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

Executive summary

• Q1 FY25 revenue grew 32.7% YoY to ₹8,351.34 million, driven by acquisitions and strong operational performance in both transmission and solar segments.

• EBITDA rose 35.2% YoY to ₹7,665 million, with net profit at ₹1,369.78 million, up 27.8% YoY.

• Portfolio includes INR 293 billion AUM, 49 transmission lines, 13 substations, over 1 GW solar, and 400 MWh battery storage.

• Signed a 180 MW/360 MWh battery energy storage agreement in Gujarat, expanding energy transition assets.

• Distribution of ₹3.75 per unit for Q1 FY25 was approved, with guidance reaffirmed at 15.0 for FY25.

Financial highlights

• Revenue reached ₹8,351 million, up 32.7% YoY; EBITDA at ₹7,665 million, up 35.2% YoY.

• Net distributable cash flow (NDCF) for Q1 FY25 was ₹3,427.76 million, up 80.4% YoY.

• DPU increased 8.7% YoY to ₹3.75; gross distribution for the quarter: ₹2,939 million.

• NAV per unit rose to INR 143.998, aided by a lower beta and higher AUM valuation.

• Total assets as of June 30, 2024, stood at ₹266,411.33 million.

Outlook and guidance

• DPU guidance for FY25 maintained at INR 15 per unit.

• Focus on stable operations, predictable distributions, and value-accretive acquisitions.

• Actively pursuing greenfield transmission and battery storage projects, with 13 transmission and two BESS projects in execution.

• Exploring partnerships to scale greenfield development and manage risk.

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