Infrastructure India has published its results for the year ended 31 March 2015. Over this period the net asset value fell from 62p to 55p despite by strengthening of the Indian Rupee against Sterling at the end of the fiscal year, a decrease in the yield of the Indian 10 year bond, which serves as the risk-free rate in asset valuations.
Within the portfolio Distribution Logistics Infrastructure Limited (formerly Vikram) commenced domestic and export-import operations at its Nagpur terminal facility in July 2014 and December 2014 respectively, and commenced a regular container rail service to and from the terminal. They made a £41m investment in DLI during the year to fund construction, servicing of liabilities, and working capital. It restructured its debt, providing a moratorium on principal payments until January 2016, reducing the overall combined interest rate to 12% and extending tenor by 7 years.
India Hydropower Development Company’s Darna plant in Maharashtra, which suffered extensive damage in July 2014 has since re-commissioned two turbines and while civil work for the construction of the building is underway, IHDC is confident that discussions with insurers will result in recovery of losses incurred.
A delayed 2014 monsoon impacted production at IIP’s wind and small hydro projects, aside from which, they say both performed largely in-line with expectations.
There was no progress on the Shree Maheshwar Hydel Power Corporation Limited hydropower project.
IIP : Infrastructure India’s NAV falls