Maple Infrastructure Trust , a prominent player in India's toll road infrastructure sector, has released its financial results for the quarter ended June 30, revealing a mixed performance across its standalone and consolidated operations.

Standalone Performance

On a standalone basis, Maple Infrastructure Trust demonstrated strong financial health. The Trust reported a total income of ₹1,234.41 crore for Q1, with a significant profit after tax of ₹1,095.75 crore. This translated to an earnings per unit of ₹3.11.

Consolidated Results

However, the consolidated financial picture painted a different story. While the Trust's total consolidated income stood at ₹2,426.00 crore, it reported a loss after tax of ₹151.15 crore, resulting in a loss per unit of ₹0.43.

Key Financial Metrics

The Trust's consolidated financial statements revealed some important metrics:

Asset Portfolio and Borrowings

Maple Infrastructure Trust operates toll road assets in India through its subsidiaries, including NCR Eastern Peripheral Expressway Private Limited (NCREPE) and Shree Jagannath Expressways Private Limited (SJEPL). As of June 30, the Trust maintained total borrowings of ₹46,655.77 crore, with a net borrowing ratio of 40.60%.

Project Updates

The Trust's subsidiary, SJEPL, continues to face ongoing negotiations with the National Highways Authority of India (NHAI) regarding project completion delays. While SJEPL received a Provisional Completion Certificate for 56.88 km of the total 67 km project highway, the completion certificate for the remaining stretch is still pending. The Trust's management believes that the delay is not attributable to SJEPL and expects no significant liability to arise from this matter.

Distribution to Unitholders

No distribution was declared for the quarter ended June 30. This comes after a distribution of ₹2.14 per unit was paid to unitholders in May for the previous financial year.

Future Outlook

Maple Infrastructure Trust is poised for potential growth, having entered into transaction documents in October to acquire approximately 100% shareholding and economic interests in five projects of Ashoka Concessions Limited and its affiliates. These projects collectively span around 2,100 lane kilometers, subject to customary closing conditions and statutory clearances.

As Maple Infrastructure Trust navigates through the complexities of infrastructure development and management, stakeholders will be keenly watching how the Trust balances its growth ambitions with financial prudence in the coming quarters.

Maple Infrastructure Trust , a prominent player in the infrastructure sector, has made significant strides in its financial and operational landscape. The trust's investment manager has approved a substantial loan facility and successfully conducted its annual meeting, marking important milestones for the organization.

Loan Facility Approval

The investment manager of Maple Infrastructure Trust has given the green light for obtaining a secured rupee term loan facility of up to INR 3,750.00 crores. This facility will be sourced from banks and financial institutions and is intended to refinance existing and future SPV (Special Purpose Vehicle) debts. The trust noted that upon utilization, this facility would exceed 15% of its asset value, indicating a significant financial move for the organization.

Annual Meeting Highlights

Maple Infrastructure Trust held its 4th Annual Meeting of Unitholders via video conferencing. The meeting saw the participation of four unitholders and addressed several key agenda items:

1. Financial Statements Adoption: The audited standalone and consolidated financial statements, along with the auditor's reports and the trust's performance report, were considered and adopted.

2. Valuation Report Approval: The meeting approved and adopted the valuation report issued by BDO Valuation Advisory LLP for the trust's assets.

3. New Valuer Appointment: GT Valuation Advisors Private Limited was appointed as the valuer, with their remuneration to be fixed.

4. Statutory Auditor Re-appointment: S.R. Batliboi & Co. LLP, Chartered Accountants, were re-appointed as the statutory auditor for a term of 5 years.

Voting Results

The trust reported a high participation rate in the voting process, with 92.87% of unitholders casting their votes. Notably, all four resolutions received unanimous approval, with 100% of the votes in favor from participating unitholders.

The meeting, which commenced at 5:30 PM (IST), concluded at 6:00 PM (IST), including a 15-minute window for e-voting. Mr. Louis-Marie St-Maurice chaired the meeting, with key personnel including independent directors, the CEO, CFO, and company secretary in attendance.

These developments underscore Maple Infrastructure Trust's commitment to financial growth and corporate governance, positioning it for continued progress in the infrastructure sector.