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IndiaGrid net down 33pc to Rs 33.64 Cr in April-June

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Press Trust of India New Delhi
Power sector infrastructure investment trust Indi Grid Trust's net profit declined by over 33 per cent to Rs 33.64 crore in the quarter ended on June 30, 2019, compared to year ago period, according to a regulatory filing.
IndiaGrid had a net profit of Rs 50.52 crore in the quarter ended on June 30, 2018, a BSE filing stated.
The Board of Sterlite Investment Managers Ltd acting as the Investment Manager of IndiGrid approved distribution of Rs 175 crore to unitholders for April-June FY2019-20.
The distribution per unit stands at Rs 3, which includes Rs 2.88 as interest and remaining Rs 0.12 as capital repayment to unitholders.
It said that 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.
The IndiGrid is on track to achieve its stated DPU (distribution per unit) guidance of Rs 12 per unit for FY2019-20, it added.
Following the recent asset acquisitions, the IndiGrid's AUM (asset under management ) has 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 kilometres and 7,735 MVA 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 AUM to Rs 17,000 crore over next two years.
In a separate transaction, with the unitholders' approval and regulatory approvals in place, KKR will be acquiring 60 per cent shareholding in Sterlite Investment Managers Ltd, the Investment Manager of IndiGrid, it said.
Commenting on the quarterly results and developments, IndiGrid Chief Executive Officer Harsh Shah said, With yet another strong operational and financial performance for the quarter, we are on track to meet the FY20 distribution guidance of Rs 12 per unit. IndiGrid's growth plans have been reaffirmed by the successful closure of the Rs 2514 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.

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First Published: Jul 29 2019 | 8:55 PM IST

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