Companies

IndiGrid Q3 profit jumps over 2-folds to ₹131.83 crore

PTI New Delhi | Updated on January 22, 2020 Published on January 22, 2020

Infrastructure investment trust IndiGrid consolidated net profit jumped more than two folds to ₹131.83 crore in the quarter ended on December 31, 2019, mainly due to higher revenues.

The company’s consolidated net profit was ₹51.51 crore in the October-December 2018, a BSE filing said.

Revenues of the firm rose to ₹344.91 crore in the quarter from ₹172.72 crore in the year-ago period.

The Board of Directors of Sterlite Investment Managers Ltd (SIML) acting in the capacity of Investment Manager of India Grid Trust (IndiGrid) has approved distribution of ₹3 per unit (in the form of Interest) for the third quarter of 2019-20.

IndiGrid said that it is on track to achieve its stated DPU (distribution per unit) guidance of ₹12 for FY2019-20.

Commenting on the quarterly results Harsh Shah, Chief Executive Officer, said, “With a strong shareholder base, consistent operating performance, a robust pipeline for growth and conducive regulatory environment, we are confident to achieve our guidance for FY20 as well as execute our growth plans.”

Shah further said: “In line with our strategy, IndiGrid is on track to achieve AUM (assets under management) of ₹180 billion over next two years as it acquires projects for which it has signed framework agreement and ROFO deed. We are also very encouraged by the rights issue guidelines as it will enable an efficient way to raise future capital to fund acquisitions and offer opportunity to participate for all investors.”

Published on January 22, 2020
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