IndiGrid Q1 EBITDA up 10% Q-on-Q on acquisitions

Mumbai : India's first power sector infrastructure investment trust (InvIT) India Grid (IndiGrid) on Wednesday announced its results for the first quarter ended June, declaring a 10 per cent rise over the previous quarter in its earning before interest, tax, depreciation and amortisation (EBITDA) at Rs 145.8 crore on the back of acquisitions.

The EBITDA resulted in a net distributable cash flow of Rs 85.1 crore during the quarter in consideration, the company said in a release here.

IndiGrid's consolidated revenue for the April-June quarter stood at Rs 160 crore.

"The Board of Sterlite Investment Managers Ltd acting as the investment manager of IndiGrid approved a Q1 distribution per unit (DPU) of Rs 3.00 for Q1 FY19 payable as interest to unitholders. IndiGrid is on track to achieve its stated DPU guidance of INR 12.00 for FY19."

IndiGrid has received regulatory approvals required for completing the acquisition of Patran Transmission Company Limited from Techno Electric. This acquisition is expected to be consummated during this quarter.

The IndiGrid stock closed on Wednesday at Rs 96.23 a share, up by 0.23 points, or 0.24 per cent, on its previous close on the BSE.