IndiGrid Q3 profit down 23% to Rs 91 crore

India Grid Trust (IndiGrid) on Thursday reported 23 per cent decline in consolidated net profit at Rs 91.92 crore.

Net profit of the infrastructure investment trust in the year-ago period was Rs 119.78 crore, a BSE filing said.

Total income increased to Rs 788.36 crore in the quarter from Rs 607.06 crore in the same period a year ago. 

Total expenses also rose to Rs 691.14 crore from Rs 480.03 crore.

The board of directors of IndiGrid Investment Managers Ltd (IIML) acting in the capacity of Investment Manager to IndiGrid approved distribution of Rs 3.55 per unit for the third quarter.

The record date for this distribution is January 31, 2024, and payment will be made on or before February 9, 2024.

"This has been an exciting quarter for us. While we continued to make great strides in our business adjacencies with greenfield project wins and the solar asset acquisition, we also ensured that the company maintains a strong balance sheet and has ample headroom for consistent growth," Harsh Shah, CEO and Whole Time Director of IndiGrid, said in a statement.

With the equity fund raise of Rs 1,070 crore during the fiscal, IndiGrid ended the quarter with a net debt to AUM (assets under management) of 61.6 per cent, he said.