IndiGrid Q2 profit nearly doubles to Rs 126 cr aided by higher revenues

India Grid Trust (IndiGrid) on Thursday said its consolidated net profit almost doubled to Rs 125.79 crore in the September quarter, aided by higher revenues.

The consolidated net profit of the company stood at Rs 68.17 crore in the quarter ended September 30, 2021, as per a BSE filing.

Total income of the company rose to Rs 595.91 crore in the quarter from Rs 559.97 crore in the same period a year ago.

The board of directors of IndiGrid Investment Managers Ltd (IIML), acting in the capacity of investment manager to India Grid Trust, approved declaration of Q2FY23 distribution of Rs 3.30 per unit -- comprising Rs 3.1137 per unit in the form of interest and Rs 0.18630 per unit in the form of principal payment.

The record date for this distribution will be November 16, 2022, and payment will be made on or before November 25, 2022, it said.

The board also approved raising debt funding of up to Rs 1,550 crore through various sources, including term loans, non-convertible debentures and/or any other mode.

Harsh Shah, Chief Executive Officer, said in a statement, "We reported a solid performance during the quarter with steady YoY growth. Our robust operations allowed us to maintain the growth momentum and keep us on track to meet the FY23 distribution guidance of Rs 13.20 per unit."

Going forward, he said, "we will continue to focus on generating superior and sustainable returns for our investors on the back of our AAA rated balance sheet, resilient operations and accretive acquisitions.

"We remain optimistic about the growth potential of the power sector in India on the back of supportive regulatory push and envision sizeable growth opportunities in our AUM (assets under management), while ensuring stability and predictability in the platform," he said.