India Grid Trust (IndiGrid), a power infrastructure investment trust, reported consolidated revenue of ₹8.06 billion ($96.7 million) in the second quarter (Q2) of the financial year (FY) 2025, marking a 16% year-over-year (YoY) increase from ₹6.95 billion ($83.4 million).

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a jump of 31.3% YoY from ₹5.58 billion ($67 million) to₹7.33 billion ($88 million.

Its Net Distributable Cash Flow (NDCF) rose 3.6% YoY to ₹3.20 billion ($38.4 million).

Operational Highlights

IndiGrid continued to expand its portfolio during the quarter. The company was declared the lowest bidder for a 250 MW/500 MWh capacity Battery Energy Storage System (BESS) project in a reverse auction conducted by NTPC Vidyut Vyapar Nigam. This addition brings IndiGrid’s total BESS under-construction portfolio to 450 MW/900 MWh capacity.

The company also partnered with British International Investment (BII), Norfund, and Techno Electric and Engineering Company to develop three greenfield interstate transmission system projects.

IndiGrid raised ₹6.95 billion ($83.4 million) through a preferential issue of units at ₹136.43 ($1.64) per unit, attracting investments from several marquee investors.

Harsh Shah, CEO 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.”

As of September 30, 2024, IndiGrid owns 41 power projects, including 49 transmission lines spanning 8,700 circuit kilometers, 15 substations with about 22,550 MVA transformation capacity, and approximately 855 MWAC of solar generation capacity. The company’s assets under management have grown to over ₹297 billion ($3.5 billion).

IndiGrid recently 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.

In March, IndiGrid won an auction to set up projects of 250 MW/500 MWh standalone BESS in Gujarat. The company secured a 180 MW/360 MWh capacity at a tariff of ₹449,996 (~$5,436)/MW/month.