IndiGrid Reports 92% Jump YoY in Revenue for Fourth Quarter

IndiGrid has reported consolidated revenue of Rs 328.4 crore for the quarter ended March 31, 2020, up 92 percent YoY from Rs 170.5 crore in Q4 2019.

IndiGrid, India’s first power sector Infrastructure Investment trust (InvIT), has announced its results for the financial year ended March 31, 2020. The firm has reported consolidated revenue of Rs 328.4 crore (USD 44 million) for the quarter ended March 31, 2020, up 92 percent YoY from Rs 170.5 crore (USD 23 million) for the fourth quarter (Q4) ended March 31, 2019.

The firm also reported that its consolidated EBITDA for the quarter was Rs 299.3 crore (USD 40 million), up 98 percent YoY from Rs 150.8 crore (USD 20 million) for the quarter ended March 31, 2019.

The Board of the Investment Manager of the firm has also approved a Distribution Per Unit (DPU) of Rs 3.00 for Q4 FY20 entirely payable as an interest to unitholders. With this, the firm has delivered on its DPU guidance of Rs 12.00 per unit for FY20. Including this 12th distribution, it has distributed Rs 33.56 per unit, delivering a total return of 32 percent since listing 3 years ago. CRISIL, ICRA, and India Rating have re-affirmed IndiGrid with the “AAA” rating with the Stable Outlook for the long-term borrowing facilities.

Harsh Shah, Chief Executive Officer, IndiGrid, said “this has been a transformational year for IndiGrid which saw accretive and sizeable asset acquisitions of over Rs 62 billion (USD 830 million) leading to a more than two-fold jump in distributable cashflows to Rs 720 crore (USD 96 million) for the current financial year.

“This was made possible on the back of successful preferential allotment of Rs 25.1 billion (USD 353 million) equity from marquee long term investors such as KKR, GIC, and other capital market investors.

“I am also very pleased to state that with the completion of three years of operation, we have grown our AUM more than threefold from Rs 37 billion (USD 522 million) to Rs 120 billion (USD 1.6 billion). With a strong shareholder base and favourable regulatory environment, we remain committed to delivering on our promise of Rs 300 billion (USD 4 billion) AUM over the next two years as we acquire projects under framework agreement and beyond.

“Our outlook for FY21 remains positive where in addition to the portfolio growth and robust asset management, our focus will be on sustainability, maintaining adequate liquidity to mitigate current uncertainties as well as strengthening the balance sheet.”

The firm owns nine operating projects consisting of 20 transmission lines with more than 5,800 ckms length and 4 substations with 7,735 MVA transformation capacity. The firm is managed by Sterlite Investment Managers Limited which is majority-owned by KKR.