Ladies and gentlemen, good day, and welcome to the Indus Infra Trust Q2 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Amit Kumar Singh, the Chief Executive Officer of the investment manager. Thank you, and over to you, Mr. Singh. Hi, thanks, Swapnali, and very good afternoon, everyone. We would like to thank all of you for joining us today for the Q2 FY 2027 earnings call of Indus Infra Trust. We really sincerely appreciate your continued interest in the trust and the confidence you have placed in us. The quarter under review has been a steady quarter for the trust. We have continued to focus on the three important aspects of our business. First was maintaining stable operating performance across our existing portfolio. Second was strengthening our asset management capabilities. And third, pursue disciplined growth through acquisitions. Before I take you through the performance of the trust, let me briefly touch upon the broader developments in the sector. As per the MoRTH, as on July 26, around 1,191 national highway projects covering approximately 25,917 km, with an estimated project cost of INR 7.15 lakh crore, were under construction across the country. This also includes approximately 3,100 km of development works in border areas. I believe this gives a fair indication of the scale of the infrastructure development currently underway and the significant pipeline that is being created for the sector. We are also seeing a greater emphasis on improving connectivity to the economic centers, logistic hubs, industrial clusters, and areas which have historically remained relatively undeserved. Certain examples are cabinet approving 160.18 km of Rameshwar-Paradip Coastal Highway in Odisha, with an estimated capital cost of approx INR 8,301 crore. Then other example is proposed four-laning of Khagaria-Purnia section of NH-31 and NH-231 in Bihar at a project cost of around INR 3,936 crore. Then Guwahati-Tezpur corridor in Assam, covering approximately 135.87 km at a capital cost of around INR 8,970 crore. And the Muzaffarpur-Sitamarhi-Sonbarsa section of NH-22 in Bihar, covering approximately 82.58 km at a capital cost of INR 3,591 crore. Another important development which I would like to highlight is the increasing emphasis by NHAI on construction quality and road safety. In September 26, NHAI announced special quality inspection of 17 under-construction highway projects where the quoted bids values were more than 15% below the estimated project cost. These inspections were intended to identify construction-related issues at an early stage and facilitate timely corrective action. I think this is an important development for the sector, and we really welcome this move by NHAI. While competitive bidding is an integral part of infrastructure development, the quality of construction and the long-term sustainability of the asset cannot be compromised. For an operational asset owner such as an InvIT, this becomes really relevant because the quality of the underlying road directly influences future maintenance requirements, our cash flow visibility, and the overall investment performance. Now coming to the Trust's business performance and portfolio development. During the quarter, our focus has remained on maintaining the quality of the existing portfolio while continuing to evaluate acquisition opportunities. During the quarter, we completed acquisition of three road assets, and we continue to evaluate both ROFO and third-party opportunities. As on September 30, 2026, our portfolio comprised 17 operational HAM road assets with an aggregate length of approximately 995 km and an aggregate lane length of 4,495 lane kilometers. As of September 30, 2026, the AUM of the Trust stood at INR 12,861.8 crore. We will continue to evaluate opportunities which are consistent with our investment strategy, having potential to create long-term value for our unitholders. Now moving on to the operational performance of the portfolio. We are really pleased to inform you that during the quarter operational performance, our assets remained stable in line with expectations, with timely receipt of annuities from NHAI. As of September 30, 2026, 114 out of total 510 annuities have been received, and balance 386 annuities are receivable from the NHAI across all project SPVs. We continue to monitor the condition of our assets through regular inspection and coordination with the respective project teams and maintenance contractors. Our approach is to identify potential maintenance requirements proactively rather than wait for them to develop into larger issues. On distribution, I would like to inform you that for the quarter ended September 30, 2026, the Board has approved a distribution of INR 3.55 per unit, comprising INR 2.50 in the form of interest and INR 1.05, which is one rupee five paise, in the form of dividend to be paid to unitholders as of the record date, which is November 6, 2026, which will be paid on or before November 16. Our cumulative distribution, including the distribution approved in the Board meeting held yesterday, stands at INR 34.80 per unit, positioning as one of the stable yield platforms. The distribution remains largely supported by the interest income and upstreaming of dividend from the SPVs acquired in Q2 FY 2027, which was two KNR SPVs and one ULCCS SPV. We remain focused on maintaining a balance between regular distribution to unitholders, funding requirements for future acquisition, and still maintaining an appropriate capital structure. I will now hand over the call to Harshael, who will take you through the detailed financial performance of the quarter. Over to you, Harshael. Thank you. Thanks, Amit. Coming to Q2 FY 2027 performance on a standalone basis, the interest income on the loan extended by the Trust to the SPVs was INR 306.08 crore, as against INR 243.50 crore in Q1 FY 2027. The increase in interest income was on account of additional debt on-lent to KNR Palani, KNR Ramagiri, and ULCCS Kasaragod Expressway, the SPVs acquired in June 2026. The increase in the interest income was partially offset by the debt repayment of INR 118.32 crore made by the existing portfolio during the June quarter. Details of loans on-lent to the SPVs during the quarter and the half year are provided in the statement of related party transactions in the standalone financials. As SPVs have upstreamed cash flows in the form of interest and dividend during the quarter, the dividend was upstreamed by new SPVs, fundamentally, as Amit mentioned earlier, primarily Bilaspur Urga, Ena Kim, KNR Palani, Ramagiri, and ULCCS Kasaragod, on account of the release of the encumbered cash, which was released post-refinancing of the debt. You can refer to the related party transaction note for the details of dividend upstreamed by each SPV. Further, EBITDA for the quarter was INR 414.77 crore, which includes an impairment of INR 34.89 crore. The impairment was on account of the difference in the fair value and book value of investment on account of the amount upstreamed to the Trust. The total external borrowing at the Trust level as on September 30, 2026, stands at INR 6,181.80 crore, as against INR 5,622 crore during the last quarter. During the quarter, we had availed an additional borrowing of INR 639 crore to refinance the external debt of KNR Guruvayur project, which was acquired during the September quarter. Accordingly, the finance cost during the quarter increased to INR 100.07 crore from INR 72.17 crore on account of the additional borrowing of INR 1,436 crore, which we had availed during the last week of June 2026, wherein the impact was not getting factored in the Q1 results. Further, the impact of additional borrowing of INR 639 crore will be reflected in the next quarter, as the borrowing was done on September 21, 2026. The total tax outflow at the rate 42.74% is on the other income earned by the Trust, and the profit for the quarter stood at INR 303.52 crore. During the quarter, we had completed the acquisition of KNR Guruvayur project, and details of which are provided in the investor presentation. Coming to the consolidated financials, during the quarter, the total income was INR 472.09 crore, which consisted of INR 434 from revenue from operations and other income of INR 37.92 crore. The revenue from operations include finance income of INR 323.13 crore, as against INR 220.78 crore in Q1 FY 2027. The increase in the finance income was on account of the assets acquired during the last quarter. The revenue from contracts for the quarter stood at INR 111.05, which included a change of scope and utility shifting cost of INR 36.50, as against INR 63.98 crore, which was there during the last quarter. The total expense during the quarter was INR 220.92 crore, as against INR 162.31 crore in the last quarter, which has increased primarily on account of the additional debt which we had borrowed, resulting in an increase in finance cost by approximately INR 36 crore. Further, the subcontractor charges had also gone up because of the asset addition by INR 22.41 crore. As there is no external debt at the SPV level, the consolidated debt is same as what it is at the Trust level of INR 6,181.80 crore. In relation to the NDCF at the SPV level, the cash flow from operations and the other income of the SPV was INR 676.59 crore. Considering the reserve creation for MM obligations and finance cost at SPV level, the total SPV level NDCF was INR 434.58 crore, which was upstreamed to the Trust. Post adjusting for finance cost, Trust level expenses, DSRA creation, payment of deferred consideration for existing assets, and release of surplus cash, which has been given on the slide 10 of the presentation, NDCF for the quarter worked out to INR 233.58 crore, out of which INR 216.91 crore is supposed to be distributed. The form of distribution, as Amit mentioned earlier, is INR 2.50 per unit in the form of interest and INR 1.05 per unit in the form of dividend. The record date for the distribution will be November 6, 2026. Thank you, and we are open to questions now. Thank you, sir. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and then one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and then two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all the participants, you may press star and then one on your touchtone telephone to ask a question. We have the first question from the line of Hitai from Maximal Capital. Please go ahead. Good afternoon, sir. Yeah. Hi, good afternoon. The first question just wanted to understand this NAV increase which has happened. If you can throw some light on that because this was a little bit unexpected given the interest rate movements and also because the quantum of increase is quite high in the six months period. Yeah, so see, the last NAV disclosed was as on March 31. It was, if I'm not wrong, was 116.81, right? Yes. After that, we acquired in the basically, you can say, four assets, right? Which was basically your KNR Guruvayur, then your KNR Palani, KNR Ramagiri, and ULCCS. Okay? So these four assets had given us a decent bump. What you're seeing currently, what we see NAV is around 134.85. This jump is because on account of increase of those assets, acquisition of those assets. And the second thing is, your interest rate increase happened on October 8, which we have factored, and 25 basis points increase has, as you are aware, I think still predominantly majority of the assets by value also are linked to basically bank rate, which is repo + 325 basis points. In HAM construct, I think we have explained it earlier as well, that increase in repo actually benefits us because still a larger portion of our borrowing is still linked to repo. Now, of course, last quarter, last quarter, we took some T-bill linked also, but still I think larger portion is, or substantial portion is linked to repo only. So actually, what we are getting a hike on the INR 100 and what we are paying, say, around 47%, which is our leverage, right? On a net basis, around 37%-38%. So that's why it becomes a little incremental for us. So, a rate increase actually is beneficial for an InvIT like us as of now, given the 100% of HAM assets and predominantly of that is linked to repo. That's why you can see this NAV increase. Yeah. And sir, I understand that point that you have some benefit on the numerator of the cash flows, and then there will be some denominator negative because of the interest rate on the WACC. But net-net, do you have a thumb rule, let's say, for every 100 basis point increase, what is the net impact on our DPUs and NAV because of that? So you can see that, see, leverage is 47%, right? If I'm getting a 25 basis points increase on my INR 100, INR 47 what I'm paying to my lender. So that INR 53 is a positive absorption which will be done by InvIT. And actually, that's the maths. So, for example, if you see a 25 basis points should give me a bump up around, say, a 15, 17 basis points. Okay. So roughly half because half gets- Yeah, 13 to 14 basis points, you can say around 13 to 14 basis points. Okay. Slightly more than half because the entire portfolio gets higher repo rate. Out of 25, you can say around 12 I will end up paying, 13 will be something which I will be getting. Okay, understood. Yeah. Okay, understood. Secondly, one more thing is that this quarter, like last two, three quarters, you were going heavy on the capital repayment mode. This quarter, there is almost like no distribution component on that. What is causing this volatility and how should we assume for the future? There is no volatility per se. See, this is a capital structuring which we do. When we acquired new assets, as you know, as per the company's rule, if your net worth becomes negative, you cannot pay dividend. When we take any asset, basically, loan at the asset level gets refinanced from InvIT, right? So InvIT takes loan and then basically drops that loan to SPV level at a higher cost. Eventually after InvIT taking over the asset, max to one or two years, there is no positive net worth. Then you have to start, then you do that, your modeling and you start doing that in paying in form of interest because anyway you have to pay interest which InvIT has on-lent to SPV. Then you see whether capital is getting paid or not because InvIT will expect the entire positive of the capital also to be get paid, right? That is how you do. But when you take new assets, of course, you have some positive cash lying, your net worth is positive that time. Then you see that how much you would want to pay in the form of dividend. Also this, basically government now giving this thing that, basically dividend, anything which is form of dividend which is getting paid from InvIT to the unit holders will be tax-free. That is also something, it is a positive, and then we saw that if we can pay dividend, then why shouldn't we? So, there is no volatility per se. This is like, we need to see, we need to keep modeling. This is an interest impact, this is a cash flow impact. Everything we have to put together, and then accordingly, this gets decided. Okay. Sir, coming back to that acquisition, I think, when KNR had also reported the valuation multiples that they had sold these assets to, and those were looking typically quite rich compared to the other transactions. Huh. And then at the same time, you are saying that, despite acquiring at that multiple to book, you were able to get a decent bump up in your NAV. So, I mean, if you can throw some light on that, like how did that I mean, were they really below the fair value for us to get that sort of a NAV bump up? Or, if you can shed some, throw some light on that. First thing is, it may happen that a transaction can be beneficial for both the parties, not that one party will benefit and another will be lost. I think that is first point. Second thing is what KNR has reported, we didn't see that, but I think KNR, what they would have reported would have included cash. So, those cash is something which is lying in the book, right? So, that cash also gets added to the overall value. That they would have taken away, maybe example. So, what we would have got is then less of cash. So, that's why when we value the cash, it doesn't make sense to take cash and then give it back, right? So, when you value a SPV, the underlying cash at SPV gets added to the overall value. And of course, that is what the reporting they would have done, which is also correct. And then we take net of cash. Of course, until and unless what is the, basically mandatory, which is say, DSRA or something which is as per the requirement of the lender. So, that's something which you know. And after that, what we would have paid is money which would have discounted. So, that's why you would have seen the difference in value maybe in the reporting, but it's not that money got evaporated in between somewhere. This is what we took and what is basically everything is like what we have taken, we have given a certificate. It has been certified. So, maybe they would have added cash, and that's why, maybe their numbers could be looking a little high. But otherwise, I think both the numbers are correct only, what we have reported and what they have reported, they would have reported. Okay. And now there has been a lot of increase in these bitumen prices. So, I think the center gave a relief to the EPC guys for a limited period starting April because of that. So, for you will have these operation and maintenance activities which will be done by the sponsor. So, what is the impact of bitumen price increase on your O&M cost, including major or minor maintenance that you will have to do every year? Yeah, so I think first thing, when we entered with our GR, that was a fixed-time, fixed-price contract. Okay? And of course, it is not that we are taking that much cushion, but generally, as we have been maintaining, we are a little conservative, and that way, we provide for a decent major maintenance. Then maybe, I do not know how others do, but yeah, that is why we are not able to take up our lap of 15, 20 assets till date, and we could have evaluated more than 70, 80 assets, because we are a little conservative that way. So, our provision amount that time, what was there, it was evaluated by a third party, which was agreed between us and GR. It was not that we had played with the number. I think that number is sufficient. So, two of our project, which is GR Phagwara Expressway and Varanasi Sangam Expressway, actually, major maintenance is due this year and next year. And of course, GR has started also. One of the project, it is going to complete somewhere December, January, and another project will start this maybe last quarter, and it will go up to the next year, first quarter, six, seven months. But it is not that we are going, we are breaking, or maybe we are surpassing the number what we have kept provision. That will happen within that number only. So, there is no recourse on the cash flow because of this increased bitumen price. However, because this is a fixed price, had it been like gone more ahead, maybe that would have been absorbed by GR. That is understanding. But what I understand is that before, if you would have started the work before March 31 and there was a price, GR can claim some amount out of that also. That is something also we need to see how much NHAI finally agrees. But for us, there is no recourse on our cash flow because of these two major maintenance which are being undertaken this year and next year. No, that is okay, understood for GR. But two questions. One is GR getting the, even for O&M, it is getting that bitumen price relief from NHAI? Secondly, how does it work for third-party assets like KNR, for example? Now, going forward, maybe third-party assets will also become substantial. KNR major maintenance is not due now, to be honest. This is a temporary phenomena, what we understand. So, it is not that bitumen price is going to be INR 70,000-INR 80,000 for the next five years. That is very highly unlikely, and there is no major maintenance which is due for the KNR assets now, currently. However, for the two of the KNR assets, again, same agreement has been entered with GRT. The two Kerala ones, we are still evaluating who to be done with. So we do not see that, basically, that risk in those projects also. So KNR will be done through GR? Two of the KNR projects getting done through GR. Your first question, whether GR is getting rebate on those O&M bid, I think that is what I have been given to understand. I think that is how they are managing. Okay. These are also fixed price contracts with GR for KNR assets, or these are variable price contracts? For two of the KNR assets, yes. Variable or fixed? Fixed. Okay. Okay, sir. Thank you and all the best. Yeah. Thank you. We have the next question from the line of Henil Bagadia from Equicorp. Please go ahead. Hi, thank you for the opportunity. Just a correction, my name is Hanil, not Henil. With respect to the repo increase, as you said that it increases for every 10 basis points, it has an impact of about close to 50 basis points on the increase in revenues. If you give some more understanding on what also plays with respect to the new project acquisition on the project IRR, that is the unlevered part, and also the post-levered part on the equity IRR, how does the valuation actually change? No, so I think generally what we look at is equity IRR, and I think we had mentioned this in the last call also. The projects what we have acquired over the last, these four plus five projects, that is north of 13%, 13.5% of the equity IRR that is working out. This repo increase is basically, that is a function of leverage. Today, suppose ballpark we are at 50%, so that benefit is maybe 12.5, 13 basis points. Tomorrow, if we suppose we go up to leverage to 60%, that benefit will be 10 basis points. That is how exactly it will work. Going forward, do you actually see increasing the debt funding? Because I think so we can go up to 70%, although for realistic basis, a lot of companies don't prefer going up to 70%. So, what's a reasonable estimate we can consider as ceiling for the debt with respect to the projects? Generally, we have said during our fundraise round also that we generally wouldn't want to cross 65, and we don't want to limit ourselves from 90% of 70, which is 63. However, when the moment we cross 61, 62, or rather cross 60, 61, we'll start thinking about raising the fund. That's what the basically, you can say, thought process which has been communicated to all our stakeholders, or the majority of the unit holders while doing our fundraising round last time. With respect to one of the previous participant actually alluded that the bitumen prices have shot up. So if I believe, the NHAI rule mainly says about the smoothness index. So has there been any contention related to smoothness index? Secondly, or is it just related to the government asking you guys to being okay with the players to actually defer it by a few quarters once the bitumen prices and also the availability normalizes? Secondly, since we are actually in a fixed price, fixed term contract with the EPC player, so in the next round of renewals, do you actually see an increase in the prices for contract negotiations considering the volatility that we face right now? See, generally, how they work, I don't want to get into that because that's the purview of EPC. Generally, what I understand is, first thing is just to give to your answer to your question, of course, if the road is really bad and you have to do it compulsory, then you will do it. Okay? Where you can, the road situation is decent, and of course, in HAM concession, there is no timeline which is given that you have to do a major maintenance at the fifth year or sixth year or seventh year. This is like you estimate when while buying the asset that, okay, this is a bitumen asset, I should do it at the end of sixth, seventh year, then 13th, 14th year, and then I'll hand over to NHAI in a good condition. Now, suppose your asset is in good condition till the sixth, seventh year, and bitumen prices are high, you maybe just basically would want to delay by a couple of quarters so that bitumen prices ease up and then you will do your basically, your undertaking maintenance activity. Second thing is, how they will manage is up to their purview, but what we understand that they will also try to delay, try to see what is very critical thing which can be done now, what can be delayed, say, by a quarter. They will also, as a O&M contractor, they would want to do it to manage so that it does not shoot their cost because they also do not want to take a hit on this activity in terms of their own P&L. That is how they would want to manage. My thing is my road is getting managed properly and I am getting annuities on time. How they manage is fine, so long as I am not getting any damages from NHAI, A. Of course, road condition is good. There is no basically untoward activity or incident which is happening on the road. So long as thing, and anyway, this is being monitored by NHAI on a very closely basis, on a now the fortnightly and monthly basis. As I admit, we are fine with that. With respect to the ROFO assets that will actually increase in the portfolio, what kind of timelines do you actually see for them being added in the portfolio? Is the formula for the valuation of all these ROFO assets the same as about the upwards of 12%, 13% IRR on equity side and a price to book of around two? There is no asset in the market which is available at price to book of two. Those days are gone, by the way. Second thing is, it is very difficult to get a price to book of one for lots of assets which are available in the market. So, price to book two, first thing, just get that math correct. It is not a function of any multiple, it is a function of how much money you are leaving in SPV. Because at the end of the day, as a buyer, you are just doing nothing but discounting those cash flows. So, the cash flows are high, whatever equity you have put in, you might get a multiple of that. If cash flows are not high, you have taken the money out in form of EPC contract, EPC money, maybe EPC numbers were higher. That means you have already taken out money from the SPV. You may not get even one. There is no formula fixed per se, which is 12% or 13%. We have been maintaining that we would endeavor to acquire any asset from anyone, including GR, and it should be yield accretive. You can see today's price, you can see the basic, what was the guidance we have given. Of course, we would want to acquire at a price where it becomes a yield accretive from existing unit holders. Because at the end of the day, we will have to go and take the approval from all the unit holders like you. Until it is yield accretive, you will not give me approval for that. That is the thing, and that we have been maintaining. Till date, for all the 18 assets what we have acquired, or maybe all the 13, all the 11 post, rather, what we have acquired post our IPO, since our listing, those all the assets have been yield accretive. We do not want to maintain that. Okay. Thanks a lot for the opportunity and wishing you all the very best, and also festive greetings to the team. Thank you. Thanks. Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Hitai from Maximal Capital. Please go ahead. Sir, thank you for the follow-up. This 13,000 odd crore of portfolio that we have as on 30th September, what is the kind of asset addition that we want to do in this second half and next FY 2028? If you can split it up between sponsor and third party. See, third party, we are evaluating. Nowhere knows where I can give any guidance on. We are just evaluating in this changed scenario of bitumen prices and all, we need to be very cognizant about the O&M cost and major maintenance cost, which we have to incur over the next 13, 14 years. Till the time these things get little bit stabilized, I may not able to tell you any guidance on the third-party assets. Of course, we are bidding for TOT, annuity assets. If those comes, then of course, that we can't say, that's a bid, so that we don't know. For ROFO assets, we are targeting five, six assets, not this quarter, maybe in the next quarter. Put together, ballpark EV should be around INR 4,700 odd crore. We have already started process for that in terms of NHAI, NOC and all. When that happens, then of course, there's a process. We need to do a board meeting, then board approve, then we need to send to our unit holders, they approve, then we run those process. Most likely, that has happened, could have happened in maybe December or next quarter itself. Ballpark, what I see is, the values should be around somewhere INR 4,700 odd crore. FY 2028, same amount, I would say, somewhere around INR 4,500 crore-INR 5,000 crore. The size of the assets are getting a little smaller. We may look at acquiring, say, seven, eight assets next year, maybe six, seven assets, and the ballpark EV will be around, say, INR 4,500 crore-INR 5,000 crore. Roughly, we can reach like INR 22,000 crore-INR 23,000 crore by end of FY 2028, basis the ROFO asset. If you do any third party, then it will be on top of that. That's right. That understanding is correct. Then we want to acquire any BOT also? Yeah, yeah. We have started. Now the ecosystem has changed. There's not much HAM assets which are left. If you want to grow and as a part of the changed ecosystem, you have to start looking at the BOT or TOT, basically toll assets. We have already started evaluating those. We'll be participating TOTs, we'll be looking at if some good BOTs come. Even as a ROFO, GR has one Agra-Gwalior. Not very early, but that will also come. We'll be looking at acquiring those assets also. And in a rising interest rate environment, like on the BOT assets, sir, how does that impact on the probable cash flows and NAV calculations? If you can throw some light on that also. So, basically, there, how you run the model is something, because, see, my toll is an inflation-adjusted growth story, right? So, of course, if I acquire something, basically, the beauty and flip side of the toll is that it may not happen that the first year itself you start getting a 12%, 13%, 14% on that. But, yeah, you start getting something, a decent number on that. That will grow, and then most of the things are basically linked to WPI. So, this is rate plus 40% of WPI. So, that is the inflation, what is there. And then you model, of course, you do not model very aggressively there. You model with a little conservative that, okay, you take some cushion in your model so that even the interest rate goes up, at least your calculation does not go for a toss. So, that is how you try to basically take care of those, you can say, blips or maybe some variations. Okay. But there, I think, in the revenue, you get only 40% of WPI or something like that. Yeah. Generally, there are two things. On a toll, you have a traffic growth and you have a WPI, impact of WPI, right? That's how you get the overall toll growth. Traffic growth, you assume something, WPI, you assume something. We have to see that, okay, on the lower side, how much, basically, even suppose, on a long-term basis, WPI plays out to X number, your traffic growth plays out to Y number, cumulative is what is the growth you are basically underwriting. Against that, what could be the interest? If you model accordingly, it's not If you model in a more conservative way, I think you are sort of protected on that side. That's not a very worry thing. What you should not go is, of course, you should not go wrong on the traffic expectation. Good thing is with these TOT assets and all, there's already history of five, seven, 10 years of tolls getting collected on those assets. You don't generally idea of getting wrong on the traffic is little less. But generally, the size of those assets are also bigger, right? I mean, just the value. Would that mean that if you acquire even two, three of them, then the overall mix of the portfolio will tilt significantly towards it? Because we No, not really. Those are bid-related information. I wouldn't be able to divulge those details, but it won't change my mix significantly. Of course not. Okay. Understood, sir. Thank you and all the best. Okay. Yeah. Thank you. Thank you. We have the next follow-up question from the line of Henil Bagadia from Equicorp. Please go ahead. Sir, thank you for the opportunity again. Sir, a clarification that you actually said that you are also looking for the TOT projects. Sir, if I am not mistaken, NHAI actually released a circular with respect about 14 to 17 projects on the highway bundles. If you give some more understanding, when do you expect this to when the bids would actually be invited, and is this going to be over and above the ROFO assets that we actually plan to acquire? That will be very difficult to provide here because as a process, we will evaluate. This TOT 2021-22, which is coming for the bid now, this was the tender had come over one and a half years back. This is a function of NHAI when they want actually the money. We are expecting if 2021-22 gets bidded, they would want the money before 31st of March. That is how the balance sheet will look better. How they have given the dates, but how exactly that will pan out in terms of bidding, that will be very difficult to say. Okay. Sir, what kind of valuations do we actually factor in if I actually do not want to get into the bid price, as you said, that it is a little confidential. Call, yeah. Yeah. Hello? I am saying it is difficult to divulge those details on the call, yeah. Okay. Sir, with respect to the WPI, I think, sir, NHAI is actually changing from WPI to PPI. Is this going to be effective anytime soon? What kind of changes do you actually see in the formula for the toll hike from WPI to PPI? No, we don't see that changing WPI to CPI very soon. Okay. Sir, with respect to the WPI part, I think for a few players in the past, the kind of inflation that was there in cost versus the kind of increase that they got on toll was not sufficient. Are we going to factor that as a part of a bidding cost, and how would actually this work? As you said, traffic is one of the missing elements which a lot of players cannot factor in with respect to the new projects, but for an existing project, it becomes easier. Second is the toll revenue increase part, which actually is a factor of either ad hoc plus WPI or just WPI. Some more understanding that you can give out here. See, I can't give more understanding on this to be here on the call, because nobody would want to basically disclose their calculations or their strategies on the call. You need to appreciate that. Just one thing I told, as mentioned earlier, that we'll be conservative so that the WPI thing, what we would have factored in the model, even if it goes here and there, on a long-term basis, we'll not be aggressive. That factor, we, two things, we take basically care through one is the WPI assumption, and second is my interest rate cost. If those two assumptions you are on a conservative side, you'll still be able to manage, even the costs are higher than what you're being discussed. Okay. Thanks a lot for the opportunity, sir. Thank you. Sure. Thank you. We have the next question from the line of Anant Mundra from Mytemple Capital. Please go ahead. Hello. Thank you for the opportunity. Sir, just wanted to confirm on the repair expenses on the O&M side, all roads have O&M agreement with GR. Sorry to interrupt in between, Anant. Your voice was not audible. Am I clear now? Yes. Please use your handset mode to speak. Sure. Is this better? Yeah, this is. Yeah, this is better. Okay. Just wanted to understand, on all the road assets that we have, we have a fixed cost agreement on the O&M side with GR, right? Not on all the roads. As of now, of the 17, we have with 16. Or maybe 15. 15. So the two KNR don't have, like out of the four, two KNR have- Sorry to interrupt again. Your voice is cracking, Anant. Yeah. Okay. Just wanted to understand, only on the two KNR assets we don't have a fixed agreement, right? One KNR and one ULCCS we don't have fixed. Okay. Wherever it is fixed, it is fixed for five years? Okay. ULCCS, that is fixed for the entire thing. It is not with GR. Out of 17, just to clarify, 15 we have fixed with GR. One ULCCS we have fixed time, fixed price contract with ULCCS for the entire tenure of the contract. One KNR, as I said on the call, we are still evaluating. We need to close with someone. We are not yet closed. We think that somebody, a local guy who has a decent presence and a decent, you can say, presence here, and workforce who can manage at the state of Kerala, it is better to go with that guy than GR because GR has not been so-called very active in the Kerala side. That is why we have not closed. ULCCS, one Kerala we have closed. The two KNR one, which is in the Kerala, that we have not closed. That will be closing anybody with this very soon. Maybe the next call, we should have closed by then, so that we would have a decently either fresh fixed price or maybe fixed time or whatever, I think some formula enshrined there, so that we will be able to give more clarity during our next call. Got it. Wherever it is fixed, it is fixed for five years? Actually, it is fixed for the entire life. But the first seven years, and then a right to review for after first major maintenance cycle. That was what we had agreed with GR. But generally, the cost and everything has been fixed for the entire balance 13, 14 years. Okay. Currently, what is our cost of debt? I mean, the incremental cost of debt and the average cost of debt on the portfolio? Average cost will be around 7.25% ballpark, because the recent ones what we did, of course, with the hike of that, we could not get that sub-7 cost what we had got. So these came a little expensive, but with 25 basis points increase of repo, we are somewhere around seven quarter now, and it will be somewhere around, say, it will go to around seven. You can say how it goes, but yeah, we can touch say 750, 760, 775 types with this hike what we are seeing, what we are envisaging there. Okay. So the incremental cost of debt in the last quarter was how much? We borrowed something from Union, which was in the range of around INR 720, INR 725, which, of course, before this rate increase. Then there was something which was raised from HDFC, which was again, I think INR 720, INR 715, INR 720. That's all. But with this rate increase and maybe some of the benchmarks gone, maybe our average cost has gone up little bit, but this still in the range of around seven quarter, INR 730 now. But what we are envisaging, it might go up, it might jump. But I mean, why is the value taken your debt as 8.05%? There's a big differential. And yet our NAV has gone up substantially from March till now, in spite of the assumption being very high. NAV explanation we had done, right? How it gone. Yes. The valuer has taken, because generally valuer always doesn't see my cost. Valuers generally see that if an SPV goes without any undertaking and all goes for the, this kind of rates in SPV, and then they price it. They won't listen to my basically cost what we have. That's why they are called independent valuer. They take their independent view. It's not something which they will see my seven quarter, INR 730. They will see if SPV would have gone with the no sponsor undertaking in the market on this increasing rate scenario, how much they would have got. That's how they have taken 8.05%. Okay. So that way, our real NAV would still be even higher if the valuer has to take our real cost of debt, because that is below 7.5% as on date, whereas their assumption is 8.05%, which would ideally be higher, right? No, but then there are a lot of things there. Valuer take leverage on the higher side, which we are not leveraged to that. Let's not get into No, of course. Yeah. That is okay. Let's go by what valuer is doing. He is doing fair. What we are reporting is properly audited, so don't worry on that. Okay. All right. Thank you. That was it. Thank you, sir. Thank you. A reminder to all the participants, you may press star and one to ask question. Thank you. As there are no further questions, I would like to hand the conference over to Mr. Amit Kumar Singh for the closing comments. Thank you, and over to you, sir. Thank you. Thanks, Swapnali. I would again want to thank all of you who joined the call. We will keep you all posted with the developments, what we do, what we are doing, what we are undertaking. Before we leave the call, I would want to wish all of you and your families a very happy, bright, happy, and prosperous Diwali, and a new Samvat, and see you guys again on the next quarterly call. Thank you so much. Thank you, members of the management. On behalf of Indus Infra Trust, we conclude this conference. Thank you, everyone, for joining with us today, and you may now disconnect your line.