India Grid Q2 net profit falls 69% to Rs 39 cr, total income up Rs 720 cr

Infrastructure investment trust India Grid Ltd (IndiGrid) on Friday reported a 69 per cent decline in its net profit to Rs 38.89 crore in the September quarter.

Its consolidated net profit stood at Rs 125.79 crore in the quarter ended on September 30, 2022, according to a regulatory filing.

The company's total expenses rose to Rs 683.39 crore in the July-September quarter from Rs 466.76 crore a year ago.

During the period under review, total income also increased to Rs 720.18 crore as against Rs 595.91 crore in the year-ago period.

The board of directors of IndiGrid Investment Managers Ltd (IIML) acting in the capacity of Investment Manager to IndiGrid also approved a declaration for the second quarter of FY24 distribution of Rs 3.55 per unit, comprising Rs 2.8961 per unit in the form of Interest, Rs 0.6341 per unit in the form of Principal payment and Rs 0.0198 in the form of Other Income.

The record date for this distribution will be November 9, 2023, and payment will be made on or before November 18, 2023.

The board has also approved raising debt of up to Rs 1,300 crore through various sources, including term loans, non-convertible debentures and/or any other mode.

"...we have reported yet another quarter of strong financial performance.

"Our robust operations, accretive and landmark acquisition of VRET (Virescent Renewable Energy Trust) have allowed us to increase solar capacity five-fold and increase the DPU to Rs 3.55 in this quarter itself," Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid, said in a statement.