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

Executive summary

• AUM reached INR 29,700 crores (₹297 billion), spanning 20 states and 2 UTs, with 83 revenue-generating elements and significant solar and BESS capacity under deployment.

• Board approved name change to IndiGrid Infrastructure Trust, pending unitholder approval, in line with SEBI advisory.

• Strategic partnerships formed for three large ISTS transmission projects, with successful offer for sale and preferential issue raising INR 695 crores at INR 136.43 per unit, attracting marquee and long-only global investors.

• Consolidated and standalone financials reviewed for Q2 and H1 FY25, with no material misstatements identified by auditors.

• 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 Q2 FY25 was INR 3,197 million; DPU at INR 3.75, a 5.6% year-over-year increase.

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

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

• Collection efficiency at 103% for transmission and 117% for solar in Q2.

Outlook and guidance

• On track to deliver FY25 DPU guidance of INR 15 per unit, the highest ever.

• Focus on value-accretive acquisitions, timely execution of won projects, and maintaining sustainable distributions.

• Greenfield development and execution of augmentation work and BESS projects prioritized.

• Targeting 99.5% portfolio availability and optimizing interest costs.

• Minimum 90% of NDCF to be distributed to unitholders as per regulations.