REG - abrdn New India IT. - Half-year Report
23/11/2023 07:00
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RNS Number : 3734U abrdn New India Investment Trust 23 November 2023
abrdn New India Investment Trust plc
Half Yearly Report for six months ended 30 September 2023
Seeking world-class, well governed companies at the heart of India's growth
Why invest in India?
Aspiration
India's population is the largest in the world with an expanding middle class
which will drive consumption growth.
Building India
Urbanisation and infrastructure development have multiplier effects for job
creation and the wider economy.
Renewables
India has committed to meeting half of its energy needs from renewable sources
by 2030
Domestic opportunities
Global businesses are investing in, and shifting production to, India, drawn
by a wealth of incentives and opportunities.
Exporting talent
India's giant tech service sector, built on a highly educated and diligent
workforce, drives the export of services by helping global companies keep pace
with the fast-changing tech innovation landscape.
Digitalisation
India has made immense progress in digital investments, which will underpin
its rise to be one of the largest global economies by the middle of the
century.
Why invest in abrdn New India Investment Trust plc?
Robust financial strength and sustainable competitive advantage
Indian companies meeting a 'quality' threshold are included in the portfolio,
displaying both strong financial characteristics and a consistent competitive
advantage in attractive industries or sectors.
Engaged Management
The management of the best companies in India is world-class and understands
the importance of sustainability and good governance to drive the best
outcomes for investors and other stakeholders. Quality of management is a key
attribute sought in portfolio companies.
Return of growth stocks
As interest rates peak globally over the medium term, investors will seek out
growth stocks which are set to benefit. The portfolio's focus on those Indian
companies with the desire and capacity to expand will drive performance.
Performance Highlights
Performance (total return in Sterling terms)
Six months ended Year ended
30 September 2023 31 March 2023
% %
Share price(A) +13.7 -8.9
Net asset value per Ordinary Share(A) +13.2 -8.0
Adjusted net asset value per Ordinary Share(A) +14.7 -8.5
MSCI India Index (Sterling adjusted) +17.1 -6.0
(A) Considered to be an Alternative Performance Measure.
Source: abrdn, Morningstar & Factset
Performance (total return in Sterling terms) for year(s) ended 30 September 2023
1 year 3 year 5 year 10 year
% return % return % return % return
Share price(A) +0.7 +34.1 +35.2 +199.2
Net asset value per Ordinary Share(A) -1.6 +40.4 +44.9 +216.2
MSCI India Index (Sterling adjusted) +1.1 +62.9 +73.4 +241.5
(A) Considered to be an Alternative Performance Measure.
Source: abrdn, Morningstar & Factset
Financial Highlights and Financial Calendar
Financial Highlights
30 September 2023 31 March 2023 % change
Total shareholders' funds (£'000) 391,311 357,919 + 9.3
Share price (mid-market) 582.00p 512.00p + 13.7
Net asset value per share 725.75p 641.32p + 13.2
Adjusted net asset value per share(A) 731.99p 637.97p + 14.7
Discount to net asset value(AB) 19.8% 20.2%
Net gearing(A) 4.1% 5.8%
Ongoing charges ratio(A) 1.02% 1.09%
Rupee to Sterling exchange rate 101.36 101.61 + 0.3
(A) Considered to be an Alternative Performance Measure.
(B) Based on unadjusted net asset value per share.
Financial Calendar
Financial year end March 2024
Expected announcement of annual results for the year ending 31 March 2024 June 2024
Annual General Meeting (London) September 2024
Chairman's Statement
Dear Shareholder
India has defied a global environment rife with volatility and uncertainty to
stage an impressive comeback over the last six months, galloping ahead of
developed and emerging markets alike. During this period, the Company's net
asset value ("NAV") rose 13.2% in sterling terms (total return) - a sharp
turnaround from the previous six months. The Company's share price was up
13.7% and the discount to NAV now sits at 19.8%, narrowing marginally from
20.2% at the end of March. While this positive performance is undoubtedly
welcome news, the portfolio has lagged its benchmark, the MSCI India Index,
which rose 17.1%.
Exuberant investors in sharply rising markets initially tend to chase after
short-term trends while overlooking the longevity of companies with pricing
power and strong balance sheets. Both fundamentals and the long-term prospects
of your Company's portfolio holdings are intact and your Manager is working
hard to improve performance.
Overview
The Indian stock market's strong display over this period goes hand in hand
with a robust and resilient domestic economy. After reporting growth of over
7% in the previous fiscal year, India's GDP rose 7.8% on-year for the first
quarter of fiscal year 2024 - the fastest pace in 12 months.
Confidence is running high across several parts of the Indian economy. The
property sector is buoyant once again, just a few years after a crash that saw
the government tightening up lending and monitoring. Banks are in the
strongest position they have been in years, with balance sheets at their most
robust in well over a decade. Further boosting the economy is a notable rise
in public infrastructure spending. In the first four months of this fiscal
year, India has spent a little over 3 trillion rupees (approximately £31
billion) on building infrastructure, marking a 55% jump from the year before.
Another positive factor in India's favour is that inflation is now manageable.
Despite fluctuations here and there, consumer prices have broadly come down
during this period, translating into lower input costs for companies. July,
however, was an aberration. A surge in vegetable prices, due to uneven
distribution of rainfall during the Monsoon season, temporarily pushed
inflation to above 7%. Although that was a surprise, it was not enough to
prompt the Reserve Bank of India into action. The central bank has suspended
further rate rises just now, while remaining cautious about more unexpected
spikes in inflation going forward.
Looking at your Company's performance during this period, the strongest
contributions were from real estate and health care, where the fund has
considerably greater exposure compared to the benchmark. The Indian real
estate sector is seeing a long overdue recovery in residential property sales,
while demand for health care is also on the rise. Your Company's position in
the financials and consumer sectors disappointed largely due to the share
price performances of HDFC Bank and Hindustan Unilever, both of which remain
high-quality businesses. The Board and I continue to have faith in the trust's
long-term growth potential. Your Manager has continuously adapted the
portfolio to market conditions, introducing new names and adding to existing
ones to take advantage of India's growth and structural trends. You can read a
more detailed breakdown of this interim performance and changes made to the
portfolio in the Investment Manager's Report.
Environmental, Social and Governance
I am pleased to note that the Company's portfolio was recently rated "A" under
the MSCI ESG Rating. This reflects well on your Investment Manager's
consistent efforts to engage with the companies held within your Company's
portfolio and efforts to drive improvements on various issues. More details on
your Investment Manager's ESG process can be found in the Investment Manager's
Report and Case Studies, as well as in the latest Annual Report. A Sustainable
Investment Report is also published every six months and is available at
www.abrdnnewindia.co.uk.
Conditional tender offer
In March 2022 the Board announced the introduction of a five-yearly
performance-related conditional tender offer. The Board decided that, should
the Company's NAV total return underperform the Company's Benchmark over the
five-year period from 1 April 2022, then shareholders will be offered the
opportunity to realise up to 25 per cent of their investment for cash at a
level close to NAV. For these purposes, the Company's NAV per share is
adjusted for Indian capital gains tax (the "Adjusted NAV") to enable a
like-for-like comparison with the Benchmark.
Over the period from 1 April 2022 to 30 September 2023, the Adjusted NAV's
total return was 5.0% as compared to 10.1% for the Benchmark total return (for
further information, please see the Alternative Performance Measures).
Shareholder Engagement
The Board encourages shareholders to visit the Company's website
(www.abrdnnewindia.co.uk) or other social media channels for the latest
information and access to podcasts, thought-leadership articles and monthly
factsheets. The Board is seeking to improve the information available to
shareholders and to encourage greater interaction. Further to this, the Board
has supported the enhancement of the website, alongside more frequent updates
by the Investment Manager.
Discount and Share Buybacks
The Board continues to monitor actively the discount of the Ordinary share
price to the NAV per Ordinary share and pursues a policy of selective buybacks
of shares where to do so, in the opinion of the Board, is in the best
interests of shareholders, whilst also having regard to the overall size of
the Company.
Over the six months under review, the discount to NAV narrowed from 20.2% to
19.8%. During the period, 1.9m Ordinary shares were bought back by the
Company, marking a significant increase on the 0.6m shares bought back in the
equivalent prior period and in line with the 2.1m shares bought back for the
full year ended 31 March 2023.
The Board believes that a combination of stronger long-term performance and
effective marketing communication should increase demand for the Company's
shares and reduce the discount to NAV at which they trade, over time.
Outlook
There are certainly plenty of positives attracting investors to India. It is
one of the world's fastest-growing major economies, benefiting from its
resilient domestic macro environment. Supportive government policy has helped
this and is likely to remain this way for the foreseeable future, with
sufficient fiscal discipline to not worry investors. Continuing expansion of
public capital expenditure will support growth momentum, creating more jobs
and potentially reviving private capex as well. Even with elections to be held
next year, India has less perceived geopolitical risk compared with other
emerging market nations, and its companies are benefiting from the "China plus
One" strategy as global businesses seek to diversify their supply chains.
Following shareholder approval at the Annual General Meeting in September
2023, the Company may now invest up to 10% of its net assets in unlisted
investments. This is intended to give your Manager further flexibility in
where to look for quality as the market continues to mature. As with any other
areas of investment though, we carefully consider any opportunities and
balance the potential risk and reward involved. This change allows your
Manager to cast a wider net for quality names, but we can assure shareholders
this will not involve any element of compromise on its disciplined and careful
approach. Local regulatory approvals are now being sought.
The most recent strong rally aside, India has a lot to offer investors looking
to the longer term. With its large population, favourable demographics and
evolving middle class, India is a formidable investment opportunity. The
structural growth stories we have referenced in previous reports: domestic
consumption, urbanisation and infrastructure, together with increasing
digitalisation, are as compelling as ever. As a Board, we remain confident in
the focus on quality and take great comfort in the Manager's long-term quality
approach. The Board is equally mindful of the need for the Investment Manager
to take sufficient risk to ensure that the Company benefits from this
resilient economy over the medium term. The Board believes in the Manager's
experienced management team which has assembled a portfolio containing
well-managed and resilient companies that are able to keep growing earnings,
with strong balance sheets and pricing power that enables them to thrive
through economic cycles.
Michael Hughes
Chairman
22 November 2023
Investment Manager's Report
Market review
Over the six months ending 30 September 2023, the Company's net asset value
("NAV") total return increased by 13.2% in sterling terms, while the MSCI
India Index increased by 17.1%. The bulk of the underperformance can be
attributed to the fund's holdings in financials, consumer, and energy sectors.
The biggest contributors were the large active position in real estate and
stock selection in health care.
The global equity market saw an exceptional amount of volatility over this
period. Investors fretted over higher for longer interest rates in the US and
the stuttering pace of China's economic recovery. India bucked a downward
trend to emerge as one of the best-performing major equity markets, pushing
ahead of the broader Asia-Pacific ex-Japan region, global emerging markets,
and developed markets.
In rising markets such as the one we have seen in India over the interim
period, quality as an investment style - which your Company follows - tends to
underperform initially. This has been broadly consistent with how the fund has
performed in the past. We would point out that despite lagging the benchmark,
the financial health and prospects of the portfolio's holding companies remain
robust as ever.
Market and Performance overview
India's economy is in an enviable sweet spot. While resilient to external
headwinds, domestic conditions are getting better. Inflation has retreated to
manageable levels; factory output is rising steadily; the government is
leading the charge to build more infrastructure while consumer spending is
gradually getting better. The housing market has also become more affordable.
All of these factors coalesce into an encouraging outlook for the Indian
economy and has underpinned the strong display in the equity market.
Two major themes have dominated Indian stocks over the period: first, a sharp
rally in small and mid-cap companies that predominantly make up corporate
India. Secondly, as we mention above, quality companies have suffered in this
rising market where investors chased stocks that have performed well in the
short term without considering the company fundamentals. Both of these themes
have had mixed impact on the fund's performance.
The small and mid-cap rally benefitted your Company's holdings, including real
estate developers Prestige Estates and Godrej Properties. Both companies are
owned by reputable local families and have held up well through the earlier
property crisis, posted robust pre-sale numbers on a long overdue recovery in
residential property sales. Other names that contributed to relative
performance on the back of this rally include our diversified healthcare
exposure in hospital chain Fortis Healthcare, diagnostics provider Vijaya
Diagnostic Centre, contract biopharma manufacturer Syngene International and
pharmaceutical company JB Chemicals & Pharma. All of those companies also
posted strong results and continue to have robust financial positions and
competitive edge. Electrical wires and cables manufacturer KEI Industries also
performed well on improving market sentiment towards the company's ability to
capitalise on industry demand.
The underperformance in large-cap quality names was most pronounced in our
core holdings in the financials and consumer sectors, namely HDFC Bank and
Hindustan Unilever, respectively.
HDFC Bank completed its long anticipated merger with HDFC in July. We believe
in the long-term potential of the merged entity, trading as HDFC Bank, in
terms of revenue and cost synergies. The stock, however, weighed due to market
rebalancing following the completion of the merger. It continued to lag in
subsequent months after disclosing weaker-than-expected growth and returns in
the post-merger proforma financial statement. We believe the share price is
currently undervalued in relation to the potential the company has and will
closely monitor the post-merger execution.
Within financials, the portfolio is skewed towards banks that assume lower
lending risk and remain attractively valued. As a result, performance was
affected after non-banking financial companies outperformed the banks as their
growth prospects turned more promising in a potential peaking of the interest
rate cycle. Specifically, not holding Bajaj Finance was costly. Your Company
does, however, hold housing finance provider Aptus Value Housing Finance,
which contributed to performance and we have built our position in the stock
this year following an encouraging meeting with the management.
Likewise, in the consumer sectors, we lean more towards companies in consumer
staples in line with our investing style as they tend to deliver steadier
returns compared to discretionary names. The main staples holding, Hindustan
Unilever, lagged the market due to lacklustre results as its pricing growth
slowed on account of easing inflation in the country. The company, however, is
still seeing volume growth and its margins are both resilient and ahead of
peers thanks to its reach and penetration. We think Hindustan Unilever is
poised to benefit from its dominant position in rural India once demand there
recovers. Discretionary names performed better and our lower exposure cost us.
While not holding companies like Tata Motors and Zomato detracted, the fund
enjoyed positive contribution from the other auto names Mahindra &
Mahindra and Maruti Suzuki and jewellery retailer Titan Industries.
Finally, in the energy sector our exposure to Aegis Logistics succumbed to
profit taking following a strong run influenced by higher oil prices and
healthy company earnings. On a positive note, one that re-emphasises our
preference for quality, not holding industry bellwether Reliance Industries
offset some of the underperformance from Aegis. The company still has not met
our quality and corporate governance criteria. We also remain unconvinced
about the returns generated from its underlying businesses.
Portfolio Activity
While we remain committed to our long-term quality investment approach, we
have been proactive in our portfolio activity to insulate the trust from
downside risk and to position it for gains from sectors and themes that are
enjoying structural and cyclical tailwinds. In anticipation of the US economy
eventually losing steam next year and sparking a US-led recession, we have
trimmed our weight in IT software and services holdings Infosys and Tata
Consultancy Services. The US is a key market for both companies where it is
likely that corporate IT spending will be affected.
On the other hand, we have built our positions in the industrials sector by
adding to names such as KEI Industries and ABB India. We also initiated
Siemens, one of the key international capital equipment manufacturers and
distributors in India, feeding into a diversified array of demand across
sectors. This is in line with the Indian government's push to build more
infrastructure where we expect these names to be beneficiaries. We also
introduced Coromandel International within the materials sector, which is a
farming solutions provider that is likely to benefit from a reversal in rural
and agricultural demand in India.
In anticipation of widespread recovery in consumption, we added to our
positions in Tata Consumer Products and Titan, both of which have performed
well since initiation prior to the review period. These additions were funded
with our exits from low conviction names such as FSN E-Commerce Ventures
(Nykaa) and Crompton Greaves Consumer Electricals.
During the period we repaid approximately £4 million of the Company's
short-term bank borrowing. The market is very expensive, due to rising
valuations, while interest costs remain high. With these factors in mind,
lower gearing seemed a sensible option.
Outlook
India is currently one of the best emerging market opportunities as the world
remains in a wait-and-watch mode on interest rate policy trajectories. India's
early stages of a cyclical upswing are supported by moderate inflation, an
expected pickup in consumption demand, relative geopolitical stability, and
the "China plus One" strategy making the country an attractive manufacturing
destination.
While the macro picture looks promising, it is never without risk. India's
external balances remain vulnerable to oil price volatility. The outcome of
the 2024 parliamentary elections poses a key risk, though the market broadly
expects Modi to retain power. In addition, there could be a reversal of high
valuations and the rotation benefit that India has enjoyed.
However, despite these near-term obstacles, we remain positive on India over
the long term. The Company's downside is well protected given our quality
focus, and our defensive holdings are in a good position in case of profit
taking. Furthermore, any correction in the market would be an opportunity to
add to the holdings. The consistency of earnings growth of the portfolio
remains healthy and individual company fundamentals, such as pricing power,
strong balance sheets and the ability to sustain margins, remain solid.
Kristy Fong and James Thom
Investment Manager
22 November 2023
Ten Largest Investments
As at 30 September 2023
ICICI Bank HDFC Bank
ICICI Bank has been delivering superior growth and returns improvement without HDFC Bank is India's leading private sector bank that now has a complete suite
compromising on asset quality. It has leveraged on its scale as well as retail of retail banking products after the merger with HDFC, India's leading
and digital franchise to grow in mortgages and also growing off a low base in provider of mortgage finance. The bank has solid underwriting standards and a
business banking and SMEs. progressive digital stance, further strengthening its competitive edge.
Hindustan Unilever Infosys
The largest fast-moving consumer goods company (FMCG) in India, with an One of India's best software developers, it continues to impress with its
unrivalled portfolio of brands, an extensive nationwide distribution network, strong management, solid balance sheet and sustainable business model.
and a long and successful operational track record in the country.
Bharti Airtel Ultratech Cement
Bharti Airtel remains the leading telecom service provider with a pan-India A clear industry leader in India's cement industry, backed by strong brand
reach and sophisticated customer base with higher average mobile spending. recognition, a good distribution and sales network and solid product quality.
Its focus on cost efficiency and an improving energy mix have given UltraTech
a cost advantage.
Power Grid Corporation of India SBI Life Insurance
Power Grid Corporation of India forms the backbone of India's electricity Among the leading domestic life insurers, SBI Life's competitive edge comes
infrastructure. It is poised to play a key role in the growth of renewable from a wide reach of SBI branches, highly productive agents, a low cost ratio
energy delivery to the grid over the next few decades as the government plans and a reputable SBI brand.
ambitious renewable targets for the electricity sector.
Tata Consultancy Services Maruti Suzuki India
A top-class Indian IT services provider with the most consistent execution and India's largest passenger vehicle company is a subsidiary of Japan's Suzuki
lowest attrition rates. It is a long-term compounder with a decent outlook for and boasts a dominant market share in the four-wheeler market in India. Its
revenue growth and order wins over the medium term. distribution network and business scale are unparalleled in the market,
supported by strong research and development capabilities.
Portfolio
As at 30 September 2023
2023
Valuation Total assets
Company Sector £'000 %
ICICI Bank Financials 37,762 9.0
HDFC Bank Financials 34,314 8.2
Hindustan Unilever Consumer Staples 23,599 5.6
Infosys Information Technology 22,419 5.4
Bharti Communications Services 21,578 5.2
Airtel
Ultratech Cement Materials 17,931 4.3
Power Grid Corporation of India Utilities 17,867 4.3
SBI Life Insurance Financials 16,968 4.1
Tata Consultancy Information Technology 16,585 4.0
Services
Maruti Suzuki India Consumer Discretionary 14,600 3.5
Top ten investments 223,623 53.6
Axis Bank Financials 14,428 3.4
Kotak Mahindra Bank Financials 12,380 3.0
Aegis Logistics Energy 11,940 2.8
Fortis Healthcare Healthcare 11,772 2.8
Mahindra & Mahindra Ltd Consumer Discretionary 11,585 2.8
ABB India Industrials 9,943 2.4
Syngene International Healthcare 9,936 2.4
Godrej Real Estate 9,602 2.3
Properties
Titan Consumer Discretionary 9,537 2.3
Nestlé India Consumer Staples 9,503 2.3
Top twenty investments 334,249 80.1
Prestige Estates Projects Real Estate 8,427 2.0
Vijaya Diagnostic Centre Healthcare 7,599 1.8
PB Fintech Financials 7,453 1.8
Aptus Value Housing Financials 7,247 1.8
Finance
Kei Industries Industrials 7,214 1.7
Tata Consumer Products Consumer Staples 7,203 1.7
Hindalco Industries Materials 6,945 1.7
Asian Paints Materials 6,804 1.7
J.B. Chemicals & Pharmaceuticals Healthcare 6,651 1.6
Container Corporation of India Industrials 5,168 1.2
Top thirty investments 404,960 97.1
Affle India Communications Services 4,878 1.2
Renew Energy Utilities 4,515 1.1
Siemens Industrials 4,473 1.1
Info Edge Ventures Communication Servies 4,306 1.0
Coromandel International Materials 639 0.1
Total investments 423,771 101.6
Net liabilities (before deducting prior charges)(A) (6,524) (1.6)
Total assets(A) 417,247 100.0
(A) Excluding loan balances.
Other Matters
Investment Objective
The investment objective of the Company is to provide shareholders with long
term capital appreciation by investment in companies which are incorporated in
India, or which derive significant revenue or profit from India, with dividend
yield from the Company being of secondary importance.
Investment Policy
The Company primarily invests in Indian equity securities. Further information
on how the Company delivers its investment policy may be found on page 12 of
the Annual Report for the year ended 31 March 2023 (the "Annual Report") which
is published on the Company's website.
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company are set out
in detail on pages 13 to 15 of the Annual Report. The principal risks and
uncertainties may be summarised under the following headings:
· Strategic risk
· Market risk
· Poor investment performance
· Discount
· Single country risk
· Depositary
· Financial and regulatory
· Gearing
In addition, the Board has identified, as an emerging risk which it considers
is likely to become more relevant for the Company in the future, the
implications for the Company's investment portfolio of a changing climate. The
Board assesses this emerging risk as it develops, including how investor
sentiment is evolving towards climate risk within investment portfolios and
will consider how the Company may mitigate this risk, together with any other
emerging risks, if and when they become material.
These principal risks and uncertainties, and emerging risks, are not expected
to change materially for the remaining six months of the Company's financial
year ending 31 March 2024, other than in respect of one new risk identified in
the period. Following shareholder approval at the Annual General Meeting in
September 2023, the Company may now invest up to 10% of its net assets in
unquoted investments, which may not be readily realisable and may be more
difficult to value.
The Board also notes the increasing and broader geo-political issues which may
have implications for the Company's portfolio.
Going Concern
In accordance with the Financial Reporting Council's guidance on Going Concern
and Liquidity Risk, the Directors have reviewed the Company's ability to
continue as a going concern. The Company's assets consist of a diverse
portfolio of listed equity shares which in most circumstances are realisable
within a short timescale.
The Directors are conscious of the principal risks and uncertainties disclosed
on pages 13 to 15 and in Note 17 to the financial statements for the year
ended 31 March 2023.
In August 2022, the Company announced that it had entered into a three year,
£30 million revolving credit facility with The Royal Bank of Scotland
International Limited (the "Facility"), of which £26m was fully drawn down at
30 September 2023. The Board has set limits for borrowing and regularly
reviews the level of any gearing and compliance with banking covenants.
In advance of expiry of the Facility in August 2025, the Company will enter
into negotiations with its bankers. If acceptable terms are available from the
existing bankers, or any alternative, the Company would expect to continue to
access a facility. However, should these terms not be forthcoming, any
outstanding borrowing would be repaid through the proceeds of equity sales.
After making enquiries, including a review of revenue forecasts, the Directors
have a reasonable expectation that the Company possesses adequate resources to
continue in operational existence for the foreseeable future and for at least
12 months from the date of this Report. Accordingly, they continue to adopt
the going concern basis of accounting in preparing the financial statements.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Half Yearly Financial Report,
in accordance with applicable law and regulations. The Directors confirm that,
to the best of their knowledge:
· the condensed set of Financial Statements has been prepared in accordance
with Financial Reporting Standard 104 (Interim Financial Reporting);
· the Half Yearly Board Report includes a fair review of the information
required by rule 4.2.7R of the Disclosure Guidance and Transparency Rules
(being an indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
Financial Statements and a description of the principal risks and
uncertainties for the remaining six months of the financial year); and
· the Half Yearly Board Report includes a fair review of the information
required by 4.2.8R of the Disclosure Guidance and Transparency Rules (being
related party transactions that have taken place during the first six months
of the financial year and that have materially affected the financial position
of the Company during that period; and any changes in the related party
transactions described in the last Annual Report that could do so).
The Half Yearly Financial Report for the six months ended 30 September 2023
comprises the Interim Board Report, including the Statement of Directors'
Responsibilities and a condensed set of Financial Statements.
For and on behalf of the Board
Michael Hughes
Chairman
22 November 2023
Condensed Statement of Comprehensive Income
Six months ended Six months ended Year ended
30 September 2023 30 September 2022 31 March 2023
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Income from investments 3 3,013 - 3,013 3,461 - 3,461 5,725 302 6,027
Interest 3 82 - 82 - - - 96 - 96
Gains/(losses) on investments held at fair value through profit or loss - 49,629 49,629 - 22,570 22,570 - (35,669) (35,669)
Currency (losses)/gains - (103) (103) 8 (15) (7) - (432) (432)
3,095 49,526 52,621 3,469 22,555 26,024 5,821 (35,799) (29,978)
Expenses
Investment management fees (1,430) - (1,430) (1,681) - (1,681) (3,284) - (3,284)
Administrative expenses (490) - (490) (529) - (529) (1,028) - (1,028)
Profit before finance costs and taxation 1,175 49,526 50,701 1,259 22,555 23,814 1,509 (35,799) (34,290)
Finance costs (1,330) - (1,330) (466) - (466) (1,309) - (1,309)
(Loss)/profit before taxation (155) 49,526 49,371 793 22,555 23,348 200 (35,799) (35,599)
Taxation 4 (301) (5,237) (5,538) (310) (176) (486) (537) 1,870 1,333
(Loss)/profit for the period (456) 44,289 43,833 483 22,379 22,862 (337) (33,929) (34,266)
(Loss)/return per Ordinary share (pence) 5 (0.83) 80.72 79.89 0.84 38.84 39.68 (0.59) (59.41) (60.00)
The Company does not have any income or expense that is not included in
profit/(loss) for the period, and therefore the "Profit/(loss) for the period"
is also the "Total comprehensive income for the period".
The total columns of this statement represent the Condensed Statement of
Comprehensive Income, prepared in accordance with IFRS. The revenue and
capital columns are supplementary to this and are prepared under guidance
published by the Association of Investment Companies. All items in the above
statement derive from continuing operations.
All of the profit/(loss) and total comprehensive income is attributable to the
equity holders of abrdn New India Investment Trust plc. There are no
non-controlling interests.
The accompanying notes are an integral part of these financial statements.
Condensed Statement of Financial Position
As at As at As at
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 423,771 462,161 391,371
Current assets
Cash at bank 10,163 5,927 7,178
Receivables 1,319 1,218 3,715
Total current assets 11,482 7,145 10,893
Current liabilities
Bank loan 7 (25,936) (29,901) (29,918)
Other payables (3,640) (2,162) (3,279)
Total current liabilities (29,576) (32,063) (33,197)
Net current liabilities (18,094) (24,918) (22,304)
Non-current liabilities
Deferred tax liability on Indian capital gains 4 (14,366) (13,765) (11,148)
Net assets 391,311 423,478 357,919
Share capital and reserves
Ordinary share capital 8 14,768 14,768 14,768
Share premium account 25,406 25,406 25,406
Special reserve - 6,553 -
Capital redemption reserve 4,484 4,484 4,484
Capital reserve 347,503 371,841 313,655
Revenue reserve (850) 426 (394)
Equity shareholders' funds 391,311 423,478 357,919
Net asset value per Ordinary share (pence) 10 725.75 738.57 641.32
The accompanying notes are an integral part of these financial statements.
Condensed Statement of Changes in Equity
Six months ended 30 September 2023 (unaudited)
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2023 14,768 25,406 4,484 313,655 (394) 357,919
Profit/(loss) for the period - - - 44,289 (456) 43,833
Buyback of share capital to treasury - - - (10,441) - (10,441)
Balance at 30 September 2023 14,768 25,406 4,484 347,503 (850) 391,311
Six months ended 30 September 2022 (unaudited)
Share Capital
Share premium Special redemption Capital Revenue
capital account reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2022 14,768 25,406 9,932 4,484 349,462 (57) 403,995
Profit for the period - - - - 22,379 483 22,862
Buyback of share capital to treasury - - (3,379) - - - (3,379)
Balance at 30 September 2022 14,768 25,406 6,553 4,484 371,841 426 423,478
Year ended 31 March 2023 (audited)
Share Capital
Share premium Special redemption Capital Revenue
capital account reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2022 14,768 25,406 9,932 4,484 349,462 (57) 403,995
Loss for the year - - - - (33,929) (337) (34,266)
Buyback of share capital to treasury - - (9,932) - (1,878) - (11,810)
Balance at 31 March 2023 14,768 25,406 - 4,484 313,655 (394) 357,919
The Special reserve and the Revenue reserve represent the amount of the
Company's distributable reserves. The Special reserve was extinguished during
the year ended 31 March 2023.
Condensed Cash Flows Statement
Six months ended Six months ended Year ended
30 September 2023 30 September 2022 31 March 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Dividend income received 2,928 3,398 4,817
Interest income received (3) (4) (16)
Investment management fee paid (501) (1,350) (3,057)
Overseas withholding tax (655) 631 -
Other cash (expenses)/receipts (429) (421) 692
Cash inflow from operations 1,340 2,254 2,436
Interest paid (1,113) (262) (1,189)
Net cash inflow from operating activities 227 1,992 1,247
Cash flows from investing activities
Purchases of investments (39,222) (49,401) (100,451)
Sales of investments 58,874 47,895 109,314
Indian capital gains tax paid on sales (2,019) (910) (678)
Net cash inflow/(outflow) from investing activities 17,633 (2,416) 8,185
Cash flows from financing activities
Buyback of shares (10,757) (3,307) (11,489)
Repayment of loan (4,000) - -
Costs associated with loan (12) (99) (105)
Net cash outflow from financing activities (14,769) (3,406) (11,594)
Net increase/(decrease) in cash and cash equivalents 3,091 (3,830) (2,162)
Cash and cash equivalents at the start of the period 7,178 9,772 9,772
Effect of foreign exchange rate changes (106) (15) (432)
Cash and cash equivalents at the end of the period 10,163 5,927 7,178
There were non-cash transactions of £22,000 during the period (six months
ended 30 September 2022 - £nil; year ended 31 March 2023 - £nil).
Notes to the Financial Statements
For the six months ended 30 September 2023
1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of Section 1158 of the Corporation Tax Act 2010.
2. Accounting policies
The Company's financial statements have been prepared in accordance with
International Accounting Standard ('IAS') 34 - 'Interim Financial Reporting',
as adopted by the International Accounting Standards Board (IASB), and
interpretations issued by the International Reporting Interpretations
Committee of the IASB (IFRIC). The Company's financial statements have been
prepared using the same accounting policies applied for the year ended 31
March 2023 financial statements, which received an unqualified audit report.
The financial statements have been prepared on a going concern basis. In
accordance with the Financial Reporting Council's guidance on 'Going Concern
and Liquidity Risk' the Directors have undertaken a review of the Company's
assets which primarily consist of a diverse portfolio of listed equity shares
which, in most circumstances, are realisable within a short timescale.
3. Income
Six months ended Six months ended Year ended
30 September 2023 30 September 2022 31 March 2023
£'000 £'000 £'000
Income from investments
Overseas dividends 3,013 3,461 6,027
Other income
Deposit interest 82 - 93
Other interest - - 3
82 - 96
Total income 3,095 3,461 6,123
4. Taxation
Six months ended Six months ended Year ended
30 September 2023 30 September 2022 31 March 2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(a) Analysis of charge for the period
Indian capital gains tax charge on sales - 2,019 2,019 - 942 942 - 936 936
Under provision of Indian capital gains tax charged on sales for prior year - - - - - - - 577 577
Overseas taxation 301 - 301 310 - 310 537 - 537
Total current tax charge for the period 301 2,019 2,320 310 942 1,252 537 1,513 2,050
Movement in deferred tax liability on Indian capital gains - 3,218 3,218 - (766) (766) - (3,383) (3,383)
Total tax charge for the period 301 5,237 5,538 310 176 486 537 (1,870) (1,333)
The Company is liable to Indian capital gains tax under Section 115 AD of the
Indian Income Taxes Act 1961.
The Company has recognised a deferred tax liability of £14,366,000 (30
September 2022 - £13,765,000; 31 March 2023 - £11,148,000 deferred tax
liability) on capital gains which may arise if Indian investments are sold.
On 1 April 2020, the Indian Government withdrew an exemption from withholding
tax on dividend income. Dividends are received net of 20% withholding tax and
an additional charge of 4%. A further surcharge of either 2% or 5% is applied
if the receipt exceeds a certain threshold. Of this total charge, 10% of the
withholding tax is irrecoverable with the remainder being shown in the
Condensed Statement of Financial Position as an asset due for offset against
Indian capital gains or reclaim.
(b) Factors affecting the tax charge for the year or period. The tax charged for
the period can be reconciled to the (loss)/profit per the Condensed Statement
of Comprehensive Income as follows:
Six months ended Six months ended Year ended
30 September 2023 30 September 2022 31 March 2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/profit before tax (155) 49,526 49,371 793 22,555 23,348 200 (35,799) (35,599)
UK corporation tax on profit at the standard rate of 25% (39) 12,381 12,342 151 4,285 4,436 38 (6,802) (6,764)
Effects of:
(Gains)/losses on investments held at fair value through profit or loss not - (12,407) (12,407) - (4,288) (4,288) - 6,720 6,720
subject to UK Corporation tax
Currency losses not taxable - 26 26 - 3 3 - 82 82
Deferred tax not recognised in respect of tax losses 790 - 790 501 - 501 1,047 - 1,047
Expenses not deductible for tax purposes 2 - 2 5 - 5 3 - 3
Indian capital gains tax charged on sales - 2,019 2,019 - 942 942 - 936 936
Under provision of Indian capital gains tax charged on sales for prior year - - - - - - - 577 577
Movement in deferred tax liability on Indian capital gains - 3,218 3,218 - (766) (766) - (3,383) (3,383)
Irrecoverable overseas withholding tax 301 - 301 310 - 310 537 - 537
Non-taxable dividend income (753) - (753) (657) - (657) (1,088) - (1,088)
Total tax charge/(credit) 301 5,237 5,538 310 176 486 537 (1,870) (1,333)
At 30 September 2023, the Company has surplus management expenses and loan
relationship debits with a tax value of £9,116,000 (30 September 2022 -
£7,608,000; 31 March 2023 - £8,326,000) based on enacted tax rates, in
respect of which a deferred tax asset has not been recognised. No deferred tax
asset has been recognised because the Company is not expected to generate
taxable income in the future in excess of the deductible expenses of those
future periods. Therefore, it is unlikely that the Company will generate
future taxable revenue that would enable the existing tax losses to be
utilised.
5. Return per Ordinary share
Six months ended Six months ended Year ended
30 September 2023 30 September 2022 31 March 2023
£'000 £'000 £'000
Based on the following figures:
Revenue return (456) 483 (337)
Capital return 44,289 22,379 (33,929)
Total return 43,833 22,862 (34,266)
Weighted average number of Ordinary shares in issue 54,868,970 57,619,248 57,105,465
6. Transaction costs
During the period, expenses were incurred in acquiring or disposing of
investments classified as fair value through profit or loss. These have been
expensed through the capital column of the Condensed Statement of
Comprehensive Income, and are included within gains/(losses) on investments at
fair value through profit or loss in the Condensed Statement of Comprehensive
Income. The total costs were as follows:
Six months ended Six months ended Year ended
30 September 2023 30 September 2022 31 March 2023
£'000 £'000 £'000
Purchases 78 68 166
Sales 78 63 173
156 131 339
The above transaction costs are calculated in line with the AIC SORP. The
transaction costs in the Company's Key Information Document, provided by the
Manager, are calculated on a different basis and in line with the PRIIPs
regulations.
7. Bank loan
In August 2022, the Company entered into a three year £30 million
multi-currency revolving credit facility with The Royal Bank of Scotland
International Limited (London Branch). At 30 September 2023 £26 million (30
September 2022 - £30 million; 31 March 2023 - £30 million) had been drawn
down at an all-in interest rate of 8.531% with a maturity date of 2 October
2023 (30 September 2022 - 5.321% until 3 November 2022; 31 March 2023 - 7.777%
until 3 April 2023. Subsequent to this the loan has been rolled over and at
the date of this report the Company had drawn down £26 million at an all-in
interest rate of 8.785%.
The bank loan recognised in the Condensed Statement of Financial Position is
net of amortised costs.
8. Ordinary share capital
During the period 1,891,673 Ordinary shares were bought back by the Company
for holding in treasury (period to 30 September 2022 - 599,372; year to 31
March 2023 - 2,127,206), at a cost of £10,433,000 (30 September 2022 -
£3,379,000; 31 March 2023 - £11,810,000). As at 30 September 2023 there were
53,918,248 (30 September 2022 - 57,337,755; 31 March 2023 - 55,809,921)
Ordinary shares in issue, excluding 5,151,892 (30 September 2022 - 1,732,385;
31 March 2023 - 3,260,219) Ordinary shares held in treasury.
Following the period end a further 646,500 Ordinary shares were bought back
for treasury by the Company at a cost of £3,784,000 resulting in there being
53,271,748 Ordinary shares in issue, excluding 5,798,392 Ordinary shares held
in treasury at the date this Report was approved.
9. Analysis of changes in net debt
At At
31 March Currency Cash Non-cash 30 September
2023 differences flows movements 2023
£'000 £'000 £'000 £'000 £'000
Cash and short term deposits 7,178 (106) 3,091 - 10,163
Debt due within one year (29,918) - 4,000 (18) (25,936)
(22,740) (106) 7,091 (18) (15,773)
At At
31 March Currency Cash Non-cash 31 March
2022 differences flows movements 2023
£'000 £'000 £'000 £'000 £'000
Cash and short term deposits 9,772 (432) (2,162) - 7,178
Debt due within one year (30,000) - - 82 (29,918)
(20,228) (432) (2,162) 82 (22,740)
A statement reconciling the movement in net funds to the net cash flow has not
been presented as there are no differences from the above analysis.
10. Net asset value per Ordinary share
The net asset value per Ordinary share is based on a net asset value of
£391,311,000 (30 September 2022 - £423,478,000; 31 March 2023 -
£357,919,000) and on 53,918,248 (30 September 2022 - 57,337,755; 31 March
2023 - 55,809,921) Ordinary shares, being the number of Ordinary shares in
issue at the period end.
11. Fair value hierarchy
IFRS 13 'Fair Value Measurement' requires an entity to classify fair value
measurements using a fair value hierarchy that reflects the subjectivity of
the inputs used in making measurements. The fair value hierarchy has the
following levels:
Level 1: quoted (unadjusted) market prices in active markets for identical
assets or liabilities;
Level 2: valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable; and
Level 3: valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
The financial assets and liabilities measured at fair value in the Condensed
Statement of Financial Position and are grouped into the fair value hierarchy
at the Condensed Statement of Financial Position date are as follows:
Level 1 Level 2 Level 3 Total
As at 30 September 2023 Note £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities a) 423,771 - - 423,771
Net fair value 423,771 - - 423,771
Level 1 Level 2 Level 3 Total
As at 30 September 2022 Note £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities a) 462,161 - - 462,161
Net fair value 462,161 - - 462,161
Level 1 Level 2 Level 3 Total
As at 31 March 2023 Note £'000 £'000 £'000 Total
Financial assets at fair value through profit or loss
Quoted equities a) 391,371 - - 391,371
Net fair value 391,371 - - 391,371
a) Quoted equities. The fair value of the Company's investments in quoted
equities has been determined by reference to their quoted bid prices at the
reporting date. Quoted equities included in Fair Value Level 1 are actively
traded on recognised stock exchanges.
12. Related party transactions
The Company has an agreement with abrdn Fund Managers Limited (the "Manager")
for the provision of management, secretarial, accounting and administration
services and for carrying out promotional activity services in relation to the
Company.
During the period, the management fee was payable monthly in arrears and was
based on 0.8% per annum up to £300 million and 0.6% thereafter of the net
assets of the Company (period ended 30 September 2022 and year ended 31 March
2023 the management fee payable was based on 0.85% per annum up to £350
million and 0.7% per annum thereafter of the net assets of the Company). The
management agreement is terminable by either the Company or the Manager on six
months' notice. The amount payable in respect of the Company for the period
was £1,430,000 (six months ended 30 September 2022 - £1,681,000; year ended
31 March 2023 - £3,284,000) and the balance due to the Manager at the period
end was £1,687,000 (period end 30 September 2022 - £863,000; year end 31
March 2023 - £759,000). All investment management fees are charged 100% to
the revenue column of the Statement of Comprehensive Income.
The Company has an agreement with the Manager for the provision of promotional
activities in relation to the Company's participation in the abrdn Investment
Trust Share Plan and ISA. The total fees paid and payable under the agreement
during the period were £93,000 (six months ended 30 September 2022 -
£83,000; year ended 31 March 2023 - £176,000) and the balance due to the
Manager at the period end was £93,000 (period ended 30 September 2022 -
£42,000; year ended 31 March 2023 - £46,000).
13. Segmental information
For management purposes, the Company is organised into one main operating
segment, which invests in equity securities. All of the Company's activities
are interrelated, and each activity is dependent on the others. Accordingly,
all significant operating decisions are based upon analysis of the Company as
one segment. The financial results from this segment are equivalent to the
financial statements of the Company as a whole.
14. Half-Yearly Report
The financial information contained in this Half-Yearly Report does not
constitute statutory accounts as defined in Sections 434 - 436 of the
Companies Act 2006. The financial information for the six months ended 30
September 2023 and 30 September 2022 has not been audited.
The information for the year ended 31 March 2023 has been extracted from the
latest published audited financial statements which have been filed with the
Registrar of Companies. The report of the Independent Auditor on those
accounts contained no qualification or statement under Section 237 (2), (3) or
(4) of the Companies Act 2006.
The Half-Yearly Report has not been reviewed or audited by the Company's
Independent Auditor.
15. Approval
This Half-Yearly Report was approved by the Board on 22 November 2023.
Alternative Performance Measures
Alternative performance measures are numerical measures of the Company's
current, historical or future performance, financial position or cash flows,
other than financial measures defined or specified in the applicable financial
framework. The Company's applicable financial framework includes International
Financial Reporting Standards and the Statement of Recommended Practice issued
by Association of Investment Companies. The Directors assess the Company's
performance against a range of criteria which are viewed as particularly
relevant for closed-end investment companies.
Adjusted net asset value per Ordinary share(A)
This performance measure is used to provide a like for like comparison with
the Company's Benchmark for the purposes of the potential five-yearly
performance-related conditional tender offer announced on 24 March 2022.
Further details may be found in the Chairman's Statement.
30 September 2023 31 March 2023
Net assets attributable (£'000) 391,311 357,919
Accumulated Indian CGT charge for the period since 31 March 2022 (£'000) 3,367 (1,870)
Net assets attributable excluding Indian CGT charge (£'000) 394,678 356,049
Number of Ordinary shares in issue 53,918,248 55,809,921
Adjusted net asset value per Ordinary share(A) 731.99p 637.97p
(A) Adjusted NAV is the Company's NAV after adding back all Indian capital
gains tax paid or accrued in respect of realised and unrealised gains made on
investments.
Discount to net asset value per Ordinary share
The discount is the amount by which the share price is lower than the net
asset value per share with debt at fair value, expressed as a percentage of
the net asset value.
30 September 2023 31 March 2023
NAV per Ordinary share a 725.75p 641.32p
Share price b 582.00p 512.00p
Discount (a-b)/a 19.8% 20.2%
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents
divided by shareholders' funds, expressed as a percentage. Under AIC reporting
guidance cash and cash equivalents includes amounts due to and from brokers at
the period end.
30 September 2023 31 March 2023
Borrowings (£'000) a 25,936 29,918
Cash (£'000) b 10,163 7,178
Amounts due to brokers (£'000) c 638 1,418
Amounts due from brokers (£'000) d 450 3,266
Shareholders' funds (£'000) e 391,311 357,919
Net gearing (a-b+c-d)/e 4.1% 5.8%
Ongoing charges
The ongoing charges ratio has been calculated in accordance with guidance
issued by the AIC as the total of annualised investment management fees and
administrative expenses and expressed as a percentage of the average daily net
asset values with debt at fair value published throughout the year. The ratio
for 30 September 2023 is based on forecast ongoing charges for the year ending
31 March 2024.
30 September 2023 31 March 2023
Investment management fees (£'000) 2,904 3,284
Administrative expenses (£'000) 985 1,028
Less: non-recurring charges (£'000)(A) - (27)
Ongoing charges (£'000) 3,889 4,285
Average net assets (£'000) 382,269 394,420
Ongoing charges ratio 1.02% 1.09%
(A) Professional fees unlikely to recur.
The ongoing charges ratio provided in the Company's Key Information Document
is calculated in line with the PRIIPs regulations which amongst other things,
includes the cost of borrowings and transaction costs.
Total return
NAV and share price total returns show how the NAV and share price has
performed over a period of time in percentage terms, taking into account both
capital returns and dividends paid to shareholders. Share price and NAV total
returns are monitored against open-ended and closed-ended competitors, and the
Benchmark, respectively.
Share
Six months ended 30 September 2023 NAV Adjusted NAV Price
Opening at 1 April 2023 a 641.32p 637.97p 512.00p
Closing at 30 September 2023 b 725.75p 731.99p 582.00p
Price movements c=(b/a)-1 +13.2% +14.7% +13.7%
Dividend reinvestment(A) d N/A N/A N/A
Total return c+d +13.2% +14.7% +13.7%
Share
Year ended 31 March 2023 NAV Adjusted NAV Price
Opening at 1 April 2022 a 697.30p 697.30p 562.00p
Closing at 31 March 2023 b 641.32p 637.97p 512.00p
Price movements c=(b/a)-1 -8.0% -8.5% -8.9%
Dividend reinvestment(A) d N/A N/A N/A
Total return c+d -8.0% -8.5% -8.9%
Share
Eighteen months ended 30 September 2023 NAV Adjusted NAV Price
Opening at 1 April 2022 a 697.30p 697.30p 562.00p
Closing at 30 September 2023 b 725.75p 731.99p 582.00p
Price movements c=(b/a)-1 +4.1% +5.0% 3.6%
Dividend reinvestment(A) d N/A N/A N/A
Total return c+d +4.1% +5.0% +3.6%
(A) NAV total return involves investing the net dividend in the NAV of the
Company with debt at par value on the date on which that dividend goes
ex-dividend. Share price total return involves reinvesting the net dividend in
the share price of the Company on the date on which that dividend goes
ex-dividend.
Stuart Reid
abrdn Holdings Limited
Secretaries
Email: cef.cosec@abrdn.com
22 November 2023
END
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