 "Infrastructure investment trust IndiGrid Q3 profit up 27% to Rs 120 crore")
India Grid Trust (IndiGrid) has posted 27 per cent rise in consolidated net profit at Rs 119.78 crore for December quarter 2022-23.
The infrastructure investment trust logged a net profit of Rs 94.38 crore in the year-ago period, as per a BSE filing.
Total income also increased to Rs 607.06 crore in the quarter from Rs 580.96 crore in the same period a year ago.
Board of Directors of IndiGrid Investment Managers Limited (IIML), acting in the capacity of investment manager to IndiGrid, on Wednesday approved distribution of Rs 3.30 per unit comprising Rs 2.8042 per unit in the form of interest and Rs 0.4958 per unit in the form of principal payment for the quarter.
The record date for this distribution will be January 31, 2023, and payment will be made on or before February 9, 2023.
The board also approved a proposal for raising debt up to Rs 3,700 crore for refinancing opportunities through various sources including term loans, non-convertible debentures, among others.
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"We have reported another quarter of strong financial performance with steady YoY (year-on-year ) growth. Our robust operations and steady acquisitions have allowed us to maintain the growth momentum and keep us on track to meet the FY23 distribution guidance of Rs 13.20 per unit," CEO Harsh Shah said in a statement.
IndiGrid owns 16 power projects, consisting of 42 transmission lines with more than 7,790 ckms (circuit km) length, 12 substations with 14,550 MVA transformation capacity and 100 MW (AC) of solar generation capacity.
It has assets under management (AUM) of over Rs 21,200 crore. The investment manager of IndiGrid is wholly owned by KKR.
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