 "Q1 results")
Infrastructure investment trust IndiGrid on Friday reported 5.49 per cent decline in consolidated net profit at Rs 80.91 crore for June quarter 2021-22.
In the year-ago period, India Grid Trust (IndiGrid) clocked a profit of Rs 85.61 crore, a BSE filing said.
Total income rose to Rs 564.99 crore in the quarter from Rs 367.45 crore in the same period a year ago.
IndiGrid's board in its meeting held on Friday also declared distribution of Rs 3.1875 per unit comprising Rs 3.0373 in the form of interest, and Rs 0.1502 in the form of dividend for June quarter 2021-22.
The record date for this distribution will be August 5 and payment will be made on or before August 14, 2021.
With this, IndiGrid has distributed Rs 48.96 per unit to its investors over the last 17 quarters since its listing, a total return of over 83 per cent on the issue price.
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The total return is sum of all distributions since listing till March quarter 2020-21 and change in price till June 30,2021.
IndiGrid continued its track record of successful acquisitions by completing the purchase of its first solar asset in July 2021 for Rs 660 crore. This along with the Rs 6.9 lakh crore worth of acquisitions in FY21, has taken the total AUM (asset under management) to over Rs 21,000.
In April 2021, IndiGrid raised Rs 1,284 crore of capital by way of rights issue which was subscribed over 1.25 times to create headroom for growth. In May, IndiGrid also successfully launched the first public NCD issue by any REIT/InvIT in the country to diversify its sources of debt and increase the debt tenure.
The net debt/AUM as of June 30, 2021 stood at 58 per cent, significantly below the 70 per cent cap as per Sebi InvIT regulations thereby providing ample headroom to fund future acquisitions.
"IndiGrid delivered another strong quarter with 53 per cent growth in revenue and EBITDA in Q1 FY'22 on the back of successful acquisitions. Our robust operations allowed us to maintain the growth momentum resulting in an increased distribution of Rs 3.19 per unit in Q1 FY22," CEO Harsh Shah said.
"We are also excited by the increased confidence shown by the investors and regulators in the potential of InvITs," he added.
The recent move of approving trading lot size reduction to 1 unit is a landmark step by Sebi aimed at improving liquidity and allowing efficient price discovery.
Additionally, the move by IRDAI and PFRDA to enable insurance companies and NPS backed pension funds to invest in debt securities of InvITs has opened new avenues for long-term debt capital for InvITs with good quality assets, he added.
"Our outlook for FY22 continues to be optimistic on the back of our strong investor base, robust pipeline for growth and a conducive regulatory environment," he said.
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 (circuit km) length, 11 substations with 13,550 MVA transformation capacity and 100 MW of solar generation capacity.
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