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IndiGrid powers ahead with acquisitions, Q1 EBITDA up by 26 pc q-o-q

Business Finance


IndiGrid, India's first power sector infrastructure investment trust, has clocked consolidated revenue of Rs 206 crore for the quarter ended June, up 21 per cent quarter-on-quarter.

The earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs 189.4 crore, up 26 per cent in the same period.

The board of Sterlite Investment Managers acting as investment manager of IndiGrid approved distribution to unitholders of Rs 175 crore for Q1 FY20. Distribution per unit stands at Rs 3. The amount of Rs 2.88 will be distributed as interest and remaining Rs 0.12 as capital repayment to unitholders.

Due to the mid-quarter acquisition of two projects, NRSS XXIX Transmission Ltd and Odisha Generation Phase II Transmission Ltd, a part of the distribution is being made as capital repayment. IndiGrid is on track to achieve its stated distribution per unit guidance of Rs 12 per unit for FY20.

Following the recent asset acquisitions, IndiGrid's assets under management increased from Rs 5,220 crore to Rs 10,667 crore. IndiGrid now owns a portfolio of eight power transmission assets with a total network of 18 power transmission lines that span more than 4,900 circuit km and 7,735 megavolt amp of substations across 11 states.

On the back of equity capital raise and framework agreement with Sterlite Power, IndiGrid is on track to grow its assets under management to Rs 17,000 crore over the next two years.

"IndiGrid's growth plans have been reaffirmed by the successful closure of the Rs 2,514 crore preferential issuance with participation from several global marquee investors including KKR and GIC. It is a testimony to IndiGrid's credibility as a stable yield and growth platform," said Chief Executive Officer Harsh Shah.

"IndiGrid remains committed to provide AAA-rated stable yield to investors through stable distributions and growing it by acquiring value accretive projects," he said in a statement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, July 30 2019. 11:51 IST