IndiGrid’s Revenue Jumps 32% YoY in Q3 FY 2022, Plans For More Solar Project Acquisitions

IndiGrid, the Indian power sector’s first infrastructure investment trust (InvIT), has reported a 32% year-over-year (YoY) growth to ₹5.70 billion (~$75.97 million) in its consolidated revenue in the third quarter (Q3) of the financial year (FY) 2022, supported by several acquisitions.

The company’s earnings before interest, taxes, depreciation, and amortization (EBIDTA) stood at ₹5.719 billion in Q3 FY 2022, a 32% YoY increase compared to ₹3.98 billion (~$53.04) in the same period last year. The growth was driven by steady operational performance and robust availability.

According to the company, its revenue increased by 55% compound annual growth rate (CAGR) from ₹4.48 billion ($59.72 million) in FY 2018 to ₹16.73 billion (~$223.03 million) in FY 2022. Its EBIDTA increased at 51% CAGR from ₹4.15 billion (~$55.32 million) in FY 2018 to ₹15.28 billion (~$210.89 million) in FY 2022.

IndiGrid RevenueThe company’s net debt stood at 56%, significantly lower than the 70% cap as per the Security and Exchange Board of India (SEBI) InvIT regulations. Therefore, the company said there is ample headroom to fund future growth.


In July 2021, IndiGrid completed the acquisition of a 100% stake in two solar assets with a total capacity of 100 MW(AC) from Spain-based developer Fotowatio Renewable Ventures at an enterprise value of ₹6.6 billion (~$88.4 million).

With the ₹69 billion (~$919.47 million) worth of acquisitions in FY21, the company’s total asset under management stood at ₹213 billion (~$2.83 billion).

The company said it has already notified tenders of ₹400 billion (~$5.33 billion) and set aside around ₹450 billion (~$6 billion) under the National Monetization Pipeline until FY 2025, generating a healthy pipeline for bidding and acquisitions of solar and transmission assets.

In FY 2022, the company will focus on acquiring framework assets, operational solar and transmission assets. It will also evaluate bidding opportunities with partners in the power transmission sector.

Commenting on the results, Harsh Shah, chief executive officer of IndiGrid, said, “With the ongoing shift to green energy nationwide, most of the upcoming investment is expected to come in the green energy corridor, aligned directly with our investment mandate. While we remain focused on growth through accretive acquisitions, we look forward to capitalizing on the lucrative bidding opportunities available in this space, aiming for selective and synergistic projects,”

Mercom had earlier reported that REC Power Development and Consultancy Limited, a wholly-owned subsidiary of REC Limited, handed over Kallam Transmission Limited to IndiGrid. Kallam Transmission Limited, a special purpose vehicle, was formed to construct a transmission project to evacuate power from 1 GW of renewable projects in Maharashtra.