IndiGrid Q2 Profit Soars 154% with Strong Revenue Growth

27 Oct 2024 , 02:34 PM

India Grid Trust, reported a 154% year-on-year surge in consolidated net profit, reaching ₹98.73 Crore for the September 2024 quarter, compared to ₹38.89 Crore in the previous year’s quarter.

This infrastructure investment trust’s total income rose significantly, hitting ₹839.75 Crore, up from ₹720.18 Crore in the same period last year, driven by increased revenues.

The Board of IndiGrid Investment Managers Ltd (IIML), the investment manager for India Grid Trust, approved a Q2 FY25 distribution of ₹3.75 per unit, with allocations including ₹3.61763 per unit as interest, ₹0.11357 per unit as a dividend, and ₹0.01880 per unit as other income. Distribution record date is set for October 30, 2024, with payment expected by November 9, 2024.

The board also proposed renaming India Grid Trust to “IndiGrid Infrastructure Trust” and approved relevant amendments to the Trust Deed, pending unitholder approval via a postal ballot.

Harsh Shah, CEO of IndiGrid, highlighted that the trust experienced robust growth this quarter, benefiting from strategic actions initiated in FY 2023-24 and a recent fundraise.

IndiGrid, the first Infrastructure Investment Trust (InvIT) in India’s power sector, owns 41 power projects, with assets including 49 transmission lines spanning over 8,700 circuit kilometers, 15 substations with a 22,550 MVA transformation capacity, and 855 MWAC solar generation.

The trust has an asset management portfolio exceeding ₹29,700 Crore (USD 3.5 billion) and is managed by IIML, a fully owned subsidiary of KKR.