IndiGrid, India’s first Infrastructure Investment Trust (InvIT) in the power sector, announced its first full quarter results. Consolidated revenue stood at INR 1,323 million on the back of high asset availability. Consolidated EBITDA for the quarter was INR 1,223 million resulting in Net Distributable Cash flow (NDCF) of INR 1,014 million.
The Board of Sterlite Investment Managers Limited acting as the Investment Manager of IndiGrid approved a Distribution per Unit (DPU) of INR 2.75 per unit for Q2 FY18. On a H1 FY18 basis, this has resulted in total DPU of INR 3.67 per unit. IndiGrid is on track to achieve the DPU guidance of INR 9.2 per unit for FY18.
Commenting on the quarterly results, Mr. Pratik Agarwal, Chief Executive Officer, IndiGrid, said “We have performed well in the first full quarter and delivered ahead of our guidance. We envisage accretion through recently-announced acquisitions which is in line with our stated strategy. ”
IndiGrid is on schedule to complete the announced acquisition of three sponsor assets – RAPP Transmission Company Limited, Purulia and Kharagpur Transmission Company Limited and Maheshwaram Transmission Limited, subject to unitholders’ approval. These acquisitions will be consummated by Q4 FY18 and will result in an annual DPU growth of 4%.
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