IndiGrid Profit Surges 154% to Rs 98 Cr in Q2
Oct 25, 2024 18:28
India Grid Trust reported a 154% jump in its consolidated net profit to Rs 98.73 crore for the September 2024 quarter, driven by higher revenues. The company also announced a Q2 FY25 distribution of Rs 3.75 per unit.
Photograph: Courtesy Power Grid Corporation
New Delhi, Oct 25 (PTI) Infrastructure investment trust India Grid Trust on Friday posted a 154 per cent jump in its consolidated net profit to Rs 98.73 crore for the September 2024 quarter on the back of higher revenues.
Its consolidated net profit was Rs 38.89 crore in the year-ago quarter, a BSE filing showed.
The total income rose to Rs 839.75 crore in the quarter from Rs 720.18 crore a year ago.
The Board of Directors (Board) of IndiGrid Investment Managers Ltd (IIML) acting in the capacity of the investment manager to India Grid Trust (IndiGrid) also approved the declaration of Q2 FY25 distribution of Rs 3.75 per unit, comprising Rs 3.61763 per unit in the form of interest, Rs 0.11357 per unit in the form of dividend and Rs 0.01880 in the form of other income.
The record date for this distribution will be October 30, 2024, and the payment will be made on or before November 9, 2024.
The board has also approved the name change of India Grid Trust to 'IndiGrid Infrastructure Trust', along with corresponding amendments to the Trust Deed, in compliance with the advisory issued by the Securities and Exchange Board of India, subject to unitholders' consent.
The board also approved conducting a postal ballot for unitholders to obtain approval for the proposed name change and corresponding amendments to the Trust Deed.
Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said, "It was an eventful quarter for IndiGrid. We delivered strong growth on the back of our FY 2023-24 strategic initiatives and continued to maintain a healthy growth headroom through a well-timed fund-raise".
IndiGrid is the first Infrastructure Investment Trust (InvIT) in the Indian
power sector.
It owns 41 power projects, consisting of 49 transmission lines with more than 8,700 ckms (circuit kilometres) in length, 15 substations with 22,550 MVA transformation capacity and 855 MWAC (1.1 GWp) of solar generation capacity.
IndiGrid has assets under management (AUM) of over Rs 29,700 crore (USD 3.5
billion). The investment manager of IndiGrid is wholly owned by KKR.
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