Indigrid Infrastructure Trust (540565) Q2 24/25 earnings summary

Executive summary

• Achieved AUM of INR 29,700 crores (₹297 billion), spanning 20 states and 2 UTs, with 83 revenue-generating assets, 800 km of lines, and 22,550 MVA transformation capacity.

• Q2 FY25 revenue grew 16% year-over-year to INR 8,060 million, with EBITDA up 31% to INR 7,332 million.

• Declared DPU of INR 3.75, maintaining trajectory to meet FY25 guidance of INR 15 per unit.

• Expanded BESS portfolio to 900 MWh, signed partnerships for large ISTS projects, and completed a successful preferential issue raising INR 695 crores.

• Major internal restructuring and asset acquisitions completed in prior periods, including Virescent Renewable Energy Trust and ReNew Solar Urja Private Limited.

Financial highlights

• Q2 FY25 revenue at INR 8,060 million, up 16% year-over-year; EBITDA at INR 7,332 million, up 31% year-over-year.

• Net distributable cash flow for the quarter was INR 3,197 million; DPU at INR 3.75, a 5.6% year-over-year increase.

• NAV per unit as of September 30 was INR 147.5; cumulative distribution since listing reached INR 93.47 per unit.

• Profit for Q2 FY25: INR 987.30 million, up from INR 388.91 million in Q2 FY24; earnings per unit for Q2 FY25: INR 1.22.

• Standalone profit for Q2 FY25: INR 3,384.26 million, up from INR 1,965.54 million in Q2 FY24.

Outlook and guidance

• On track to deliver INR 15 DPU guidance for FY25, the highest ever.

• Focus remains on value-accretive acquisitions, timely execution of new projects, and maintaining predictable operations.

• Targeting 99.5% portfolio availability and optimizing interest costs.

• Distribution guidance maintained, with minimum 90% of NDCF to be distributed to unitholders as per regulations.

• Several new projects under construction, including battery energy storage and transmission lines, expected to be completed between December 2024 and February 2026.