Kolkata, Aug 07 (UNI) IndiGrid, India’s first power sector InvIT, announced its results for the quarter ended June 30, 2020, starting FY21 on a strong footing.
IndiGrid reported a consolidated revenue of Rs 3,611 million for the quarter, up 78% YoY. The consolidated EBITDA for the quarter was Rs 3,290 million, up 74% YoY.
The performance was boosted by accretive acquisitions and steady operational performance.
The Board of the Investment Manager of IndiGrid approved a DPU of Rs 3.00 for Q1 FY21 entirely payable as interest to unitholders.
Including this 13th distribution, IndiGrid has delivered INR 36.56 per unit since listing, a total return of 42% as of July 31st, 2020.
The management remains focused to maintain a strong balance sheet to successfully weather any near-term COVID-19 related uncertainty.
The Net Debt/AUM stands at 50% as of June 30, 2020, significantly below the 70% cap as per SEBI InvIT regulations.
The robust balance sheet provides ample headroom to complete impending acquisitions worth Rs 65 Bn as part of the Framework Agreement.
Commenting on the quarterly financial results and developments, Harsh Shah, Chief Executive Officer, said, “ IndiGrid continues on its growth path despite near-term challenges. The health and safety of our stakeholders and their families remain our top priority, and we are ensuring 100% compliance with Govt’s guidelines to maintain safe working conditions. "
" Despite operational challenges, the team maintained steady availability of the asset portfolio ensuring uninterrupted power supply during the lockdown. "
" These strengths, combined with a strong balance sheet and focus on accretive acquisitions, allows us to underpin our goal of sustainably growing returns for our investors despite continued volatility of markets. "
" We remain committed to our strategy of providing superior risk-adjusted returns to our investors by consistently growing our asset portfolio. We are excited about the opportunities in the power sector and remain optimistic that we would achieve our aim of Rs 300 Bn AUM by 2022. "
UNI SJC KK