Indigrid Infrastructure Trust (540565) Q3 24/25 earnings summary

Executive summary

• Signed a Battery Energy Storage Purchase Agreement (BESPA) for a 250 MW/500 MWh project and launched EnerGrid, a $300 million equity platform with BII and Norfund for greenfield transmission and BESS opportunities in India.

• Q3 FY25 revenue grew 2.4% year-over-year to ₹7,722.21 million, with EBITDA up 2.0% to ₹6,944 million.

• Board approved a distribution of ₹3.75 per unit for Q3 FY25, maintaining guidance of ₹15.0 for FY25 and 100% collections for transmission and 105% for solar assets.

• Commissioned augmentation projects in Patran Transmission Company Limited and Kallam Transmission, marking the third under-construction project commissioned.

• No material audit issues or changes in accounting policies were noted for the quarter and nine months ended 31 Dec 2024.

Financial highlights

• Q3 FY25 revenue was ₹7,722.21 million, up from ₹7,541.68 million in Q3 FY24; EBITDA reached ₹6,944 million.

• NDCF for Q3 FY25 was ₹3,331 million, with a DPU of ₹3.75, up 5.6% year-over-year.

• Net Debt/AUM stood at ~59.6% at quarter end; AUM at ₹294 billion.

• Cash balance at ₹21.75 billion, reflecting recent debt raise and upcoming distributions.

• Earnings per unit (consolidated, basic/diluted) for Q3 FY25: ₹0.66; nine months: ₹3.56.

Outlook and guidance

• DPU guidance of ₹15 per unit for FY25 reaffirmed, with minimum 90% NDCF distribution to unitholders as per InvIT regulations.

• Focus on stable operations, value-accretive acquisitions, and executing new greenfield and BESS projects within timelines.

• Ongoing and upcoming projects in transmission and battery storage expected to be completed between June 2025 and February 2026.