Excellent work Amit. However, the distribution of cashflow from InvIT is not exactly comparable with P&L Cash profit. The major contributor to difference being net debt repayment received by InvIT (Debt repayment received from various SPV-Debt repayment made by InvIT to external lenders). Also, expenditure at Trust level (valuation, investment management fees etc) and income at Trust level (interest on excess cash and bank balance) would also add up.
In order to get more understanding on these issues, I try to calculate qaurterly NCDF for InvIT from various presentation. Find enlcosed my working for your reference.
Cell marked in Yellow colour are Investment management fees in previous quarter, which was merged in Expense incurred at trust. (Frm Q3FY19 Investment management fees was available in presentation and hence shown seperately).
When I Compare Q3FY20 with Q3FY19 for NDCF, i find decline of Rs 26 Cr, Rs 23 Cr was due to lower inflow from SPVs (Lower interest of Rs 5.4 Cr, Lower Debt repayment from SPV to InvIT Rs 16.6 Cr and Lower investment income of Rs 1.5 Cr) and also higher cashflow outflow at InvIt level (Higher repayment by InvIt to external lenders Rs 3.9 Cr, parially compenseted by lowerTrust expense Rs 1.5 Cr).
I also tried to reconcile Six monthly InvIT NDCF and addition of individual SPV NDCF disclosed in Sep/March results.
There is difference of Rs 73 Cr (FY19) or around 37 Cr (6MFY20), that broadly InvIT expenditure at Trust level of around 37 Cr for a quarter. So every quarter there is differnece of Rs 35-40 Cr between SPV NDCF and InvIT NDCF which could be due to net debt repayment etc.
The difference in NDCF is not due to deferment of NHAI payment. I enclosed my working NDCF (complied from Sep/March results) which specifically adjust NHAI payment from NDCF for Tumkur Chitradurga Project.
Hope this clarify your doubt. Please note that I am not expert and this is my understanding of InvIt cashflow from reading results and presentation. In case any inconsistency in working, feel free to put on the board.
Discl: Holding IRB InvIt, my view may be biased due to my holding, not a SEBI registered advisor, investor shall conduct his/her own due diligence before making any investment decision.