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					</table><p>India Grid Trust (<a href="https://www.indigrid.co.in/" target="_blank" rel="noopener">IndiGrid</a>), 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).</p>
<p>The decline in profit can be attributed to the rise in expenses related to infrastructure maintenance charges, and investment management fees, among others.</p>
<p>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 (~$81.89 million).</p>
<p>Commenting on the quarter’s performance, Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid said, “This has been an exciting quarter for us. While we continued to make great strides in our business adjacencies with the greenfield project wins and the solar asset acquisition, we also ensured that the company maintained a strong balance sheet and has ample headroom for consistent growth. With the equity fund raise of ~₹10.7 billion (~$) during the fiscal, we ended the quarter with a net debt to AUM of 61.6%.</p>
<p><strong>9M 2024</strong></p>
<p>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).</p>
<p>The company earned a revenue of ₹20.78 billion (~$249.91 million), up 20% YoY.</p>
<p>Recently, IndiGrid <a href="https://www.mercomindia.com/indigrid-acquire-renew-solar-project/" target="_blank" rel="noopener">signed</a> 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).</p>
<p>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.</p>
<p>Earlier, IndiGrid <a href="https://mercomindia.com/indigrid-wins-dual-inter-state-exceeding-%E2%82%B910-billion" target="_blank" rel="noopener">secured</a> letters of intent from REC Power Development and Consultancy for the construction of two greenfield interstate transmission projects.</p>
<p>In December, IndiGrid <a href="https://www.mercomindia.com/indigrid-institutional-placement-shares/" target="_blank" rel="noopener">raised</a> ₹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.</p>


IndiGrid’s Q3 FY 2024 Profits Down 23% YoY to $919 Million


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					</table><p>Government-owned power transmission utility Power Grid Corporation of India’s (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">POWERGRID</a>) committee of directors has accorded investment approval for two transmission projects, amounting to ₹3.67 billion (~$44.05 million).</p>
<p>One of the projects is to augment transformation capacity by 1X1500 MVA (3rd), 765/400 KV ICT at Maheshwaram (PG) Substation in Telangana.</p>
<p>The project will cost ₹1.43 billion (~$17 million). It is scheduled to be commissioned in April 2025.</p>
<p>The second project for which investment approval was accorded is the transmission system to evacuate power from renewable energy in Khavda, Gujarat, under Phase IV (7GW)- Part E4.</p>
<p>The project is estimated to cost ₹2.24 billion (~$26.8 billion). The transmission system is slated to be commissioned in July 2025.</p>
<p>Last year, POWERGRID Chairman K Sreekant said India <a href="https://www.mercomindia.com/india-invest-%e2%82%b92-8-trillion-evacuate-renewable-energy" target="_blank" rel="noopener">plans</a> to invest ₹2.8 trillion ($34.2 billion) by 2030 to set up an interstate transmission network to evacuate renewable energy.</p>
<p>The investment, a mix of grants and funds, aims to strengthen the infrastructure at the distribution level and implement various cost-reduction measures.</p>
<p>“An amount of ₹1.4 trillion is already set to be spent up to 2026-27. Beyond that, it is still to be done. We estimate that we will require a similar investment up to 2030. It is still under development, and various schemes are under discussion,” he told the company’s investors.</p>
<p>Recently, the Ministry of Power <a href="https://www.mercomindia.com/powergrid-receives-transmission-lines-in-rajasthan" target="_blank" rel="noopener">authorized</a> POWERGRID Bhadla Transmission, a special-purpose vehicle of POWERGRID, to set up overhead transmission lines on a modified route to evacuate 8.1 GW of power from the solar energy zone in Rajasthan under Phase-II Part B.</p>
<p>In October this year, POWERGRID <a href="https://www.mercomindia.com/powergrid-contract-evacuate-23-5-gw" target="_blank" rel="noopener">emerged</a> as the successful bidder for the execution of the two inter-state transmission system projects – Bhadla III Transmission and Ananthapuram Kurnool Transmission from PFC Consulting, to evacuate a total of 23.5 GW of renewable energy in Rajasthan and Andhra Pradesh.</p>


POWERGRID to Invest ₹3.67 Billion for Infrastructure Expansion


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					</table><p>India Grid Trust (<a href="https://www.indigrid.co.in/" target="_blank" rel="noopener">IndiGrid</a>), a power infrastructure investment trust, has recorded a profit of ₹32.3 billion (~$388.91 million) during the second quarter (Q2) of the financial year (FY) 2024, a year-over-year (YoY) decrease of 69.1% from ₹107.4 billion (~$1.29 billion).</p>
<p>The company has earned a revenue of ₹6.95 billion (~$83.4 million), which was up 20% YoY, and the consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 4% YoY to ₹5.58 billion (~$67 million).</p>
<p>The lower profit in the most recent period for IndiGrid compared to prior periods can be attributed to the one-time integration expenses related to the <a href="https://www.mercomindia.com/indigrid-acquire-virescent-renewable-energy-%E2%82%B940-billion" target="_blank" rel="noopener">acquisition</a> of Virescent Renewable Energy Trust (VRET) for approximately ₹40 billion (~$487 million). Additionally, fluctuations in deferred tax, changes in current tax expenses, and variations in income tax for earlier years have contributed to the overall decrease in profit.</p>
<p>The company secured a winning bid for a 20 MW/40 MWh Battery Energy Storage System (BESS) project from BRPL with a 12-year contract. However, the EBITDA for the quarter included one-time integration expenses related to the VRET acquisition, which impacted profitability.</p>
<p>The EBITDA for the quarter includes one-time integration expenses related to the VRET acquisition.</p>
<p>Despite the profit decline, IndiGrid&#8217;s collections for transmission assets reached 114%, while solar assets performed even better at 127% in the same quarter. The Distribution Per Unit (DPU) increased by approximately 3%, rising from ₹3.45 ($0.04) in Q1 FY24 to ₹3.55 ($0.04), reflecting a YoY growth of about 7.5%.</p>
<p>One significant achievement for IndiGrid was the expansion of its renewable energy portfolio, which grew fivefold from 138 MW to 676 MW, largely due to the VRET acquisition. This expansion also led to an 18% growth in assets under management (AUM), reaching ₹269 billion (~$3.2 million).</p>
<p>The net distributable cash flow increased by 10% compared to the previous year, reaching ₹3.08 billion (~$36.9 million) in the quarter. This demonstrated the financial strength of the company.</p>
<p>In terms of market conditions, the average quarterly peak power demand in Q2 2024 reached 228.5 GW, marking a significant annual increase of 17%. By September 2023, the installed capacity had expanded to 425.4 GW, showing growth from the 407.8 GW recorded in the same month the previous year.</p>
<p>Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid, said, “I am pleased to report that we have reported yet another quarter of strong financial performance. Our robust operations, accretive, and landmark acquisition of VRET have allowed us to increase solar capacity fivefold and increase the Distribution Per Unit (DPU) to ₹3.55 in this quarter itself.</p>
<p>Shah added, &#8220;We are pleased to announce that IndiGrid is venturing into the space of battery storage and has received LOI/LOA for BRPL BESS bid of 20 MW /40 MWh. Going forward, we will continue to focus on generating superior and sustainable returns for our investors on the back of our AAA-rated balance sheet, resilient operations, and accretive acquisitions.”</p>
<p><strong>1H 2023 </strong></p>
<p>For the first half (1H) of the year, IndiGrid recorded a profit of ₹126.5 billion ($1.52 billion), a 30% YoY decrease from ₹180.6 billion (~$2.17 billion).</p>
<p>The company’s revenue for 1H stood at ₹92.68 billion (~$13.24 billion), a 15.9%YoY decrease.</p>
<p>IndiGrid also <a href="https://www.mercomindia.com/indigrid-%e2%82%b911-4-billion-ifc-through-debenture-issue" target="_blank" rel="noopener">announced</a> that the International Finance Corporation invested ₹11.4 billion (~$138.74 million) in its listed non-convertible debentures. IndiGrid intends to use this debt to fund its refinancing needs for the fiscal year 2024.</p>


IndiGrid’s Q2 FY 2024 Profits Plummet to $388.91 Million, Down 69.1% YoY


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					</table><p>The U.S. International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>) has agreed to extend a loan of $49.5 million to Genus Power Infrastructures (<u><a href="https://genuspower.com/" target="_blank" rel="noopener">Genus</a></u>) for the expansion of electric smart meters implementation across India.</p>
<p>DFC is the development finance institution of the United States.</p>
<p>Genus has manufacturing plants across Jaipur, Haridwar, and Guwahati, with an installed capacity of over 10 million smart meters.</p>
<p>The company has developed smart metering solutions with its in-house research and development center and also has an engineering, construction, and contracts division that complements the existing meters business.</p>
<p>Genus has been participating in the Advanced Metering Infrastructure Service Provider (<a href="https://www.gtai.de/en/trade/india/tenders/advanced-metering-infrastructure-service-provider-amisp-for-smart-metering-on-design-build-finance-own-operate-transfer-dbfoot-basis-on-hybrid-opex-model-in-mpmkvvcl-mp-635684#:~:text=The%20AMISP%20shall%20transfer%20the,seamless%20operation%20of%20Utility%20businesses." target="_blank" rel="noopener">AMISP</a>) program, an initiative by the government of India to implement smart metering projects.</p>
<p>Recently, Genus was awarded nearly 4 million meters under the program and is actively pursuing additional projects, the company said.</p>
<p>Jitendra Kumar Agarwal, Joint MD of Genus, said he believes that this collaboration positions Genus to emerge as a key player in the AMISP market.</p>
<p>The government is implementing the Smart Metering Project nationwide through the Revamped Distribution Sector Scheme (RDSS). The project aims to install 250 million meters and make a targeted investment of $30 billion by 2025.</p>
<p>The installation of smart meters under the program is expected to address the problem of technical and commercial losses, which exceed 15% for major Indian utilities, leading to significant financial losses.</p>
<p>The implementation of smart metering projects is intended to reduce such losses, enhance the operational efficiency of DISCOMs (distribution companies), and improve their financial sustainability through results-linked financial assistance.</p>
<p>The Aggregate Technical and Commercial (AT&amp;C) losses of DISCOMs <a href="https://www.mercomindia.com/discoms-atc-losses-decline-17-fy22-tough-reforms" target="_blank" rel="noopener">declined</a> significantly to ~17% in the financial year 2021-22 from 22.32% in the previous year, thanks to a series of steps taken by the Ministry of Power.</p>
<p>In October 2022, Energy Efficiency Services, as part of its Smart Meter National Program, <a href="https://www.mercomindia.com/daily-news-wrap-eesl-installs-three-million-smart-meters" target="_blank" rel="noopener">installed</a> over three million smart meters in Rajasthan, Uttar Pradesh, Haryana, Delhi, Bihar, and Andaman. EESL aims to install over 4.7 million smart meters by December 2023.</p>


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