Oriental InfraTrust profit falls as tax charge hits Rs 112.005 crore

Oriental InfraTrust reported consolidated profit after tax of Rs 5.918 crore for the quarter ended 30 September 2026, down from Rs 67.622 crore a year earlier, because total tax expense rose to Rs 112.005 crore even as revenue from operations increased to Rs 597.260 crore and profit before tax reached Rs 117.923 crore.

Why did Oriental InfraTrust's September-quarter profit fall?

Oriental InfraTrust's September-quarter profit fell because tax expense absorbed most of its pre-tax profit. Profit before tax increased to Rs 117.923 crore in the quarter ended 30 September 2026 from Rs 84.886 crore a year earlier, but total tax expense rose by Rs 94.741 crore to Rs 112.005 crore, leaving profit after tax at Rs 5.918 crore.

The deferred-tax movement was the principal change in the tax line. Oriental InfraTrust recorded deferred-tax expense of Rs 69.232 crore in the latest quarter, compared with a deferred-tax credit of Rs 7.761 crore in the quarter ended 30 September 2025. Current tax also rose to Rs 42.773 crore from Rs 25.025 crore, contributing to the increase in the total charge.

Did Oriental InfraTrust's revenue increase during the quarter?

Yes, Oriental InfraTrust's revenue from operations increased to Rs 597.260 crore in the quarter ended 30 September 2026 from Rs 550.561 crore in the same quarter of 2025. Other income rose to Rs 35.684 crore from Rs 31.888 crore, lifting total income by Rs 50.495 crore year on year to Rs 632.944 crore.

Revenue was lower than in the immediately preceding quarter. Oriental InfraTrust reported revenue from operations of Rs 614.147 crore and total income of Rs 644.544 crore in the quarter ended 30 June 2026, compared with Rs 597.260 crore and Rs 632.944 crore respectively in the September quarter. However, other income increased by Rs 5.287 crore sequentially from Rs 30.397 crore.

For the half year ended 30 September 2026, Oriental InfraTrust recorded revenue from operations of Rs 1,211.407 crore, compared with Rs 1,119.798 crore in the corresponding 2025 period. Total income rose to Rs 1,277.488 crore from Rs 1,219.812 crore, although the prior-year half year included a Rs 42.054 crore reversal of impairment of intangible assets that was absent in the latest period.

Which costs changed at Oriental InfraTrust?

Oriental InfraTrust's operating expenses rose to Rs 146.119 crore in the September 2026 quarter from Rs 89.076 crore a year earlier, an increase of Rs 57.043 crore. Employee-benefit expense increased to Rs 14.424 crore from Rs 11.647 crore, and other expenses rose to Rs 15.092 crore from Rs 11.856 crore.

Some major cost lines declined year on year. Finance costs fell to Rs 157.267 crore from Rs 164.468 crore, while depreciation and amortisation decreased to Rs 182.119 crore from Rs 202.211 crore. The latest quarter also had no intangible-asset impairment expense, compared with Rs 18.305 crore in the September 2025 quarter.

Sequentially, total expenses increased to Rs 515.021 crore from Rs 492.126 crore in the June 2026 quarter. Operating expenses increased by Rs 45.725 crore from Rs 100.394 crore, while depreciation and amortisation fell by Rs 14.081 crore. The June quarter included a Rs 5.562 crore goodwill-impairment charge that was not reported in the September quarter.

What do Oriental InfraTrust's half-year earnings and cash flows show?

Oriental InfraTrust's profit after tax for the half year ended 30 September 2026 declined to Rs 135.586 crore from Rs 180.952 crore in the corresponding prior-year period. Profit before tax nevertheless rose to Rs 270.341 crore from Rs 212.412 crore, while total tax expense increased to Rs 134.755 crore from Rs 31.460 crore.

Net cash flow from operating activities was Rs 862.952 crore in the latest half year, compared with Rs 903.366 crore a year earlier. Income tax paid, net of refunds, increased to Rs 72.040 crore from Rs 40.166 crore. Cash and cash equivalents stood at Rs 30.161 crore at 30 September 2026, down from Rs 108.641 crore at 31 March 2026.

Oriental InfraTrust used Rs 849.767 crore in financing activities during the six months ended 30 September 2026, compared with Rs 844.219 crore in the corresponding period a year earlier. The cash-flow statement includes Rs 52.541 crore of non-convertible debenture repayments, Rs 45.270 crore of non-current borrowing repayments and Rs 23.643 crore of finance costs paid.

How did Oriental InfraTrust's assets and NAV change?

Oriental InfraTrust's total assets were Rs 12,048.732 crore at 30 September 2026, compared with Rs 12,489.304 crore at 31 March 2026. Total liabilities declined to Rs 8,433.994 crore from Rs 8,629.404 crore, while total equity fell to Rs 3,614.738 crore from Rs 3,859.900 crore over the same period.

Book-value net asset value, or NAV, was Rs 61.99 per unit at 30 September 2026, compared with Rs 66.20 at 31 March 2026 and Rs 71.32 a year earlier. Fair-value NAV was Rs 114.06 per unit, compared with Rs 111.24 at 31 March 2026 and Rs 115.61 at 30 September 2025, with 583.08 million units outstanding at each reported date.

The fair value of total assets was Rs 15,084.705 crore at 30 September 2026, marginally below Rs 15,115.680 crore at 31 March 2026. Oriental Nagpur Bye Pass Construction Private Limited had the largest disclosed project fair value at Rs 5,137.687 crore, followed by Biaora to Dewas Highways Private Limited at Rs 2,905.240 crore.

Conclusion

Oriental InfraTrust generated higher revenue and pre-tax profit in the September 2026 quarter, while lower finance costs and depreciation partly offset a rise in operating expenses. The reported profit outcome was determined by the Rs 112.005 crore tax expense, particularly the shift to Rs 69.232 crore of deferred-tax expense from a credit in the prior-year quarter.

The next disclosed event to watch is the distribution relating to the quarter ended 30 September 2026. Oriental InfraTrust says that distribution will be approved and paid after 30 September 2026; distributions made during the half year exclude it and are based on net distributable cash flows under the Securities and Exchange Board of India Infrastructure Investment Trust regulations.