[India], April 28 (ANI-NewsVoir): IndiGrid, India's first power sector InvIT, announced its results for the quarter and first year ended 31 March 2018.
- Q4FY18 revenue stood at Rs 1,480 million, an increase in 16.8 percent compared to Q3FY18
- Q4FY18 EBITDA stood at Rs 1,326 million, an increase in 13 percent compared to Q3FY18
- Consolidated revenue stood at Rs 4,476 million with EBITDA at Rs 4,155 million for FY18
- IndiGrid announces distribution of Rs 3.00 per unit in Q4 FY18
- FY19 distribution guidance increased to Rs 12.00 per unit.
- Completed first set of three acquisitions ahead of schedule and signed India's first third party acquisition of transmission asset
Commenting on the first year financial results, Pratik Agarwal, Chief Executive Officer, IndiGrid, said, "We have delivered yet another strong quarterly performance and beaten our distribution guidance. Simultaneously, we have grown our portfolio significantly and demonstrated our ability to achieve the targeted 12 percent portfolio IRR in the near term. In line with its growth strategy, IndiGrid is already considering the next set of asset acquisitions from both the sponsor and third parties. The projected growth in electricity demand over the next decade will require massive power transmission infrastructure which bodes very well for IndiGrid".
The Board of Sterlite Investment Managers Limited acting as the Investment Manager of IndiGrid approved a distribution of Rs 3.00 per unit for Q4 FY18 payable entirely as interest to unit holders.
For the 10 months of FY18, this has resulted in total distribution of Rs 9.56 per unit beating the guidance of Rs 9.20 per unit, leading to a total distribution of Rs 2,702 million to its unit holders in the first year of operations.
The growth in India's electricity demand along with the growth in renewable capacity to 275 GW by 2027 will require significant investment in transmission lines for evacuation of power.
The opening up of the intra-state transmission network to tariff based competitive bidding will further add to heightened activity in this sector.
With IndiGrid's focus on owning power transmission assets and the track record of Sterlite Power Grid Ventures Limited ("Sponsor"), it is well positioned to pursue this huge opportunity. (ANI-NewsVoir)