India Grid Trust (IndiGrid), a power infrastructure investment trust, has recorded a profit of ₹919.21 million (~$11.05 million) during the third quarter (Q3) of the financial year (FY) 2024, a year-over-year (YoY) decrease of 23% from ₹1.2 billion (~$14.4 million).

The decline in profit can be attributed to the rise in expenses related to infrastructure maintenance charges, and investment management fees, among others.

The company earned a revenue of ₹7.54 billion (~$90.67 million), which was up 28% YoY, and the consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 27% YoY to ₹6.81 billion (~$81.89 million).

Commenting on the quarter’s performance, Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid said, “This has been an exciting quarter for us. While we continued to make great strides in our business adjacencies with the greenfield project wins and the solar asset acquisition, we also ensured that the company maintained a strong balance sheet and has ample headroom for consistent growth. With the equity fund raise of ~₹10.7 billion (~$) during the fiscal, we ended the quarter with a net debt to AUM of 61.6%.

9M 2024

IndiGrid recorded a profit of ₹2.38 billion (~$28.62 million) during the first nine months (9M) of FY 2024, a YoY decrease of 27% from ₹3.29 billion (~$39.56 million).

The company earned a revenue of ₹20.78 billion (~$249.91 million), up 20% YoY.

Recently, IndiGrid signed a share purchase agreement to acquire ReNew’s 300 MW (AC) solar project in Rajasthan at an enterprise value of ₹15.5 billion (~$186.5 million). The valuation, inclusive of working net capital and cash, stood at ₹16.5 billion ($198.58 million).

The asset, ReNew Solar Urja, located in Jaisalmer, has been operational since December 2021. The project has a 25-year power purchase agreement with Solar Energy Corporation of India at ₹2.71 (~$0.033)/kWh.

Earlier, IndiGrid secured letters of intent from REC Power Development and Consultancy for the construction of two greenfield interstate transmission projects.

In December, IndiGrid raised ₹6.7 billion  ($80.35 million) through the institutional placement of shares, bringing the total to ₹10.7 billion (~$128.32 million) in FY 24.