IndiGrid reports strong Q2FY22 performance

resr 5paisa Research Team

Last Updated: 13th December 2022 - 05:24 am

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India’s first power sector InvIT, IndiGrid announced its earnings for the quarter ended September 30, 2021.

The consolidated revenue grew by 43% on a YoY basis in Q2 FY22 at Rs 547.6 crore on the back of acquisitions. In tandem, the consolidated EBITDA for the quarter was up 49% YoY at Rs 504 crore driven by steady operational performance and robust availability. The net distributable cash flow remained steady at Rs 224.1 crore during the quarter supported by healthy collections at 105%.

The Board also approved a Distribution Per Unit (DPU) of Rs 3.19 (up 6% YoY) for Q2FY22 to unitholders. The record date for the distribution is November 02, 2021, and shall be paid as Rs 1.86 per unit in the form of interest, Rs 1.28 as capital repayment and Rs 0.05 per unit as a dividend. With this, IndiGrid has distributed Rs 52.15 per unit to its investors over the last 18 quarters since its listing, a total return of roughly 90% on the issue price. The total return is the sum of all distributions since listing till Q1 FY21 and the change in price till September 30, 2021.

The management remains committed to maintaining an AAA credit rating on the back of a strong balance sheet, prudent asset management and operational excellence. The Net Debt to AUM ratio as of September 30, 2021, stood at approximately 57%, significantly below the 70% cap as per SEBI InvIT regulations, thereby providing ample headroom to fund future growth. 

IndiGrid is the first Infrastructure Investment Trust (“InvIT”) in the Indian power sector. It owns 14 operating power projects consisting of 40 transmission lines with more than 7,570 ckms length, 11 substations with 13,550 MVA transformation capacity and 100 MW (AC) of solar generation capacity. IndiGrid has assets under management (AUM) of over Rs 214 billion (i.e. USD 2.85 billion). The investment manager of IndiGrid is majority-owned by KKR.

Shares of IndiGrid closed at Rs 141.10 per share, up by 1.54% on Wednesday, 27 October 2021.

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