IRB InvIT Fund net profit drops at Rs 99 cr for Q4FY20

New Delhi: The IRB InvIT Fund today reported a 10 percnet drop in consolidated net profit at Rs 99.46 crore for the fourth quarter ended 31 March 2020 as against a net profit of Rs 109.79 crore in the corresponding quarter of the previous fiscal. 

The consolidated total income and gains went up marginally to Rs 645.82 crore for the fourth quarter ended 31 March 2020 as against Rs 636.46 crore in the corresponding quarter of the previous fiscal. 

For the entire fiscal 2019-20, IRB InvT Fund’s consolidated net profit fell around 13 percent to Rs 172.69 crore as against a net profit of Rs 197.76 crore in the previous fiscal.

For the entire fiscal 2019-20, the Fund’s consolidated total income and gains went up marginally to Rs 1,270.09 crore as against Rs 1,233.4 crore in the previous fiscal, the fund said in a regulatory filing.

The Fund declared its fourth distribution of Rs. 1.80 per unit for the fiscal 2019-20. The distribution will be paid as Re 1 per unit as interest. The rest of 80 paisa per unit will be Return of Capital. 

The date of payment of distribution has been decided as 11 June , 2020. 

Because of the corona pandemic the Board of Investment Manager has decided to slash Investment Management fees by half for the current fiscal. It has also decided to cut the floor price by half of the ongoing fiscal.

Sunil Tandon has been appointed as an Independent Director of the Fund for three years with effect from 5 June, 2020.

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