IndiGrid Q4 FY 2024 revenue grows 31% year-on-year


IndiGrid, India’s largest listed power sector infrastructure investment trust (InvIT), reported its consolidated revenue for the quarter ended March 31, 2024 was up 31% year-on-year to INR 7,856 million and the consolidated EBITDA was up 24% to INR 6,547 million. The net distributable cash flow (NDCF) saw a year-on-year growth of 30% at INR 4,507 million for the quarter.

The Q4 financials include full impact of revenue from solar assets acquired through Virescent Renewable Energy Trust (VRET) and impact of revenue from ReNew Solar Urja Pvt Ltd (RSUPL) for a certain portion of the quarter.

During the quarter, IndiGrid operationalized Kallam Transmission Ltd (Kallam), IndiGrid’s first foray in greenfield projects. IndiGrid added another greenfield ISTS project to its portfolio. Won on tariff-based competitive bidding (TBCB) basis, this project is based in the Osmanabad district of Maharashtra and has an estimated capex of INR 1,350 million. With this, IndiGrid won five greenfield projects during the fiscal, three transmission and two battery energy storage systems (BESS), with an estimated capex outlay of INR 2 billion.

IndiGrid also received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd (GUVNL) to design, supply, test, install, commission, operate and maintain a 180 MW/360 MWh BESS in Gujarat.

“Over the last 12-18 months, IndiGrid has made conscious investments towards enhancing its capabilities in the battery energy storage space by setting up captive BESS systems at its own substation and developing a comprehensive partner ecosystem. This has helped IndiGrid emerge as the successful bidder on two BESS projects during FY24,” stated IndiGrid.

During the quarter, IndiGrid also consummated the transaction to acquire RSUPL, a 300 MW (AC) solar asset located in Jaisalmer, Rajasthan, at an enterprise valuation of INR 15,500 million (excluding net working capital and cash). With this acquisition, IndiGrid’s solar portfolio stands at 1.1 GW of peak capacity.

IndiGrid owns 41 power projects, consisting of 49 transmission lines with more than 8,692 ckms length, 15 substations with 22,550 MVA transformation capacity and 855 MWAC (1.1 GWp) of solar generation capacity. It has assets under management (AUM) of over $3.4 billion. The investment manager of IndiGrid is wholly owned by KKR.


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