Page 48 - Index

Mandatory Disclosures
•
Brief summary of the valuation as per full valuation report as at the end of the year
In line with the Securities and Exchange Board of India (Infrastructure Investment Trusts), Regulations, 2014 (‘InvIT Regulations’), PGInvIT got the valuation done for it’s assets through an independent valuer, M/s RBSA Valuation Advisors LLP. The Valuer carried out the Enterprise and Equity Valuation of the five SPVs of PGInvIT, namely, PVTL, PKTL, PPTL, PWTL and PJTL as of March 31, 2022, considering inter-alia historical performance of the SPVs, Business Plan/ Projected financial statements of the SPVs, industry analysis and other relevant factors.
For valuation purposes, the Valuer adopted the Discounted Cash Flow (‘DCF’) Method under the Income Approach.
The Valuation summary of the Specified SPVs as of March 31, 2022
The Enterprise Value was computed by discounting the free cash flows over the forecast period until the end of the life of project and the terminal value at the end of the forecast period using an appropriate Weighted Average Cost of Capital (‘WACC’).
Post listing of PGInvIT units on the Stock Exchanges, PGInvIT has completed acquisition of balance 26% equity shareholding in PVTL from POWERGRID. Further, PGInvIT through it’s respective SPVs acquired right over additional revenue due to ‘Change in Law’ for PWTL, PPTL and PJTL from POWERGRID.
Valuation report of PGInvIT assets as on March 31, 2022 issued by Valuer is annexed to this report as Annexure and forms part of this report only. The valuation report can also be viewed on the Trust’s website.
Initial Portfolio Assets
PVTL
PKATL
PPTL
PWTL
PJTL
TOTAL
WACC Enterprise Value (` in million)
8.0% 21,832.2
7.7% 4,515.9
7.8% 25,508.5
7.8% 28,701.2
7.8% 21,737.5
1,02,295.3
is as follows:
Equity Value (` in million)
14,453.2
2,682.7 12,715.1 13,173.2
9,385.5
52,409.7
No. of Shares
20,97,30,000
6,10,00,000
32,21,00,000
39,33,00,000
22,69,10,000
Value per share (in `)
68.9
44.0
39.5
33.5
41.4
•
Details of changes during the year pertaining to
a) Addition and divestment of assets including the identity of the buyers or sellers, purchase or sale prices and brief details of valuation for such transactions
After the initial public offering of the Trust, in terms of the share purchase agreement, 26% equity shareholding of PVTL was acquired by PGInvIT from POWERGRID on March 31, 2022 at consideration of ` 3,307.85 million. Summary of the valuation report dated February 17, 2022 issued by the independent valuer appointed under the InvIT Regulations, expressing opinion on the fair valuation of the PVTL as of January 31, 2022 is as follows:
Valuation was done as per the discounted cash flow method under the income approach.
Valuation of assets and NAV (as per the full valuation reports)
Refer Annexure for details regarding valuation of assets and Financial Statements for NAV.
Borrowings or repayment of borrowings (standalone and consolidated)
Refer Financial Statements for details
Credit Rating
The Trust was rated CARE AAA (Is); Provisional [ICRA] AAA (Stable), and Provisional CCR AAA/Stable by CARE Ratings Limited, ICRA Limited, and CRISIL Ratings Limited, respectively at the IPO stage.
During the period under review, the provisional ratings by ICRA Limited and CRISIL Ratings Limited have been converted into final ratings.
b)
c)
d)
SPV
WACC
Enterprise Value (` in million)
Equity Value (`in million)
No. of Shares
Value per share (₹)
PVTL
7.90%
21,876.2
14,568.00
209,730,000
69.5
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Annual Report 2021-22