS | NHIT_5ab4e1888f9d p299 | |
| NAV | UNSTATED | 2022-03-31 | NO_TOTALS | NHIT_b94fcffe914f p47 |
| TR | UNSTATED | NO_TOTALS | NHIT_b94fcffe914f p47 | |
| NAV | CONSOLIDATED | 2022-03-31 | NO_TOTALS | NHIT_b94fcffe914f p73 |
| TR | CONSOLIDATED | NO_TOTALS | NHIT_b94fcffe914f p73 | |
| NDCF | STANDALONE | NO_TOTALS | NHIT_b94fcffe914f p79 | |
| NDCF | UNSTATED | NO_TOTALS | NHIT_b94fcffe914f p103 | |
| NAV | UNSTATED | 2023-03-31 | NO_TOTALS | NHIT_90c57c919765 p63 |
| TR | UNSTATED | NO_TOTALS | NHIT_90c57c919765 p63 | |
| CF | STANDALONE | PERIOD_NOT_ATTRIBUTABLE | NHIT_90c57c919765 p67 | |
| NDCF | STANDALONE | 2023-03-31 | NO_TOTALS | NHIT_90c57c919765 p69 |
| NDCF | UNSTATED | NO_TOTALS | NHIT_90c57c919765 p78 | |
| NAV | CONSOLIDATED | 2023-03-31 | NO_TOTALS | NHIT_90c57c919765 p92 |
| TR | CONSOLIDATED | NO_TOTALS | NHIT_90c57c919765 p92 | |
| BS | CONSOLIDATED | 2023-03-31 | NO_LIABILITY_TOTAL | NHIT_90c57c919765 p94 |
| NAV | CONSOLIDATED | 2023-03-31, 2022-03-31 | NO_TOTALS | NHIT_90c57c919765 p98 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_90c57c919765 p99 | |
| NAV | UNSTATED | 2024-03-31, 2024-03-31 | NO_TOTALS | NHIT_f973e7872fbe p52 |
| TR | UNSTATED | NO_TOTALS | NHIT_f973e7872fbe p52 | |
| NAV | STANDALONE | 2024-03-31, 2023-03-31 | NO_TOTALS | NHIT_f973e7872fbe p58 |
| NDCF | UNSTATED | 2024-03-31, 2023-03-31 | NO_TOTALS | NHIT_f973e7872fbe p65 |
| NAV | CONSOLIDATED | 2024-03-31, 2024-03-31 | NO_TOTALS | NHIT_f973e7872fbe p79 |
| TR | CONSOLIDATED | NO_TOTALS | NHIT_f973e7872fbe p79 | |
| NAV | CONSOLIDATED | 2024-03-31, 2023-03-31 | NO_TOTALS | NHIT_f973e7872fbe p84 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_f973e7872fbe p86 | |
| NDCF | STANDALONE | NO_TOTALS | NHIT_f973e7872fbe p87 | |
| NAV | UNSTATED | 2025-03-31 | NO_TOTALS | NHIT_671bb8f90d43 p106 |
| TR | UNSTATED | NO_TOTALS | NHIT_671bb8f90d43 p106 | |
| NAV | UNSTATED | 2025-03-31 | NO_TOTALS | NHIT_671bb8f90d43 p107 |
| TR | UNSTATED | 2025-03-31 | NO_TOTALS | NHIT_671bb8f90d43 p107 |
| NAV | STANDALONE | 2025-03-31, 2024-03-31 | NO_TOTALS | NHIT_671bb8f90d43 p112 |
| NDCF | STANDALONE | NO_TOTALS | NHIT_671bb8f90d43 p113 | |
| NAV | CONSOLIDATED | 2025-03-31, 2025-03-31 | NO_TOTALS | NHIT_671bb8f90d43 p135 |
| TR | CONSOLIDATED | NO_TOTALS | NHIT_671bb8f90d43 p135 | |
| NAV | CONSOLIDATED | 2025-03-31, 2024-03-31 | NO_TOTALS | NHIT_671bb8f90d43 p140 |
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; 34 valuation report(s) on disk.
Distributions
| Period end | DPU ₹ | Basis | Record date | Payment date | Total (₹ mn) | Source |
|---|---|---|---|---|---|---|
| 2022-06-30 | 1.75 | STATED_NO_PERIOD_IN_SENTENCE | 2022-08-16 | 2022-08-27 | not stated | open PDF at page |
| 2022-12-31 | 1.41 | STATED | 2023-02-16 | — | not stated | open PDF at page |
| 2023-03-31 | 1.60 | STATED | 2023-05-24 | — | not stated | open PDF at page |
| 2023-06-30 | 1.75 | STATED | 2023-08-11 | — | not stated | open PDF at page |
| 2023-09-30 | 1.82 | STATED | 2023-11-10 | — | not stated | open PDF at page |
| 2023-12-31 | 1.70 | STATED | 2024-02-06 | — | not stated | open PDF at page |
| 2024-03-31 | 0.70 | STATED | 2024-05-29 | — | not stated | open PDF at page |
| 2024-05-31 | 0.70 | STATED | 2024-05-29 | — | not stated | open PDF at page |
| 2024-06-30 | 1.80 | STATED | 2024-08-16 | — | not stated | open PDF at page |
| 2024-09-30 | 1.83 | STATED | 2024-11-15 | — | not stated | open PDF at page |
| 2024-12-31 | 1.99 | STATED | 2025-02-10 | — | not stated | open PDF at page |
| 2025-06-30 | 2.98 | STATED | 2025-08-19 | — | not stated | open PDF at page |
| 2025-12-31 | 2.74 | STATED | 2026-01-30 | — | not stated | open PDF at page |
| 2026-06-30 | 3.19 | STATED | 2026-08-12 | — | not stated | open PDF at page |
Assets
Project/property tables (concession length, remaining life, availability, MW) are not extracted in this release; 34 valuation reports and 15 decks are on disk under Documents.
Earnings calls
7 usable call document(s); 2 document(s) on file are not transcripts.
| Kind | Filing date | File |
|---|---|---|
| TRANSCRIPT | — | IR_10%20March%202025_Transcript%20of%20E |
| TRANSCRIPT | — | IR_12.%20National%20Highways%20Infra%20T |
| UNRESOLVED | — | IR_13.%20National%20HighwaysInfra%20Trus |
| UNRESOLVED | — | IR_18.%20Transcript%20file%202nd%20Annua |
| TRANSCRIPT | — | IR_24.%20National%20Highways%20Infra%20T |
| TRANSCRIPT | — | IR_29th%20July%202024%20Transcript_AM_NH |
| TRANSCRIPT | — | IR_NATIONAL%20HIGHWAY%20INFRA%20TRUST%20 |
| TRANSCRIPT | — | IR_Transcript%20of%206th%20EOM%20NHIT.pd |
| TRANSCRIPT | — | IR_Transcript%20of%20the%205th%20AM%20of |
Debt
Borrowings schedule not extracted in this release; the balance sheet lines above carry total borrowings where a statement was accepted.
Unitholding
18 unitholding filings on disk (not parsed in this release).
Documents
| Class | Kind | Filing date | File | SHA-256 |
|---|---|---|---|---|
| ANNUAL_REPORT | — | 8161e149-1426-4075-a999-f709ba167c8f.pdf | b94fcffe914fed50… | |
| ANNUAL_REPORT | — | 8e8cb2c5-d819-408a-9938-7d909808908e.pdf | 90c57c91976563c8… | |
| ANNUAL_REPORT | — | bf1990ec-d846-4981-9b68-3d5c92c1bf4a.pdf | 802edc2371ff4b08… | |
| ANNUAL_REPORT | — | fa5001b3-2c9a-4e17-ab03-a7f950b4d3bb.pdf | c02b3d8a3887656a… | |
| ANNUAL_REPORT | — | IR_12.%20Annual%20Return%20National%20Hi | d51e4e2b6afdb039… | |
| ANNUAL_REPORT | — | IR_15.%20Notice%20of%20Second%20Annual%2 | 8d7e8e16b267ba94… | |
| ANNUAL_REPORT | — | IR_16.%20Proceedings%20of%20the%20Second | 5dec7a47778dbc95… | |
| ANNUAL_REPORT | — | IR_17.%20Scrutinizer%20Report%20on%20rem | b25940152b587eee… | |
| ANNUAL_REPORT | — | IR_20.%20Annual%20Return%20National%20Hi | d7c218e0549f1cde… | |
| ANNUAL_REPORT | — | IR_27%20May%202024%20Annual%20Secretaria | 7e3eadae5e4303fb… | |
| ANNUAL_REPORT | — | IR_28th%20May%202025_Annual%20Secretaria | 724439cbf2388f30… | |
| ANNUAL_REPORT | — | IR_6%20July%202024%20Notice%20of%203rd%2 | fa2c363a7a938240… | |
| ANNUAL_REPORT | — | IR_61%20Compliances-Reg24(A)-Annual%20Se | 0fdb07d435ffb376… | |
| ANNUAL_REPORT | — | IR_Annual%20Secretarial%20Compliance%20R | def79d50004989f6… | |
| ANNUAL_REPORT | — | IR_Annual_Report_2023_24.pdf | f973e7872fbe5949… | |
| ANNUAL_REPORT | — | IR_NHIT%20Annual%20Report%202024-2025_28 | 671bb8f90d4339d1… | |
| ANNUAL_REPORT | — | IR_NHIT_Annual%20Report%20FY%202025-26.p | e3f4ef047898465a… | |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_10%20March%202025_Transcript%20of%20E | 5e8b0bb6f9c04914… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_12.%20National%20Highways%20Infra%20T | b4d3711396fc19f8… |
| CONCALL_TRANSCRIPT | UNRESOLVED | — | IR_13.%20National%20HighwaysInfra%20Trus | 4bd053155fa75626… |
| CONCALL_TRANSCRIPT | UNRESOLVED | — | IR_18.%20Transcript%20file%202nd%20Annua | 2ab4a4c782a4c32f… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_24.%20National%20Highways%20Infra%20T | fa90bdc539c2ef95… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_29th%20July%202024%20Transcript_AM_NH | 26711f3bcce5bd46… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_NATIONAL%20HIGHWAY%20INFRA%20TRUST%20 | 2e7e197ec8b9e75f… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Transcript%20of%206th%20EOM%20NHIT.pd | f430e6663f0712cd… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Transcript%20of%20the%205th%20AM%20of | d44a9aa2ddc5e52f… |
| DISTRIBUTION_NDCF | — | 01cfb2cd-7c8b-44d4-ad2e-88bdeacc7645.pdf | f94c1b708178dc54… | |
| DISTRIBUTION_NDCF | — | 06e6e3dc-574c-408c-8088-a7f4afdcaa78.pdf | 42a13219bbb1868b… | |
| DISTRIBUTION_NDCF | — | 0caf700b-6e25-4b82-b558-a7ae39087dc5.pdf | 8523d5cdf61abb6d… | |
| DISTRIBUTION_NDCF | — | 1a46d3d9-23db-49d5-a870-596e5dccb99d.pdf | 113b861839fc78c5… | |
| DISTRIBUTION_NDCF | — | 1d716714-cb32-4690-9341-6773f9f05edb.pdf | 0e6c4688f8a0bfe2… | |
| DISTRIBUTION_NDCF | — | 2066723f-53c4-4db6-afa6-d47391c65070.pdf | 91ef0a7541df0421… | |
| DISTRIBUTION_NDCF | — | 25db6e4a-b4f2-46e0-be86-f38af4bc1d0c.pdf | 899f9ff5cdbfcc6b… | |
| DISTRIBUTION_NDCF | — | 2c92161b-c2c0-483a-91fa-cfa84c848655.pdf | c0249a557e4bf769… | |
| DISTRIBUTION_NDCF | — | 34cbbf9a-9a32-43de-b221-6d534d6f591b.pdf | dbb198d1db4f673c… | |
| DISTRIBUTION_NDCF | — | 46d7883f-ecbc-4d3b-9058-5be896cbb7de.pdf | be88b45b866d11ce… | |
| DISTRIBUTION_NDCF | — | 46f8f80e-4d28-43d5-8db9-2d477d9dc39e.pdf | cd569e9a9512d1d5… | |
| DISTRIBUTION_NDCF | — | 5e4cc33a-383c-4745-9aef-8111c62c7e32.pdf | 2b8d33b472e4f84e… | |
| DISTRIBUTION_NDCF | — | 65365dee-f56f-40a6-8ca6-41d1e3d04cb4.pdf | 923896072b866e9d… | |
| DISTRIBUTION_NDCF | — | 6b6138d1-6f66-4a4c-8d48-344216c96171.pdf | 14ecfde1f8419aeb… | |
| DISTRIBUTION_NDCF | — | 7c6ac72f-6693-4d0c-8fa1-0402bf73e9ca.pdf | 05d29b2ceb159280… | |
| DISTRIBUTION_NDCF | — | 80e77347-18e1-4cab-9c1b-ca03e9048775.pdf | d38b1afcc8bea8b8… | |
| DISTRIBUTION_NDCF | — | a4bec4e3-bead-40a6-9a13-66622d8c9a89.pdf | f1c62f743fe0b6ce… | |
| DISTRIBUTION_NDCF | — | b9818741-f701-42b6-ba19-534e82834584.pdf | c11b7fa94abc8cfb… | |
| DISTRIBUTION_NDCF | — | ccf00023-9e28-4bb1-a90e-9ba7cc877a7f.pdf | c18b8949ea6e191a… | |
| DISTRIBUTION_NDCF | — | d60f5044-93e4-4ba2-9457-14eefa3bfdc3.pdf | 58bbadb806ba24bb… | |
| DISTRIBUTION_NDCF | — | e5e18785-5481-489d-8d7f-fdccb4c12f9d.pdf | 82e3daeb14072b87… | |
| DISTRIBUTION_NDCF | — | fc57272d-9e6a-461c-9d69-fdf260dcb982.pdf | de2a7094e8e68047… | |
| DISTRIBUTION_NDCF | — | IR_1.5%20Distribution%20Policy%201308202 | ff0cf6b7c9e824c3… | |
| DISTRIBUTION_NDCF | — | IR_14%20February%202024%20Payment%20of%2 | c5bc0e4ef8122438… | |
| DISTRIBUTION_NDCF | — | IR_14th%20February%202025%20Payment%20of | 841df23625af4d1e… | |
| DISTRIBUTION_NDCF | — | IR_15%20March%202024%20Payment%20of%20Di | 7a122bc791889186… | |
| DISTRIBUTION_NDCF | — | IR_21%20March%202025_Payment%20of%20Dist | 44ea3b9ed671b128… | |
| DISTRIBUTION_NDCF | — | IR_21st%20November%202024_Payment%20of%2 | 722d3c8c023e4106… | |
| DISTRIBUTION_NDCF | — | IR_5th%20June%20205_Payment%20of%20Distr | 0e8c369fc7e2fa99… | |
| DISTRIBUTION_NDCF | — | IR_6%20Intimation%20to%20Stock%20Exchang | 664a91b08708840b… | |
| DISTRIBUTION_NDCF | — | IR_6%20June%202024%20Intimation%20for%20 | e242d97b8cf32455… | |
| DISTRIBUTION_NDCF | — | IR_89%20Payment%20of%20Distribution%20to | ce5aeada051fc2f6… | |
| DISTRIBUTION_NDCF | — | IR_Distribution%20Dec%202025.pdf | b9caeb2100d816d5… | |
| DISTRIBUTION_NDCF | — | IR_Distribution%20June%202026.pdf | 2177711ad9a6c46d… | |
| DISTRIBUTION_NDCF | — | IR_Intimation%20of%20Payment%20of%20Dist | 5d27b2d264bd3e9e… | |
| DISTRIBUTION_NDCF | — | IR_Payment%20of%20Distribution%20Jan%202 | 07332075d69d4d5c… | |
| DRHP_OFFER_DOC | 2022-08-08 | dfcadf69-3402-4063-9f97-90a1a58a22f8.pdf | db23c59e3c1ee3bd… | |
| DRHP_OFFER_DOC | 2022-08-26 | affccf6b-9fbf-4640-a4af-abfacee6e6ad.pdf | 06a937f64490b76a… | |
| DRHP_OFFER_DOC | 2022-09-27 | ea73dd2c-f3a6-4423-9de4-1e95418208f7.pdf | 6b0bb345d9e2db44… | |
| DRHP_OFFER_DOC | 2022-10-04 | 923eb539-0208-4630-9ebe-f6d5dcd42098.pdf | fe42193437cdaada… | |
| DRHP_OFFER_DOC | 2022-10-14 | 897b49d6-bbdd-48f3-864b-43aa4b42a44a.pdf | 9a7b67ced1d95443… | |
| DRHP_OFFER_DOC | 2023-02-16 | 216ed926-ad2a-4fad-8831-b71caf44a402.pdf | 30c4ae312cfa68e8… | |
| DRHP_OFFER_DOC | 2023-05-16 | b3620307-2444-48c7-b7fb-c9418a5a36ca.pdf | 216ebf2f9c6f9d43… | |
| FINANCIAL_RESULTS | — | 00656cfb-dc2e-4378-93fd-85ea53454617.pdf | e742fc0974cdd810… | |
| FINANCIAL_RESULTS | — | 225588c7-ee09-4f77-b6b1-43a5a6e48ca5.pdf | d31d00b72d882eaf… | |
| FINANCIAL_RESULTS | — | 5623fd09-4d2e-4161-8c04-dbde9643fabe.pdf | 740fb3df32817b6a… | |
| FINANCIAL_RESULTS | — | b520e221-0e88-4b21-8a08-a71faaecaed0.pdf | 2cd3689d83dff61b… | |
| FINANCIAL_RESULTS | — | b685c433-0abf-49f5-bd49-4d926108c026.pdf | 96c4cf55df47a49f… | |
| FINANCIAL_RESULTS | — | d8e36aae-3b24-487f-ad93-1a78db4950f2.pdf | 5ab4e1888f9d062c… | |
| FINANCIAL_RESULTS | — | IR_06%20February%202025%20Newspaper%20pu | 5f7f042fac260573… | |
| FINANCIAL_RESULTS | — | IR_103%20Newspaper%20publication%20of%20 | 8bb05b6163dd0a8a… | |
| FINANCIAL_RESULTS | — | IR_11.%20Financials%20for%20the%20quarte | 340484f72f0f836f… | |
| FINANCIAL_RESULTS | — | IR_12.%20Newspaper%20publication%20of%20 | ce31ae039d7bc752… | |
| FINANCIAL_RESULTS | — | IR_12th%20Aug%202024_Outcome%20of%20BM%2 | e4c7633283d53193… | |
| FINANCIAL_RESULTS | — | IR_13%20February%202025%20Newspaper%20pu | a7cb61ea2508c707… | |
| FINANCIAL_RESULTS | — | IR_13%20November%202024%20Newspaper%20pu | 9a3ad5586b95e88d… | |
| FINANCIAL_RESULTS | — | IR_13th%20August%202024%20Newspaper%20pu | fbda7e0852d14b2b… | |
| FINANCIAL_RESULTS | — | IR_28%20May%202024%20Newspaper%20publica | e7f63474996a8225… | |
| FINANCIAL_RESULTS | — | IR_84%20Newspaper%20publication%20of%20U | 06ba8a78d6cad332… | |
| FINANCIAL_RESULTS | — | IR_Newspaper%20Publication%20of%20Un-aud | a4843d9c60e84304… | |
| INVESTOR_DECK | — | IR_13th%20August%202024%20Investor%20Pre | 807f9c6fd5861593… | |
| INVESTOR_DECK | — | IR_18%20February%202025%20Investor%20Pre | e9f52b9034260755… | |
| INVESTOR_DECK | — | IR_22%20February%202025%20Investor%20Pre | 8f435aab0a2ab4a5… | |
| INVESTOR_DECK | — | IR_28%20May%202024%20Investor%20Presenta | 7ecb9df2a74ed4cd… | |
| INVESTOR_DECK | — | IR_3.%20Investor%20Presentation%20Sep%20 | 32f990f35786fe7f… | |
| INVESTOR_DECK | — | IR_5%20June%202025_Investor%20Presentati | e5ac3e860cc723df… | |
| INVESTOR_DECK | — | IR_71%20NHIT_Q1%20FY2024_Investor%20Pres | 2b0f51790b150116… | |
| INVESTOR_DECK | — | IR_87%20Investor%20Presentation%20in%20Q | d1e6d58050d01f63… | |
| INVESTOR_DECK | — | IR_Investor%20Presentation%20Dec%202025. | ccd6571f3d5a96e1… | |
| INVESTOR_DECK | — | IR_Investor%20Presentation%20F.pdf | 6ee9165fe97501c9… | |
| INVESTOR_DECK | — | IR_Investor%20Presentation%20June%202026 | da8176d700cfc2e8… | |
| INVESTOR_DECK | — | IR_Investor%20Presentation_NHIT_Qtr%20en | d4728026c5046e1b… | |
| INVESTOR_DECK | — | IR_NHIT%20Presentation.pdf | 963e276ae0107737… | |
| INVESTOR_DECK | 2022-05-25 | 4de95998-ca8c-45eb-bd73-517df6ac1384.pdf | 27495a090f03a11a… | |
| INVESTOR_DECK | 2023-08-14 | 77db3e40-e138-4632-93fd-7b603d2162e7.pdf | 04e50f42d519dea2… | |
| SHAREHOLDING_PATTERN | — | 1e4d947d-716c-4d54-ac74-f1955567f1f5.pdf | 3ad450d03e951c28… | |
| SHAREHOLDING_PATTERN | — | 52dd3702-2d83-4e9f-b501-21cd06c09427.pdf | c0f363720c50c0a8… | |
| SHAREHOLDING_PATTERN | — | 5a8c54a8-ce9f-4956-8cc3-a485a5e6a21a.pdf | 14fa89eba212517e… | |
| SHAREHOLDING_PATTERN | — | 5e9fdf7f-49f1-4354-898d-f629a9bdae25.pdf | 2b9c4d6771d8a351… | |
| SHAREHOLDING_PATTERN | — | 638082e1-6e4c-4629-9dec-5d6dc1335371.pdf | 19c4b381da59d890… | |
| SHAREHOLDING_PATTERN | — | 68713b83-1b88-4657-a356-1cb2a31d3cfa.pdf | a197106dcab52bc7… | |
| SHAREHOLDING_PATTERN | — | 712f5963-1e0e-4103-bbc7-629f85103806.pdf | 9ef145207d59e1f4… | |
| SHAREHOLDING_PATTERN | — | 7d0f229b-b116-4ebf-9564-6d5221db0a6a.pdf | 01feba2bf2909d8f… | |
| SHAREHOLDING_PATTERN | — | 7f73a406-7859-4503-b74d-1cc20a17f5e9.pdf | 33b197bcaffd1947… | |
| SHAREHOLDING_PATTERN | — | 8ae608ea-86a9-4fa2-99d8-d6c3a9a87f77.pdf | ff3ac4f907e26f94… | |
| SHAREHOLDING_PATTERN | — | 8e7a4454-d970-46d1-a59f-4a1162040d35.pdf | eef24f5641fd05e6… | |
| SHAREHOLDING_PATTERN | — | 9d509420-5062-41a3-a14f-1e1874db7136.pdf | 69c07cc88a10d52a… | |
| SHAREHOLDING_PATTERN | — | a4e85a39-1c23-44fb-985d-22e5398bff61.pdf | 8420d15a83a1684e… | |
| SHAREHOLDING_PATTERN | — | e6e7b089-0899-4e68-a976-47a6196355d1.pdf | 701cf460454e03d7… | |
| SHAREHOLDING_PATTERN | — | e74804e1-bd3c-45a0-b467-dd84438080fd.pdf | e05fa7cd7d82e429… | |
| SHAREHOLDING_PATTERN | — | e755a191-4bf8-4fd5-86eb-781c07f40299.pdf | 721f8e45db97f8d0… | |
| SHAREHOLDING_PATTERN | — | e9a81f7c-2ef5-4490-9277-97da44624c71.pdf | 5cca23dda1e3c087… | |
| SHAREHOLDING_PATTERN | — | eb6341b3-742c-4fdf-95d5-b4cfb80c558b.pdf | e8ef73850c9220a8… | |
| VALUATION_REPORT | — | IR_07%20October%202023_Enterprise%20and% | 7a2c98296781ff75… | |
| VALUATION_REPORT | — | IR_09%20February%202024_Enterprise%20and | 266d531cae7f53de… | |
| VALUATION_REPORT | — | IR_09%20February%202024_Enterprise%20Val | 4e8ced25c9b6c684… | |
| VALUATION_REPORT | — | IR_10%20March%202023_Enterprise%20and%20 | a274ca9bdb96dc59… | |
| VALUATION_REPORT | — | IR_10%20November%202023_Enterprise%20and | 8be26d02555103e8… | |
| VALUATION_REPORT | — | IR_14%20Executive%20Summary%20-%20Round% | e1729c067c070548… | |
| VALUATION_REPORT | — | IR_15%20Executive%20Summary%20-%20Round% | 2fb0633414ec3ef9… | |
| VALUATION_REPORT | — | IR_19%20February%202025%20Valuation%20Re | 9590598b184a71e9… | |
| VALUATION_REPORT | — | IR_22%20December%202022_Enterprise%20and | c39099aa898b3fa3… | |
| VALUATION_REPORT | — | IR_22%20May%202023_Addendum%20to%20Enter | c668e50f580caad5… | |
| VALUATION_REPORT | — | IR_26%20May%202023_Enterprise%20and%20Eq | cc2173e9a292b872… | |
| VALUATION_REPORT | — | IR_28%20February%202025_Valuation%20Repo | 077213ab3bef99a8… | |
| VALUATION_REPORT | — | IR_30%20August%202022_Enterprise%20and%2 | 3a0c1cc9568ffc0a… | |
| VALUATION_REPORT | — | IR_30%20August%202022_Enterprise%20Valua | 4bd312802f379e36… | |
| VALUATION_REPORT | — | IR_30%20May%202022_Enterprise%20and%20Eq | 59b0ae10238033bc… | |
| VALUATION_REPORT | — | IR_31%20March%202021_Enterprise%20Valuat | ac2ce9743c613cd1… | |
| VALUATION_REPORT | — | IR_5%20April%202025_Amendment%20to%20Val | 81c1c15066177992… | |
| VALUATION_REPORT | — | IR_7%20Intimation%20to%20Stock%20Exchang | 1f9566f890c24fd3… | |
| VALUATION_REPORT | — | IR_Addendum%20to%20Valuation%20Report.pd | dfa859738667b20d… | |
| VALUATION_REPORT | — | IR_Intimation%20for%20Valuation%20Round- | ef15679a524bc045… | |
| VALUATION_REPORT | — | IR_Valuation%20Report%20F_08_08_26.pdf | 6df526244e98e9ea… | |
| VALUATION_REPORT | — | IR_Valuation%20Report%20Round%205.pdf | ccfcaf3f5760efe5… | |
| VALUATION_REPORT | — | IR_Valuation%20report_final.pdf | 58e4730b206dfa9d… | |
| VALUATION_REPORT | 2022-06-01 | de30cf53-6e35-4058-8ce0-c92f93787331.pdf | 11faef0f74b8a1c7… | |
| VALUATION_REPORT | 2022-07-05 | 548e1e30-7387-41a2-a7e8-1f18866e90dd.pdf | 712943b5af2db5de… | |
| VALUATION_REPORT | 2022-08-30 | 84d382d0-c6f1-4822-a146-90a273e095f0.pdf | f8c83b3db7a40fee… | |
| VALUATION_REPORT | 2022-09-02 | 1e0915f1-a78c-43f9-aabf-2ef6b154642c.pdf | 329bea246fe0494c… | |
| VALUATION_REPORT | 2022-12-08 | dd75f5f0-2063-4edf-8ae4-13343b16a80e.pdf | 8739a1069c19dd52… | |
| VALUATION_REPORT | 2023-02-04 | 5310b5e4-ed1a-4d2e-885c-41c82c46eab4.pdf | 08d7ecf7571a64da… | |
| VALUATION_REPORT | 2023-02-20 | 350dbb29-23b3-49db-b023-b58c80bea44e.pdf | df435879fb28650e… | |
| VALUATION_REPORT | 2023-06-07 | b2df93f0-ed9a-4eac-b213-44e1c1b9bd3e.pdf | fcacd924473803af… | |
| VALUATION_REPORT | 2024-06-06 | e865d807-788f-4537-b201-163f0cd8ca37.pdf | d069e0434f9f5e64… | |
| VALUATION_REPORT | 2025-05-30 | dac4831f-180f-40ce-bf61-645540a783fb.pdf | 21f6057f9bada464… | |
| VALUATION_REPORT | 2026-05-13 | f5251131-382f-4468-b8fd-2aca08483839.pdf | 9bc19fb9871cfd4b… |