India Grid Trust (IndiGrid), a power infrastructure investment trust, reported that its first quarter revenue surged by 32.7% year-over-year, reaching ₹8.35 billion (~$99.7 million), up from ₹6.29 billion (~$75 million) in the same quarter last year, as the company’s recent acquisitions aided its topline growth.

It acquired solar assets through Virescent Renewable Energy Trust (VRET) and ReNew Solar Urja Private (RSUPL). These accretive acquisitions have expanded IndiGrid’s portfolio, which now encompasses 41 power projects. The projects include 49 transmission lines spanning over 8,700 ckms, 15 substations with 22,550 MVA transformation capacity, and 855 MW of solar generation capacity.

The company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose by 35.2% to ₹7.66 billion (~$91 million). Meanwhile, IndiGrid’s Net Distributable Cash Flow (NDCF) saw a substantial 80.4% year-on-year increase, standing at ₹313 billion (~$37 million) for the quarter.

IndiGrid’s transmission business achieved a 94% collection rate with 51 receivable days, while the solar business outperformed with a 104% collection rate and 45 receivable days.

In light of these positive results, the Board approved a Distribution Per Unit (DPU) of ₹3.75 (~$0.045) for the first quarter of financial year 2025, representing an 8.7% increase compared to the ₹3.45 (~$0.041) distributed last year.

“We delivered a quarter of strong performance with all the financial metrics showcasing exceptional growth. Our teams have showcased consistent growth via acquisitions and green field projects while delivering a stable and growing DPU,” said CEO Harsh Shah.

IndiGrid said it continues to pursue growth opportunities, as shown by the Battery Energy Storage Purchase Agreement for a 180 MW/360 MWh battery energy storage system project awarded by Gujarat Urja Vikas Nigam’s (GUVNL). GUVNL floated the tender for projects in November 2023.

IndiGrid’s current assets under management stand at ₹293 billion (~$3.5 billion).

In April, IndiGrid operationalized its first greenfield project, Kallam Transmission, in Beed, Maharashtra. The project will evacuate 1 GW of power from renewable energy projects in the state’s Dharashiv area.