IndiGrid’s Transmission Portfolio Grows, Q4 FY 2024 Revenue Up 31% YoY

India Grid Trust (IndiGrid), a power infrastructure investment trust, has recorded a revenue of ₹7.86 billion (~$94.59 million) during the fourth quarter (Q4) of the financial year (FY) 2024, a year-over-year (YoY) increase of 31%.

The company’s profit for the quarter was ₹584.87 million (~$7.04 million), down 57% YoY. The decline in profit can be attributed to the rise in expenses related to infrastructure maintenance charges, investment management fees, and finance costs, among others.

The quarter’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was ₹6.55 billion (~$78.82 million), a 24% YoY increase.

“The financial year 2024 has been a transformational year for us. We have not only grown our renewable portfolio but also expanded our development portfolio in transmission space in a significant manner while delivering sizable distribution per unit growth vis-à-vis FY 2023. Sizable pipeline on transmission sector bids and successful commissioning of our first tariff-based competitive bidding foray has fueled further growth opportunities,” said Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid.

Shah also noted that IndiGrid has won five projects across greenfield inter-state transmission systems and battery energy storage systems projects. The company will continue to focus on driving accretive growth via acquisitions and development and delivering predictable and growing distribution per unit.

Full Year 2024

IndiGrid recorded an annual revenue of ₹28.64 billion (~$344.66 million) in FY 2024, a 24% YoY increase.

The company’s annual profit was ₹2.96 billion (~$35.62 million), down 36% YoY due to a rise in expenses.

IndiGrid owns 41 power projects, including 49 transmission lines with more than 8,692 circuit kilometers in length, 15 substations with 22,550 MVA transformation capacity, and 855 MWac (1.1 GW) of solar generation capacity. Its assets under management was over ₹283 billion (~$3.4 billion).

IndiGrid recently operationalized its first greenfield project, Kallam Transmission, in Beed, Maharashtra. The project will evacuate 1 GW of power from renewable energy projects in the state’s Dharashiv area.

In March, IndiGrid won an auction to set up projects of 250 MW/500 MWh standalone battery energy storage systems in Gujarat. The company secured a 180 MW/360 MWh capacity at a tariff of ₹449,996 (~$5,436)/MW/month.

In January, IndiGrid signed a share purchase agreement to acquire ReNew’s 300 MW solar project in Rajasthan at an enterprise valuation of ₹15.5 billion (~$186.5 million).

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