Infrastructure investment trust IndiGrid has posted a more than 45% rise in its consolidated net profit to ₹99.80 crore in the March quarter, mainly on the back of higher revenues.
The consolidated net profit of India Grid Trust (IndiGrid) was ₹68.69 crore in the quarter ended March 31, 2021, a regulatory filing showed.
Total income in the quarter under review rose to ₹568.50 crore, from ₹514.09 crore a year ago.
The consolidated net profit in the fiscal 2021-22 also rose to ₹343.27 crore, from ₹334.40 crore in 2020-21.
Total income in the fiscal surged to ₹2,274.44 crore, from ₹1,714.15 crore in the 2020-21.
In a separate statement, the company stated that for the full year FY 2021-22, the consolidated net distributable cash flow was up 3% to ₹944.2 crore.
The Board of the Investment Manager (of IndiGrid) also approved a Distribution Per Unit (DPU) of ₹3.19 for Q4 FY22 ( January-March quarter) to unitholders in line with the distribution guidance.
The record date for the distribution is May 26 and shall be paid as ₹2.55 per unit in the form of interest and ₹0.64 per unit as capital repayment.
With this, IndiGrid has distributed ₹58.5 per unit to its investors over the last five years since its listing, a total return of 108% on the issue price.
Total return is the sum of all distributions since listing till Q3 FY22 and change in price till March 31, 2022.
The consolidated net debt/AUM (asset under management) stood at 56% as of March 31, 2022, leaving significant debt headroom for future growth, it stated.
The board of IIML (IndiGrid Investment Managers Ltd.) also noted and approved proposal of raising of debt up to ₹700 crore through various sources including term loans, non-convertible debentures and/or any other mode as may be permitted under applicable law.
The board also approved the appointment of Divya Bedi Verma as the Chief Financial Officer of IIML with effect from July 1, 2022 in place of Jyoti Kumar Agarwal.
Further, as per the stock exchange filing dated May 7, 2022, Jyoti Kumar Agarwal will take over as the new Chief Executive Officer and whole-time director of Investment Manager of India Grid Trust from Harsh Shah effective July 1, 2022.
Mr. Agarwal has been with IndiGrid since September 2020 as the CFO.
IndiGrid has assets under management (AUM) of over ₹21,100 crore ($2.72 billion). The investment manager of IndiGrid is wholly-owned by KKR.
