India Grid Trust Q1 net profit up 4% at 84 cr; total income rises 4%

IndiGrid is India's first and largest Infrastructure Investment Trust in the power transmission sector.

India Grid Trust on Tuesday posted a nearly 4 per cent rise in its consolidated net profit to Rs 83.72 crore for the April-June quarter, driven by higher income.

The company had posted a net profit of Rs 80.91 crore in the same quarter of 2021-22, India Grid Trust (IndiGrid) said in a BSE filing.

Its total income increased to Rs 586.41 crore in April-June FY23 from Rs 564.99 crore in the year-ago period. Expenses were also higher at Rs 498.10 crore against Rs 481.61 crore in the April-June period of the preceding fiscal.

IndiGrid is India's first and largest Infrastructure Investment Trust (InvIT) in the power transmission sector. It owns, operates, and manages power transmission networks and renewable energy assets that deliver reliable power throughout India.

In a separate statement, the company said Jyoti Kumar Agarwal has been appointed as the company's new CEO and Whole-Time Director role effective July 1, 2022, and Divya Bedi Verma took up the role of the CFO.

"The board of the investment manager also approved a distribution per unit (DPU) of Rs 3.30 for Q1 (April-June) FY23 to unit holders in line with the distribution guidance of Rs 13.20 per unit for FY23. The record date for the distribution is August 1, 2022, and shall be paid as Rs 3.06 per unit in the form of interest and Rs 0.24 per unit as capital repayment," it said.

Newly-appointed CEO Agarwal said, the company's performance during the quarter has been on the expected lines, and it is now on track to meet the FY23 distribution guidance of Rs 13.20 per unit.