IndiGrid, India’s first power sector InvIT, has reported a consolidated revenue of INR 3,284 million (US$ 44 million) for the quarter ended March 31, 2020—up 92% YoY from INR 1,705 million (US$ 23 million) for quarter ended March 31, 2019.
The consolidated EBITDA for the quarter was INR 2,993 million (US$ 40 million), up 98% YoY from INR 1,508 million (US$ 20 million) for quarter ended March 31, 2019.
The regulatory environment for InvITs has been quite conducive with a proactive stance from regulators such as SEBI which enabled greater retail participation via reduction in lot size, enabled capital raising via higher leverage, preferential allotment, rights issue guidelines. RBI has also enabled banks to lend to InvITs thereby enabling InvIT platforms to become more competitive and get established as a credible source of infrastructure financing.
Commenting on the third-year financial results and developments, Harsh Shah, Chief Executive Officer, IndiGrid, said, “This has been a transformational year for IndiGrid which saw accretive and sizeable asset acquisitions of over INR 62 billion (US$ 830 million) leading to a more than twofold jump in distributable cashflows to INR 7,200 million (US$ 96 million) for the current financial year. This was made possible on back of successful preferential allotment of INR 25.1 billion (US$ 353 million) equity from marquee long term investors such as KKR, GIC and other capital market investors.”
“With the completion of three years of operation, we have grown our AUM more than threefold from INR 37 billion (US$ 522 million) to INR 120 billion (US$1.6 billion). With a strong shareholder base and favorable regulatory environment, we remain committed to delivering on our promise of INR 300 billion (US$ 4 billion) AUM over the next two years as we acquire projects under framework agreement and beyond.”
“Our outlook for FY21 remains positive where in addition to the portfolio growth and robust asset management, our focus will be on sustainability, maintaining adequate liquidity to mitigate current uncertainties as well as strengthening balance sheet.”