Indigrid Infrastructure Trust (540565) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue grew 32.7% YoY to ₹8,351.34 million, with EBITDA up 35.2% YoY, driven by recent acquisitions and strong operational performance.

• Distribution per unit (DPU) for Q1 FY25 was ₹3.75, in line with FY25 guidance of ₹15 per unit, representing an 8.7% YoY increase.

• Portfolio includes 49 transmission lines, 13 substations, over 1 GW solar, and 400 MWh battery storage, with a new 180 MW/360 MWh BESS project signed in Gujarat.

• Average asset availability was 99.4%, and solar CUF was 25.6%.

• Net profit for Q1 FY25 was ₹1,369.78 million, up 27.8% YoY.

Financial highlights

• Q1 FY25 revenue: ₹8,351 million (+32.7% YoY); EBITDA: ₹7,665 million (+35.2% YoY); NDCF: ₹3,427.76 million.

• Collections: 94% (transmission), 104% (solar); DSO improved to 51 days (transmission) and 45 days (solar).

• NAV per unit at ₹143.998; total distribution to date: ₹5,240 crore.

• Net Debt/AUM at 61.3%; AUM stood at ₹293 billion.

• Earnings per unit (EPU) for Q1 FY25 was ₹1.71.

Outlook and guidance

• FY25 DPU guidance reaffirmed at ₹15 per unit, with focus on stable operations and value-accretive acquisitions.

• Ongoing and new projects, including battery storage and transmission expansions, expected to support future growth.

• Plans to optimize interest costs, elongate debt tenures, and maintain leverage headroom.

• Targeting 99.5% availability and maximizing operational incentives.