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IndiGrid, India’s premier listed power sector infrastructure investment trust (InvIT), has announced robust results for the quarter and nine months ended December 31, 2023. Notably, the consolidated revenue for the quarter surged by 28% year-on-year to ? 7,542 million, accompanied by a 27% increase in consolidated EBITDA to ? 6,807 million. The Net Distributable Cash Flow (NDCF) also experienced a 6% year-on-year growth, reaching ? 3,119 million for the quarter.
The Board of the Investment Manager has approved a Distribution Per Unit (DPU) of ? 3.55 for Q3 FY24, aligned with the distribution guidance of INR 14.10 per unit for FY24. The distribution, set to be paid out on January 31, 2024, includes ? 2.951 per unit in the form of interest, ? 0.5621 per unit as capital repayment, and ? 0.0369 per unit as other income, adhering to section 115UA of the Income Tax Act. IndiGrid has so far distributed approximately ? 82.41 per unit to its investors, totaling around ? 46.67 billion since its listing in June 2017.
In line with its strategic focus on bidding for greenfield transmission projects, IndiGrid has secured two Inter-State Transmission System (ISTS) projects with an expected total capex outlay of approximately ? 1,000 crores. These projects, awarded by REC Power Development and Consultancy Limited via Tariff-Based Competitive Bidding (TBCB), are slated for completion within 24 months and will operate on a Build, Own, Operate, Transfer (BOOT) basis for 35 years.During the quarter, IndiGrid achieved a significant milestone by executing India’s first-ever utility-scale Battery Energy Storage Purchase Agreement (BESSA) with BSES Rajdhani Power Ltd. This 20 MW / 40 MWh capacity project, secured through TBCB, will be developed on a BOOT basis for 12 years.
Furthermore, IndiGrid has inked a Share Purchase Agreement (SPA) with ReNew Solar Power Private Limited (RSPPL) for the acquisition of ReNew Solar Urja Private Limited (RSUPL) at an enterprise valuation of ? 1,550 crores. Upon completion of this acquisition, IndiGrid’s solar portfolio is set to surpass 1 GW peak capacity.
In December, IndiGrid successfully raised ? 670 crores through an Institutional Placement (IP) process, contributing to total equity funds raised of approximately ? 1,070 crores in the first nine months of FY2023-24. With assets worth ? 267 billion under its management, IndiGrid maintains a net debt to Asset Under Management (AUM) ratio of approximately 61.6%.
Commenting on the quarter’s performance, Harsh Shah, CEO and Whole Time Director of IndiGrid, expressed enthusiasm for the company’s achievements. He highlighted the successful strides made in greenfield project wins and solar asset acquisitions while ensuring a robust balance sheet for consistent growth. Shah emphasized IndiGrid’s well-positioned stance to benefit from continued infrastructure growth in the country, particularly in the renewables and transmission sectors, anticipating significant investments in the upcoming 2024-25 budget |
