India Grid Trust

India Grid Trust

₹ 133 0.61%
28 Mar - close price
About

India Grid Trust (IndiGrid) is the India's first listed power sector infrastructure investment trust, sponsored by KKR and Sterlite Power. It was established in 2016 to own and operate power transmission and renewable energy assets in India.[1]
The Trust primarily acquires operational transmission SPVs (Special Purpose Vehicles) from a Sponsor or from a third party. [2]

The entity is not a public/ private company. It is an infrastructure investment trust (InvIT). There are no shareholders of a trust. Rather, there are unit holders who have the right to receive at-least 90% of the Net Distributable Cashflows of the Trust at least once in every six months in each financial year in accordance with the InvIT regulations.
Also, a unitholder has no equitable or proprietary interest in the projects of IndiGrid and is not entitled to any share in the transfer of projects or any interest in the projects of IndiGrid.[3]

Key Points

Projects/ Assets
As of November 10, 2022, the trust has a portfolio of a total circuit length of approx. ~7,790 cKms (across 42 transmission lines), ~14,550 MVA (across 12 substations) of transformation capacity, and 100 MW of solar power assets across 19 states and 1 union territory in India. Most of the trust's projects have in place long-term TSAs of 35 years from the scheduled commercial operation. [1][2]

  • Market Cap 10,406 Cr.
  • Current Price 133
  • High / Low 142 / 121
  • Stock P/E 10.7
  • Book Value 98.8
  • Dividend Yield 7.95 %
  • ROCE 9.93 %
  • ROE 14.8 %
  • Face Value 100

Pros

  • Company has delivered good profit growth of 26.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 57.7%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -1.53%
  • Tax rate seems low
  • Working capital days have increased from 4.87 days to 64.7 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
325 332 498 522 518 508 540 548 560 581 624 640 695
-103 -112 58 1 59 65 5 72 110 19 86 121 123
Operating Profit 429 443 440 521 460 444 535 476 450 561 539 518 572
OPM % 132% 134% 88% 100% 89% 87% 99% 87% 80% 97% 86% 81% 82%
0 0 0 0 2 0 0 0 0 0 0 0 0
Interest 114 125 233 238 240 232 251 245 251 254 286 321 354
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 314 319 208 283 222 211 284 231 198 307 252 197 218
Tax % 0% -0% 0% 0% 0% 0% 0% 0% 1% 0% 0% 0% 1%
314 319 207 282 221 211 283 230 197 307 252 197 216
EPS in Rs 4.48 4.56 2.95 4.02 3.16 3.01 4.04 3.28 2.81 4.39 3.60 2.69 2.75
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
0 60 354 324 553 1,055 1,249 2,003 2,181 2,540
27 15 43 3 242 279 -251 182 207 349
Operating Profit -27 45 311 321 311 777 1,500 1,820 1,974 2,190
OPM % 75% 88% 99% 56% 74% 120% 91% 91% 86%
46 20 6 -48 3 18 8 46 48 0
Interest 56 94 330 10 102 298 435 943 1,001 1,214
Depreciation 2 37 96 0 0 0 0 0 1 1
Profit before tax -39 -66 -109 262 212 497 1,072 923 1,020 975
Tax % -2% 30% 28% 0% 0% 1% -0% 0% 0%
-40 -47 -78 262 211 491 1,072 921 1,017 971
EPS in Rs 7.71 6.20 7.01 15.32 13.15 14.52 13.43
Dividend Payout % 0% 0% 0% 103% 161% 130% 60% 91% 21%
Compounded Sales Growth
10 Years: %
5 Years: 46%
3 Years: 27%
TTM: 18%
Compounded Profit Growth
10 Years: %
5 Years: 27%
3 Years: 27%
TTM: 5%
Stock Price CAGR
10 Years: %
5 Years: 10%
3 Years: -1%
1 Year: 2%
Return on Equity
10 Years: %
5 Years: 15%
3 Years: 16%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Equity Capital 0 18 18 2,838 2,838 5,315 5,315 6,590 6,590
Reserves -6 296 218 77 -52 -171 195 229 330
2,611 3,355 3,767 994 1,680 3,948 10,551 12,470 14,493
698 380 230 59 23 210 272 254 233
Total Liabilities 3,303 4,049 4,232 3,968 4,489 9,302 16,332 19,544 21,646
23 1,700 3,968 0 0 0 0 8 7
CWIP 2,926 2,039 0 0 0 0 0 0 0
Investments 0 0 1 744 607 1,848 4,364 4,897 4,806
354 310 263 3,224 3,882 7,453 11,968 14,640 16,833
Total Assets 3,303 4,049 4,232 3,968 4,489 9,302 16,332 19,544 21,646

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-15 19 261 -3 -10 -11 -100 -54 -21
-1,439 -713 -311 -2,928 -228 -3,746 -5,083 -1,280 -675
1,135 717 17 3,049 249 3,841 5,661 1,428 106
Net Cash Flow -319 23 -33 118 11 84 478 94 -590

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 108 66 0 0 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 108 66 0 0 0 0 0 0
Working Capital Days -1,063 31 1 25 -42 -63 13 65
ROCE % 1% 6% 7% 12% 12% 11% 10%

Shareholding Pattern

Numbers in percentages

1 Recently

Shareholding pattern is currently not available for this company.

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