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Infrastructure India PLC - investor in infrastructure assets in India's energy and transport sectors - For its financial year ended March 31, posts net asset value of GBP124.1 million, up from GBP106.0 million the year before but down from GBP149.1 million recorded at September 30, 2019.
NAV per share at March 31 was 18.2 pence, up year-on-year from 15.6p but down from 21.9p at September-end.
"The Covid-19 pandemic in India resulted in a national lockdown followed by localised restrictions which has had a material impact on all industrial activity in the country. This has understandably had a negative impact on trading for IIP's investee companies," said Chief Executive Sonny Lulla.
Looking ahead, he added: "It is likely that there will be ongoing volatility in all markets as demand, which is currently depressed, improves and container bottlenecks unwind. This has understandably had a negative impact on trading for IIP's investee companies. However, for IIP's assets, in particular DLI, the lower corporation tax and monetary initiatives announced by the Government of India will be beneficial for future cash flows which have helped underpin valuations."
No dividend was declared, unchanged from the year prior.
Current stock price: 2.39p
Year-to-date change: down 34%
By Ife Taiwo; ifetaiwo@alliancenews.com
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