Anzen Trust revenue nearly triples as quarterly profit falls

Anzen India Energy Yield Plus Trust reported Rs 286.751 crore in revenue from contracts with customers for the quarter ended 30 September 2026, against Rs 97.846 crore a year earlier. Anzen Trust’s profit after tax nevertheless declined to Rs 6.602 crore from Rs 54.037 crore in the preceding quarter, following higher finance costs, depreciation and an impairment charge.

How did Anzen Trust’s quarterly revenue and profit change?

Anzen Trust’s revenue from contracts with customers increased 193% year on year to Rs 286.751 crore in the quarter ended 30 September 2026, from Rs 97.846 crore in the quarter ended 30 September 2025. Revenue also rose from Rs 281.109 crore in the quarter ended 30 June 2026. Total income reached Rs 300.423 crore, including mutual-fund income, fixed-deposit interest and other income.

Profit after tax was Rs 6.602 crore in the September 2026 quarter, compared with a loss after tax of Rs 8.049 crore a year earlier. However, it was lower than the Rs 54.037 crore recorded in the June 2026 quarter. The reported net profit margin was 2.20%, compared with 18.68% in June and negative 7.80% a year earlier.

Why did Anzen Trust’s profit decline from June?

Anzen Trust’s September-quarter profit declined because finance costs increased to Rs 110.372 crore from Rs 104.732 crore in June, while depreciation rose to Rs 80.594 crore from Rs 69.997 crore. The quarter also included a Rs 21.737 crore impairment charge for property, plant and equipment, whereas no such charge was reported for the June quarter.

These costs outweighed the Rs 11.184 crore quarter-on-quarter increase in total income and the fall in total expenses to Rs 46.733 crore from Rs 57.022 crore. Earnings before finance cost, depreciation and tax were Rs 253.690 crore, compared with Rs 232.217 crore in June. Finance cost, depreciation and impairment together totalled Rs 212.703 crore in September, against Rs 174.729 crore in the preceding quarter.

Operating-cost movements were mixed in the September 2026 quarter. Operation and maintenance expense was Rs 24.877 crore, down from Rs 26.428 crore in June, and insurance expense declined to Rs 1.727 crore from Rs 13.754 crore. Legal and professional fees, however, increased to Rs 8.327 crore from Rs 4.865 crore.

How did Anzen Trust perform in the first six months?

Anzen Trust reported Rs 567.860 crore of contract revenue for the six months ended 30 September 2026, compared with Rs 205.027 crore in the corresponding 2025 period. Total income rose to Rs 589.662 crore from Rs 213.816 crore, while profit before tax turned to Rs 98.475 crore from a loss before tax of Rs 4.475 crore.

Profit after tax for the six-month period was Rs 60.639 crore, against Rs 1.503 crore a year earlier. Total expenses rose to Rs 103.755 crore from Rs 32.299 crore, finance costs increased to Rs 215.104 crore from Rs 79.965 crore, and depreciation reached Rs 150.591 crore from Rs 100.027 crore. The period included the Rs 21.737 crore impairment charge recorded in the September quarter.

The six-month net profit margin was 10.28%, compared with 0.70% in the prior-year period. Earnings per unit were Rs 1.33, versus Rs 0.08 a year earlier. Distribution per unit was Rs 5.75 for the six months, compared with Rs 5.50 in the corresponding period; the September-quarter distribution was Rs 3.00 per unit after Rs 2.75 in June.

What changed in Anzen Trust’s asset base and borrowings?

Anzen Trust reported total assets of Rs 8,990.814 crore at 30 September 2026, compared with Rs 7,319.469 crore at 31 March 2026 and Rs 3,433.414 crore at 30 September 2025. Property, plant and equipment stood at Rs 7,767.716 crore, up from Rs 5,836.564 crore at March-end. The financial results report both the asset expansion and higher revenue but do not assign the quarterly revenue increase to specific asset additions.

Total borrowings were Rs 5,518.968 crore at 30 September 2026, comprising Rs 5,380.094 crore of non-current borrowings and Rs 138.874 crore of current borrowings. This compared with Rs 4,982.754 crore at 31 March 2026. Cash and cash equivalents declined to Rs 41.030 crore from Rs 636.013 crore over the same period, while investments increased to Rs 420.865 crore from Rs 206.830 crore.

Unit capital rose to Rs 3,655.792 crore at 30 September 2026 from Rs 2,651.819 crore at 31 March 2026, following the issue of 80.34 million units during the six-month period. Equity attributable to owners of the parent was Rs 2,887.177 crore, compared with Rs 2,034.545 crore at the March 2026 year-end.

What did Anzen Trust’s coverage ratios show?

Anzen Trust reported an asset cover ratio of 1.63 times at 30 September 2026, compared with 1.64 times at 30 June 2026 and 1.81 times a year earlier. Its debt-equity ratio was 1.91 times, up from 1.85 times in June and 1.30 times at 30 September 2025. Total debts to total assets were 0.61 at both September and June 2026, compared with 0.55 a year earlier.

The debt service coverage ratio was 1.82 times in the September quarter, compared with 1.73 times in June and 1.92 times a year earlier. Interest service coverage was 2.32 times, up from 2.22 times in June and 2.07 times in the comparable 2025 quarter. The current ratio was 3.50 times, versus 3.61 times in June and 0.51 times a year earlier.

The consolidated results were reviewed by S R B C & CO LLP, whose report is dated 30 October 2026. The auditor stated that nothing had come to its attention to indicate that the financial results contained a material misstatement under the applicable reporting framework, while noting that a review is narrower in scope than an audit.

Conclusion

Anzen Trust’s September-quarter results combined sharply higher year-on-year contract revenue of Rs 286.751 crore with a sequential fall in profit after tax to Rs 6.602 crore. The difference arose below operating earnings: finance costs, depreciation and the Rs 21.737 crore impairment charge increased faster than the gain in total income from the June quarter.

The next financial disclosure will show whether the September impairment charge remains isolated and how costs develop against Rs 5,518.968 crore of borrowings at 30 September 2026. It will also provide the next comparison for the Rs 3.00 per-unit quarterly distribution reported for September and the 1.63-times asset cover ratio.