Thank you, Sagar. Good afternoon, everyone.

Welcome to Q1 FY27 earnings call of Vertis Infrastructure Trust. I trust you have had opportunity to review, look at the presentation which we have uploaded on website few days back.

As part of this call, I would like to take you through the key perform-- key performance during the quarter, covering operational and financial performance, distribution, and other updates. Let me begin with key highlights of the quarter.

In Q1, Q1 was very strong quarter for Vertis in spite of geopolitical headwinds. Portfolio traffic grew at 9.1% year-on-year compared to projected growth of 4.1%.

Growth in toll revenue was 16.4%, demonstrating the operating momentum across the portfolio. Please note the growth the revenue growth includes the NTPL toll rate increase for toll plaza 5, Manorabas, as per the concession agreement, which was scheduled to be effective from January '26, subject to completion of ongoing six-laning works.

Since the six-laning work is still underway, we have been compensated by authority for resultant revenue loss in accordance with concession provisions. Operating revenue for the quarter was ₹11.46 billion with EBITDA of approximately ₹10.15 billion, representing EBITDA margin of 89%.

Our annuity assets continue to perform in line with expectations, with nine annuity payments aggregating ₹4.36 billion received during the quarter. Importantly, these payments were received on an average 6.1 days weighted days ahead of their scheduled dates.

This continue to demonstrate assurance with respect to predictability of our annuity cash flows. At GRICL, the Gujarat government of Gujarat has awarded tender for eight-laning of Ahmedabad-Mehsana Road, AMR, from existing four-laning.

The exist-- existing concession remains operational during the transition and GRICL will continue to collect the toll for balance of its concession period up to March '38, while the widening work are undertaken by HAM concessionaire. We have also undertaken a prudent decision to defer the planned major maintenance works to H2 FY27 given the uncertainty around availability and pricing of bitumen arising due to Middle East conflict.

We declared a quarterly distribution of ₹3.25 per unit. Cumulative distribution since inception of the InvIT stands at ₹60 34 paise per unit.

On the regulatory side, there is an important positive resolution on WPI linking factor. NHAI had proposed a reduction in linking factor for translating from series 2011-12 from to '04-05 used for toll collect-- toll rate computation.

Following the representation from the industry, the matter has been resolved in favor of concessionaire with existing linking factor continued to apply. This removes what could otherwise have been an adverse impact on future toll revenues.

From an operational perspective, we are pleased to receive recognition from authorities for improvement in maintenance, safety, and overall operating performance at MN and BN projects. Now I'm moving to slide number six, Portfolio Snapshot.

Coming to the portfolio, Vertis continues to operate scaled and balanced portfolio consisting of 28 assets across nine states with AUM of around ₹273 billion or 27,000 crores. Portfolio consists of 40% of toll assets, 31% of downsized downside protected toll assets, which is TOT 16, and 29% annuity assets based on AUM.

Net debt to AUM stands at 40.65%, which provide adequate headroom for the future acquisition. Moving to slide number seven, Traffic and Revenue Performance.

Turning to traffic and revenue performance, quarter demonstrated continued strength in underlying portfolio. AUM weighted average traffic was 9.1% against 4.1% projected in valuation report.

The performance was broad-based with several of our larger assets recording healthy growth traffic growth. NTPL, GEPL, UTPL, GRICL Ahmedabad-Mehsana, and Bareilly-Nainital were among the assets that performed strongly during the quarter.

At the same time, there were some portfolio assets headwinds. At DBCPL, Dewas-Bhopal, commercial vehicle traffic was impacted in April and May due to weaker industrial activity in Pithampur region, partly linked to Middle East conflict.

However, we see the recovery beginning in the June, continuing in July on this stretch. At GRICL BH, traffic was affected by diversion following the commissioning of Delhi-Mumbai Expressway in April '26.

While this impact was already part of the valuation assumptions, but the impact and magnitude of diversion have resulted in upfronting of the impact. Similarly, STPL NI has experienced diversion following the commissioning of Suryapet-Khammam-Devarapalle greenfield highway in April '26.

Again, the impact was incorporated in valuation assumptions. Overall, we remain comfortable with our operating performance of the portfolio and believe first quarter traffic output provides positive start to the year.

Moving to the next slide, HAM HAM Realization Status. As mentioned in the highlights, during the quarter one, we received nine annuity annuity payments aggregating to 4.36 billion, ahead of schedule by 6.1 days.

This performance is particularly encouraging given the significant expansion of our HAM portfolio following the acquisition of 11 HAM assets in FY25-26. The ability of these assets to realize contracted cash flow in timely manner remains important contributor to overall stability of Vertis distribution profile.

Now I will move to Balance Sheet and Debt Position, slide number nine. As on June 30, Vertis has a gross debt of ₹114 billion with net debt to AUM ratio of 40.65%.

The average of average cost of debt was approximately 7.3%, which continues to be remain lowest among scaled InvITs. During the quarter, we raised ₹7 billion loan from international bank Crédit Agricole at a very competitive rate to refinance the existing facility, which resulted in reduction of overall cost of debt by three bps.

This is also an important factor in further diversifying our funding sources. Going forward, our approach will continue to focus on diversifying funding sources, managing the cost of debt while ensuring adequate liquidity and debt headroom for future acquisition.

Moving to the next slide on Distribution, the trust declared distribution to the tune of ₹3 25 paise per unit, equivalent to 4.91 billion for quarter one. With this distribution, cumulative distribution stands at ₹60 34 paise per unit.

Now before concluding, let me also brief upon few important industry and regulatory developments. NHAI monetization program continues to provide potential avenue for future growth.

Under NMP 2, NHAI has identified 16 assets aggregating 1,631 km that may be offered through TOT route or to NHIT during FY27. On multi- multi-lane free flow, MLFF, NHAI has commenced the pilot implementation at five toll plazas with a total 25 toll plazas implement-- to be implemented in for FY26.

At this stage, actual performance data is not yet available. Therefore, financial and operational implication for tolling operations remain to be assessed for MLFF.

On regulatory side, there has been amendment to NDCF framework relating to debt-funded major maintenance expenditure released on August 14, 2026. Currently, the major maintenance expenditure funded through external borrowings is not eligible to added back in NDCF calculation.

The proposed change would provide greater flexibility in funding the major maintenance requirement while reducing the impact on distributable cash flows. To conclude, Q1 FY27 has been a strong quarter for Vertis.

We delivered traffic growth of 9.1%. Our annuity portfolio continued to deliver contracted cash flows ahead of schedule.

We further diversified our debt profile and by optimizing the cost of debt by three bps. Importantly, we continue to maintain a diversified portfolio across the toll, downside protected toll, annuity assets, supported by strong operating platform and disciplined financial management.

We remain grateful for trust placed in us, committed to compounding infrastructure capital responsibly over long term. With that, I would like thank all the investors, unit holders for their continued confidence in Vertis.

Now I'm happy to take any questions.

Sagar, can we conclude the call?

Thank you, everyone, for joining this call. For any further questions if you want to ask, please feel free to get in touch with us.

Thank you very much.