Citius Transnet Investment Trust InvIT

Scaled and diversified portfolio

The firm makes use of the extensive portfolio of its 10 project SPVs covering a total of 3,406.71 lane km of highway network in 9 states, comprising seven toll and three annuity-based projects. The assets have very mature characteristics with an average maturity period of around 10.13 years and a residual lifespan of around 12.93 years, which is higher compared to its peer average. Its diversification strength has been supplemented with the inclusion of low concentration risk due to the presence of the largest project, amounting to just around 26.11% of its enterprise value, and also a relatively lower HHI level of 40.01.

High growth visibility through the ROFO pipeline

The company is in possession of a ROFO pipeline of 11 HAM assets that have 2,366.81 lane kms in 6 different states. It provides good visibility for inorganic growth. Out of this, five assets with 1,175.93 lane kms are currently operating with an average life expectancy of 10.58 years. Additionally, the company has acquired six assets. With full execution, its total portfolio will consist of 21 assets and 5,773.52 lane-km.

De-risked revenue model with predictable cash flows