Power infrastructure investment trust IndiGrid saw its Q2 net profit up 2.7 times at ₹95.6 crore and a 16 per cent rise in revenue at ₹806 crore, while EBITDA rose 31.3 per cent to ₹733.2 crore.
The InvIT will be paying out ₹3.75 per unit in the quarter, up 5.6 per cent on year.
Its strategy to drive portfolio growth while minimising the risk quotient played out during the quarter, it said in a release.
During the quarter, it announced launch of its partnership with British International Investment (BII), UK’s development finance institution and impact investor, the Norwegian Climate Investment Fund, managed by Norfund, and Techno Electric and Engineering Company Limited (Techno) to collaboratively undertake development of IndiGrid’s three greenfield Inter State Transmission System projects.
The InvIT was declared the lowest bidder for a 250 MW, 500 MWh
capacity battery energy storage system project in the reverse auction process conducted by NTPC Vidyut Vyapar Nigam.
This is part of a larger 500 MW, 1,000 MWh project bid out by NTPC under the viability gap funding scheme for BESS. With this, IndiGrid’s BESS under-construction portfolio will be at 450 MW, 900 MWh capacity, that would enable it to better leverage the economies of scale benefits, it said.
Its sponsor KKR’s offer for sale and a ₹695-crore preferential issue by the InvIT saw participation by new institutional investors such as Alberta Investment Management Corporation, HDFC Life, L&T, HSBC Global Asset Management, SBI Life Insurance, Aditya Birla Mutual Fund, Cholamandalam General Insurance, PNB Metlife and Future Generali.