Cube Highways Trust Declares Robust H1 Performance
FinTech BizNews Service
Mumbai, November 15, 2023: Cube Highways Trust (“Cube InvIT”) [BSE/NSE: CUBEINVIT], managed by Cube Highways Fund Advisors Pvt. Ltd., has announced its results for the half year ended September 30, 2023. The total consolidated income for the half year stood at Rs.15,151.66mn, while the consolidated EBITDA for the period was Rs.9,182.49mn.
The Board of the Investment Manager has declared a Distribution Per Unit (“DPU”) of Rs.2.00 to ordinary unitholders for the second quarter (Q2) of FY 2023-24.
Pankaj Vasani, Group CFO of Cube InvIT, stated: “We are pleased that the positive momentum continues and Q2 distribution is on track. The DPU comprises Rs.1.98 per ordinary unit as interest and Rs.0.02 per unit as treasury income. The record date for the distribution is November 16, 2023, and the distribution payment will be made on or before November 28, 2023."
The InvIT had issued 129,03,46,112 ordinary units, and consequently, a total amount of Rs.2,580.69mn will be distributed to the ordinary unitholders.
Vinay Sekar, CEO of Cube InvIT, said, "We are pleased to report robust traffic and operational performance for the half year and consequently the NAV of Ordinary Units, including achievable reclassified Subordinate Units – a distinctive and unique capital structure of Cube InvIT - has increased by 15.5% to Rs.115.51/unit.”
As of 30 September 2023, the portfolio valuation also increased to a total Asset under Management of Rs.244.44bn.
About Cube Highways Trust
Cube Highways Trust (“Cube InvIT") is an irrevocable Trust set up under the Indian Trusts Act, 1882 and registered with the Securities Exchange Board of India (SEBI) as an Infrastructure Investment Trust. It is backed by a diversified investor base, including: (a) I Squared Capital; (b) a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA); (c) British Columbia Investment Management Corporation; (d) Abu Dhabi’s sovereign investor Mubadala Investment Company; (e) International Financial Corporation, and (f) Japan Highways International BV.
Cube Highways Trust is engaged in implementing the public-private partnership (“PPP”) model in the country’s highways sector to operate and manage highway projects in association with the central and state governments.
