IndiGrid March qtr net jumps 45 pc to Rs 99.80 cr

NEW DELHI: Infrastructure investment trust IndiGrid has posted over 45 per cent rise in its consolidated net profit at Rs 99.80 crore in the March quarter, mainly on the back of higher revenues.

The consolidated net profit of India Grid Trust (IndiGrid) was Rs 68.69 crore in the quarter ended March 31, 2021, a regulatory filing showed.

Total income in the quarter under review rose to Rs 568.50 crore, from Rs 514.09 crore a year ago.

The consolidated net profit in the fiscal 2021-22 also rose to Rs 343.27 crore, from Rs 334.40 crore in 2020-21.

Total income in the fiscal surged to Rs 2,274.44 crore, from Rs 1,714.15 crore in the 2020-21.

In a separate statement, the company stated that for the full year FY 2021-22, the consolidated net distributable cash flow was up 3 per cent at Rs 944.2 crore.

The Board of the Investment Manager (of IndiGrid) also approved a Distribution Per Unit (DPU) of Rs 3.19 for Q4 FY22 ( January-March quarter) to unitholders in line with the distribution guidance.

The record date for the distribution is May 26, 2022 and shall be paid as Rs 2.55 per unit in the form of interest and Rs 0.64 per unit as capital repayment.

With this, IndiGrid has distributed Rs 58.5 per unit to its investors over the last five years since its listing, a total return of 108 per cent on the issue price.

Total return is the sum of all distributions since listing till Q3 FY22 and change in price till March 31, 2022.

The consolidated net debt/AUM (asset under management) stood at 56 per cent as of March 31, 2022, leaving significant debt headroom for future growth, it stated.

The board of IIML (IndiGrid Investment Managers Ltd) also noted and approved proposal of raising of debt up to Rs 700 crore through various sources including term loans, non-convertible debentures and/or any other mode as may be permitted under applicable law.

The board also approved the appointment of Divya Bedi Verma as the Chief Financial Officer of IIML with effect from July 1, 2022 in place of Jyoti Kumar Agarwal.

Further, as per the stock exchange filing dated May 7, 2022, Jyoti Kumar Agarwal will take over as the new Chief Executive Officer and whole-time director of Investment Manager of India Grid Trust from Harsh Shah effective July 1, 2022.

Agarwal has been with IndiGrid since September 2020 as the CFO.

IndiGrid has assets under management (AUM) of over Rs 21,100 crore (USD 2.72 billion). The investment manager of IndiGrid is wholly-owned by KKR