Net profit for IndiGrid's second quarter nearly doubles to 126 crore - Global Continent

Net profit for IndiGrid's second quarter nearly doubles to 126 crore

 India Grid Trust (IndiGrid) reported on Thursday that higher revenues helped its consolidated net profit nearly double to 125.79 crores in the September quarter. According to a BSE filing, the company’s combined net profit for the three months ended September 30, 2021, was 68.17 crore.

From 559.97 crore in the same quarter last year, the company’s total revenue increased to 595.91 crores in the most recent quarter.

The board of directors of IndiGrid Investment Managers Ltd (IIML), acting in the capacity of the investment manager to India Grid Trust, approved the declaration of Q2FY23 distribution of 3.30 per unit, consisting of 3.1137 in the form of interest per unit and 0.18630 in the form of principal payment per unit.

It said that payment would be made on or before November 25, 2022, and the record date for this distribution would be November 16, 2022.

The board also authorized the issuance of non-convertible debentures, term loans, and/or any other type of debt financing up to Rs. 1,550 crore.

Chief Executive Officer Harsh Shah stated in a statement: “With consistent YoY growth, we delivered a strong result during the quarter. We were able to continue the growing pace and stay on track to fulfill the FY23 distribution projection of $13.20 per unit thanks to our reliable operations.”

On the strength of our AAA-rated balance sheet, strong operations, and accretive acquisitions, he continued, “we will continue to focus on creating exceptional and sustainable returns for our investors.

On the strength of encouraging regulatory action, “we remain optimistic about the growth potential of the Indian power sector and envision sizeable growth opportunities in our AUM (assets under management) while ensuring stability and predictability in the platform,” the executive said.