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Energy Infrastructure Trust
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India Infrastructure Trust ('Trust') was set up by Rapid Holdings 2 Pte Ltd. ('Sponsor') on November 22, 2018, as a contributory irrevocable trust under the provisions of the Indian Trusts Act, 1882. The Trust was registered as an infrastructure investment trust under Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 ('SEBI InvIT Regulations') on January 23, 2019, having registration number IN/InvIT/18-19/0008.
The investment objectives of the Trust are to carry on the activities of an infrastructure investment trust, as permissible under the SEBI InvIT Regulations, by initially acquiring the Initial Portfolio Asset in the first instance and to make investments in compliance with the provisions of the SEBI InvIT Regulations.
The initial portfolio asset of the Trust is a pipeline system used for the transport of natural gas ('Pipeline'). The Pipeline is a cross-country, natural gas pipeline with a pipeline length of approximately 1,480 km including spur lines (together with compressor stations and operation centres), that stretches from Kakinada, Andhra Pradesh, in the east of India, to Bharuch, Gujarat, in the west of India, traversing adjacent to major cities in the states of Andhra Pradesh, Telangana, Karnataka, Maharashtra and Gujarat.
The Trust had issued 66,40,00,000 units at an Issue Price of Rs. 100 each aggregating to Rs. 6,640 Crore on March 18 and 19, 2019, which were listed on BSE Limited w.e.f. March 20, 2019.
On 18 March 2019, the Trust acquired 100% of the issued equity shares of Pipeline Infrastructure Limited (PIL') (name changed from Pipeline Infrastructure Private Limited consequent upon conversion from a private limited company to a public limited company w.e.f April 25, 2019) which owns and operates the Pipeline. On 22 March 2019 the Trust was allotted 12,95,00,000 INR denominated, unlisted, secured, redeemable, non-convertible debentures of face value of Rs 1,000 each, aggregating to Rs 12,950,00,00,000 on private placement basis (the 'PIL NCDs'), from which the Trust derives interest income. On 22 March 2019 the beneficial management control of PIL transferred to the Trust.
As at 31 March 2019, the Trust had 63,700 Non-convertible Debentures (Trust NCDs') issued to banks and non-bank financial institutions, the proceeds of which were used to partially invest in the abovementioned PIL NCDs. The Trust NCDs attracted a coupon rate of 9.2786% payable quarterly and had a maturity of 5 years.
On 23 April 2019 PIL issued Rs 64,520 millions of NCDs to banks and non-bank financial institutions. The proceeds were used by PIL to immediately repay 645,200,000 of PIL NCDs, and in turn the Trust used the proceeds to repay in full the 63,700 of the Trust NCDs at a clean redemption price of Rs 1012873 per NCD.
In January 2020, the Pipeline Business was re-certified to Quality Management System (ISO 9001:2015), Environment Management System (ISO 14001:2015) and Occupational Health & Safety Management System (ISO 45001:2018) by M/s. Bureau Veritas India Private Limited consecutively for 3rd time.
During the year 2019-20, i.e. on 23 April 2019, PIL has redeemed 6,45,20,000 NCDs of Rs. 1,000 each aggregating to Rs. 6,452 Crore, at par, out of 12,95,00,000 NCDs issued on 22 March 2019.
Further, during the year, pursuant to the mutual agreement between the Trust and PIL, and in line with the terms of issuance of the aforesaid NCDs, PIL had made payment of an aggregate amount of Rs. 295.32 Crore as Principal, from time to time, towards partial re-payments of the remaining 6,49,80,000 NCDs of Rs. 1,000 each, thereby proportionately reducing the face value of NCDs.
Accordingly, as on 31 March 2020, the face value of the remaining 6,49,80,000 NCDs of Rs. 1,000 each has been reduced to Rs. 954.55 each.
During Pursuant to the Return of Capital as a part of distributions made by the Trust from time to time during the period under review, the issued unit capital of the Trust as on 31 March 2020 is 66,40,00,000 units of Rs. 91.0321 each aggregating to Rs. 6,044.53 Crore.
Energy Infrastructure Trust share price reflects investor sentiment toward the company and is impacted by various factors such as financial performance, market trends, and economic conditions. Share price is an indicator which shows the current value of the company's shares at which buyers or sellers can transact.
Market capitalization of Energy Infrastructure Trust indicates the total value of its outstanding shares. Marketcap is calculated by multiplying share price and outstanding shares of the company. It is a helpful metric for assessing the company's size and market Valuation. It also helps investors understand how Energy Infrastructure Trust is valued compared to its competitors.
Energy Infrastructure Trust PE ratio helps investors understand what is the market value of each stock compared to Energy Infrastructure Trust's earnings. A PE ratio higher than the average industry PE could indicate an overvaluation of the stock, whereas a lower PE compared to the average industry PE could indicate an undervaluation.
The PEG ratio of Energy Infrastructure Trust evaluates its PE ratio in relation to its growth rate. A PEG ratio of 1 indicates a fair value, a PEG ratio of less than 1 indicates undervaluation, and a PEG ratio of more than 1 indicates overvaluation.
Return on Equity (ROE) measures how effectively Energy Infrastructure Trust generates profit from shareholders' equity. A higher ROE of more than 20% indicates better financial performance in terms of profitability.
Return on Capital Employed (ROCE) evaluates the profitability of Energy Infrastructure Trust in relation to its capital employed. In simple terms, ROCE provides insight to investors as to how well the company is utilizing the capital deployed. A high ROCE of more than 20% shows that the business is making profitable use of its capital.
Total debt of Energy Infrastructure Trust shows how much the company owes to either banks or individual creditors. In simple terms, this is the amount the company has to repay. Total debt can be a very useful metric to show the financial health of the company. Total debt more than equity is considered to be a bad sign.
The Debt-to-Equity (DE) ratio of Energy Infrastructure Trust compares its total debt to shareholders' equity. A higher Debt to Equity ratio could indicate higher financial risk, while a lower ratio suggests that the company is managing its debt efficiently.
CAGR shows the consistent growth rate of Energy Infrastructure Trust over a specific period, whether it is over a month, a year, or 10 years. It is a key metric to evaluate the company’s long-term growth potential. Main metrics for which CAGR is calculated are net sales, net profit, operating profit, and stock returns.
Technical analysis of Energy Infrastructure Trust helps investors get an insight into when they can enter or exit the stock. Key components of Energy Infrastructure Trust Technical Analysis include:
There are usually multiple support levels, but the main support levels for a stock are S1, S2, S3. Support levels indicate price points where stock might get support from buyers, helping the stock stop falling and rise.
There are usually multiple resistance levels, but the main resistance levels for a stock are R1, R2, R3. Resistance levels represent price points where Energy Infrastructure Trust shares often struggle to rise above due to selling pressure.
Dividends refer to the portion of the company’s profits distributed to its shareholders. Dividends are typically paid out in cash and reflect Energy Infrastructure Trust’s financial health and profitability.
Bonus shares are usually given by companies to make the stock more affordable, increase liquidity, boost investor confidence, and more.
Stock split increases the number of its outstanding shares by dividing each existing share into multiple shares. When the company offers a stock split, the face value of the stock reduces in the same proportion as the split ratio.
The financials of Energy Infrastructure Trust provide a complete view to investors about its net sales, net profit, operating profits, expenses, and overall financial health. Investors can analyze financial data to assess the company’s stability and also understand how the company has been growing financially.
The profit and loss statement of Energy Infrastructure Trust highlights its net sales, net profit, total expenditure, and operating profits in the current financial year. This Profit and Loss statement is crucial for evaluating the profitability and financial stability of Energy Infrastructure Trust.
The balance sheet presents a snapshot of Energy Infrastructure Trust’s assets, liabilities, and equity of shareholders, providing insights into the financials of the company.
Cashflow statements track the company's cash inflows and outflows over a period. It is an essential tool for understanding how well the company manages its liquidity and finances.
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