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New Delhi: IndiGrid reported a 31 per cent increase in its consolidated revenue to ₹7,856 million for the quarter ending March 31, 2024, with its consolidated EBITDA up 24 per cent at ₹6,547 million. The Net Distributable Cash Flow (NDCF) also grew by 30 per cent to ₹4,507 million.
The latest financial figures include contributions from solar assets acquired through Virescent Renewable Energy Trust (VRET) and revenue from RSUPL for part of the quarter.
The trust announced a Distribution Per Unit (DPU) of ₹3.55 for Q4 FY24, aligning with its full-year guidance of ₹14.10 per unit. The record date for the distribution is set for May 30, 2024, distributed as ₹2.7361 per unit in form of interest, ₹0.7884 per unit as taxable dividend, and ₹0.0255 per unit as non-taxable dividend, in compliance with section 115UA of the Income Tax Act. For FY25, IndiGrid has raised its DPU guidance by 6 per cent to ₹15.0 per unit.
During the quarter, IndiGrid also operationalized its first greenfield project, Kallam Transmission Limited, and added another greenfield ISTS project in Maharashtra to its portfolio. Furthermore, it received a Letter of Intent from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 180 MW / 360 MWh Battery Energy Storage System (BESS) project in Gujarat.
IndiGrid has also completed the acquisition of RSUPL, a 300 MW solar asset in Jaisalmer, taking its solar capacity to approximately 1.1 GW.
Harsh Shah, CEO and Whole Time Director of IndiGrid, commented, “FY24 has been a transformational year for us. We have not only grown our renewable portfolio but also expanded our development portfolio in transmission space in a significant manner while delivering sizable DPU growth vis-à-vis FY 23.”
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