Infrastructure India PLC - investor in infrastructure assets in India's energy and transport sectors - For half year ended September 30, posts net asset value decreased to GBP104.3 million as at September 30 from GBP149.1 million last year. NAV per share at September 30, was 15.3 pence, down from 21.9p at same time last year. Says decrease in NAV was a result of the devaluation of Indian rupee against pound and Covid-19 related revisions to business assumptions underpinning the asset valuation of Distribution Logistics Infrastructure Ltd - IIP's largest asset. All construction activities at Indian terminals ceased due to national lockdown and while freight movement was classed as essential, movement of cargo was limited due to closures across the supply chain, it adds.
"While the Covid-19 pandemic has inevitably had an impact on the group, we remain confident in the longer term outlook, especially with regard to DLI, one of India's largest private logistics operators and IIP's largest asset. The Indian government's measures to control the virus had a significant impact on industrial output and therefore freight volumes across all divisions. However, we have adapted the business by reducing costs and focusing on profitable streams while also progressing debt restructuring. We believe the group is well positioned to navigate through the current market challenges," Chief Executive Sonny Lulla says.
Current stock price: 1.150p
Year-to-date change: down 70%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Infra.india (IIP)