Infrastructure investment trust IndiGrid posted an increase of more than 45% in its consolidated net profit to Rs 99.80 crore in the March quarter, mainly on the back of higher revenues.
Consolidated net profit of India Grid Trust (IndiGrid) was Rs 68.69 crore in the quarter ended March 31, 2021, according to a regulatory filing.
Total revenue for the quarter under review rose to Rs 568.50 crore from Rs 514.09 crore a year ago.
Consolidated net profit for the financial year 2021-22 also increased to Rs 343.27 crore from Rs 334.40 crore in 2020-21.
Total income for the financial year jumped to Rs 2,274.44 crore from Rs 1,714.15 crore in 2020-21.
In a separate statement, the company said that for the full fiscal year 2021-22, consolidated distributable net cash flow increased by 3% to Rs 944.2 crore.
The Board of Directors of the Investment Manager (of IndiGrid) has also approved a Distribution Per Unit (DPU) of Rs 3.19 for the fourth quarter of FY22 (January to March quarter) to Unitholders in accordance with distribution guidelines.
The record date for the distribution is 26 May 2022 and will be paid at the rate of Rs 2.55 per unit as interest and Rs 0.64 per unit as return of capital.
With this, IndiGrid has distributed Rs 58.5 per unit to its investors over the past five years since listing, a total return of 108% on the issue price.
Total return is the sum of all distributions from listing to Q3 FY22 and price change to March 31, 2022.
Consolidated net debt/AUM (assets under management) stood at 56% as of March 31, 2022, leaving significant headroom for future growth, he said.
The Board of IIML (IndiGrid Investment Managers Ltd) has also noted and approved the proposal to raise debt up to Rs 700 crore through various sources including term loans, non-convertible debentures and/or or any other method permitted by applicable law.
The board also approved the appointment of Divya Bedi Verma as IIML’s Chief Financial Officer effective July 1, 2022 in place of Jyoti Kumar Agarwal.
Additionally, according to the stock exchange filing dated May 7, 2022, Jyoti Kumar Agarwal will take over as the new managing director and full-time director of India Grid Trust’s investment manager from Harsh Shah effective July 1, 2022. .
Agarwal has been with IndiGrid since September 2020 as Chief Financial Officer.
IndiGrid has assets under management (AUM) of over Rs 21,100 crore (USD 2.72 billion). IndiGrid’s investment manager is 100% owned by KKR.
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