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Infrastructure India (IIP)

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Tuesday 29 September, 2020

Infrastructure India

Notice of Results and Pre-Close Statement

RNS Number : 4756A
Infrastructure India plc
29 September 2020
 

29 September 2020

 

 

Infrastructure India plc

("IIP", the "Company and together with its subsidiaries the "Group")

 

Notice of Results

Pre-close Statement

 

Infrastructure India plc, the infrastructure fund investing directly into assets in India, provides the following update ahead of release of the Company's final results for the year ended 31 March 2020 in October 2020.

Subject to audit, the board of IIP (the "Board") is currently expecting to announce IIP net asset value per ordinary share of approximately £0.19 as at 31 March 2020 and gross Group cash resources as at the same date of £38.3 million.

Movement in the value of the Company's investments as at 31 March 2020 has been driven by favourable changes in the Indian tax regime and a decrease in the yield of benchmark Indian government 10-year bonds, which serves as the risk-free rate in asset valuations. These positive valuation impacts were offset by a weakening of the Indian Rupee against Sterling towards the end of the period and by revisions, as a result of the impact of COVID-19, to business assumptions and completion schedules on both construction and operations at IIP's largest asset, Distribution Logistics Infrastructure Limited ("DLI"). Net asset value as at 31 March 2020 will also reflect the accrual of interest on the Company's debt facilities.

Further to the Company's announcement of 17 August 2020, the impact of COVID-19 is continuing to depress Indian markets. Against this backdrop, DLI is making modest progress, with the Private Freight Terminal at DLI's Bangalore facility receiving regulatory approval to commence operations. The timing of these operations is now dependent on when customers are able to complete site inspections and further approvals are required for export-import operations at the site. Works at DLI's Palwal and Chennai terminals remain on  hold due to local restrictions while the Nagpur terminal has continued to operate throughout the period, including lockdown. The logistics sector remains very competitive for freight transport, and low volumes will likely persist into 2021 while imports remain static. IIP's small hydro and wind assets are performing as expected in the current climate, with power demand from state offtakers resilient and commercial customers showing gradual recovery in line with industrial activity.

The Board looks forward to updating shareholders next month with the release of IIP's final results for the year ended 31 March 2020.

 

 

Enquiries:

 

Infrastructure India plc 

Sonny Lulla 

 

 

www.iiplc.com

Via Novella

 

 

 

Cenkos Securities plc

Nominated Adviser & Joint Broker

Ben Jeynes / Katy Birkin

 

+44 (0) 20 7397 8900

 

 

 

 

Nplus1 Singer Advisory LLP

Joint Broker

James Maxwell - Corporate Finance

James Waterlow - Investment Fund Sales

 

+44 (0) 20 7496 3000

Novella

+44 (0) 20 3151 7008

Financial PR

 

Tim Robertson / Fergus Young

 

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

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