IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first and largest listed power sector infrastructure investment trust (InvIT), today announced its results for the quarter ended June 30, 2024. On a year-on-year basis, the consolidated revenue for the quarter was up 32.7% to ₹ 8,351 million and the consolidated EBITDA was up 35.2% to ₹ 7,665 million. The Net Distributable Cash Flow (NDCF) saw a year-on-year growth of 80.4% to reach ₹ 3,130 million for the quarter. The Q1 FY25 financials include full impact of revenue from solar assets acquired through Virescent Renewable Energy Trust (VRET) and ReNew Solar Urja Private Limited (RSUPL).
IndiGrid’s collections and receivable days continued their healthy profile. Collections for the transmission business stood at 94% with 51 receivable days, on account of seasonality which the first quarter usually witnesses, and for the solar business, collections were at 104% with 45 receivable days.
The Board of the Investment Manager approved a Distribution Per Unit (DPU) of ₹ 3.75 for Q1 FY25, on-track to deliver on the full year guidance of ₹ 15 per unit. The record date for the distribution is July 30, 2024, and shall be paid as ₹ 3.1954 per unit in form of interest, ₹ 0.2082 per unit as dividend, and ₹ 0.3464 per unit as capital repayment, all in accordance with section 115UA of the Income Tax Act.
Commenting on the quarter, Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said, “We delivered a quarter of strong performance with all the financial metrics showcasing exceptional growth. Our teams have showcased consistent growth via acquisitions and green field projects while delivering a stable and growing DPU. We announced a quarterly DPU of ₹ 3.75 in-line with our full year guidance.
The long-term capital gains parity for Business Trusts announced in the Union Budget yesterday was a welcome change. This will not only enhance the attractiveness of InvITs as a portfolio diversification opportunity, but also support its market liquidity and momentum.”
About IndiGrid:
IndiGrid [BSE: 540565 | NSE: INDIGRID] is the first Infrastructure Investment Trust (“InvIT”) in the Indian power sector. It owns 41 power projects, consisting of 49 transmission lines with more than ~8,700 ckms length, 15 substations with ~22,550 MVA transformation capacity and ~855 MWAC (~1.1 GWp) of solar generation capacity. IndiGrid has assets under management (AUM) of over ~₹ 293 billion (~USD 3.5 billion). The investment manager of IndiGrid is wholly owned by KKR.
