Indigrid Infrastructure Trust (540565) Q4 24/25 earnings summary

Executive summary

• Achieved 11.3% year-on-year growth in Q4 FY25 revenue to INR 8,743 million and 11.2% growth in EBITDA to INR 7,290 million.

• Commissioned India's first regulated utility-scale standalone battery energy storage project (Kilokari BESS) in Delhi and several augmentation projects.

• Raised DPU guidance to INR 16 per unit for FY26, a 6.7% increase over previous guidance.

• Management reshuffle with key leaders transitioning to Energrid and new CFO appointed.

• Audited consolidated and standalone financial results for the year ended March 31, 2025, were reviewed and approved.

Financial highlights

• Consolidated revenue for FY25 was INR 32,876.37 million, up from INR 28,639.55 million year-over-year.

• Net profit for FY25 was INR 4,105.03 million, with earnings per unit at INR 4.93.

• Q4 FY25 DPU declared at INR 4.10, up 15.5% year-on-year; annual DPU for FY25 at INR 15.35.

• NDCF for FY25 stood at INR 9,765.35 million; NAV per unit as of March 31 was INR 144.11.

• Net debt to AUM at 59.1%; cash balance at year-end was INR 2,595 crore.

Outlook and guidance

• DPU guidance for FY26 set at INR 16 per unit, with a minimum five-year visibility even without new acquisitions.

• Focus on stable operations, value-accretive acquisitions, and greenfield development in transmission and BESS.

• Greenfield development and execution of battery storage projects in Gujarat and Rajasthan prioritized.

• Targeting 99.5%+ asset availability and further digitalization of asset management.

• Distribution of INR 4.10 per unit for Q4 FY25 approved, to be paid within 5 working days from the record date.