[T.S.R:16721] India Infrastructure: Everything That Could Go Wrong Went Wrong (JPM)

The past decade signifies the first meaningful privatization of infrastructure ownership in India, but several things went awry. It was a phase of massive asset creation and balance sheet expansion, which was not matched by returns and cash flows. It took longer than expected to implement an independent regulatory framework and the government ended up making most of the decisions.  

Enterprising companies pioneered infrastructure asset ownership, but stock market performance –especially in the past two years – reflected all these unmet expectations. 

GMRI, GVKP, RELI and JPA have generated negative returns in a rising market. 

The two clear outperformers were a)

MPSEZ: strong execution, investor preference for pure plays; and b) ADE, mainly during the time of listing of Adani Power and  merger of Mundra Ports, facilitating easy value discovery for the parent company.
 

Safe Harbor Statement:

Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.

 

Nothing in this article is, or should be construed as, investment advice.

 

 

 

 

 

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