India Grid Trust

₹ 133 -1.24%
03 Feb - 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
Presently, the trust has a portfolio of a total circuit length of approx. ~7,500 cKms (across 40 transmission lines), ~13,500 MVA (across 11 substations) of transformation capacity and 100 MW of solar power assets across 18 states and 1 union territory in India. Most of the trust's projects has in place long-term TSAs of 35 years from the scheduled commercial operation.[1][2]
Its 14 projects[3] consists of 52 different revenue generating elements.[4] 12 out of 13 of the trust's transmission projects are developed on BOOM (Build, Own, Operate & Maintain) basis. [5]

  • Market Cap 9,346 Cr.
  • Current Price 133
  • High / Low 154 / 133
  • Stock P/E 10.2
  • Book Value 97.4
  • Dividend Yield %
  • ROCE 10.6 %
  • ROE 14.9 %
  • Face Value

Pros

  • Company has been maintaining a healthy dividend payout of 93.9%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding is low: 23.7%
  • Tax rate seems low

* 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 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
275 314 290 310 325 332 498 522 518 508 540 548 560
5 215 -22 -13 -103 -112 58 1 59 65 5 72 110
Operating Profit 270 99 312 323 429 443 440 521 460 444 535 476 450
OPM % 98% 32% 108% 104% 132% 134% 88% 100% 89% 87% 99% 87% 80%
0 0 0 0 0 0 0 0 2 0 0 0 0
Interest 86 86 91 105 114 125 233 238 240 232 251 245 251
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 185 13 221 218 314 319 208 283 222 211 284 231 198
Tax % -0% 1% 0% 0% 0% -0% 0% 0% 0% 0% 0% 0% 1%
Net Profit 185 13 221 218 314 319 207 282 221 211 283 230 197
EPS in Rs 2.65 0.18 3.16 3.12 4.48 4.56 2.95 4.02 3.16 3.01 4.04 3.28 2.81
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 TTM
0 60 354 324 553 1,055 1,249 2,003 2,157
27 15 43 3 242 279 -251 182 252
Operating Profit -27 45 311 321 311 777 1,500 1,820 1,904
OPM % 75% 88% 99% 56% 74% 120% 91% 88%
46 20 6 -48 3 18 8 46 0
Interest 56 94 330 10 102 298 435 943 980
Depreciation 2 37 96 0 0 0 0 0 1
Profit before tax -39 -66 -109 262 212 497 1,072 923 924
Tax % -2% 30% 28% 0% 0% 1% -0% 0%
Net Profit -40 -47 -78 262 211 491 1,072 921 921
EPS in Rs 7.71 6.20 7.01 15.32 13.15 13.14
Dividend Payout % 0% 0% 0% 103% 161% 130% 60% 91%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 54%
TTM: 15%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 63%
TTM: -11%
Stock Price CAGR
10 Years: %
5 Years: 9%
3 Years: 14%
1 Year: -10%
Return on Equity
10 Years: %
5 Years: %
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
0 18 18 2,838 2,838 5,315 5,315 6,590
Reserves -7 296 218 77 -52 -171 195 229
2,611 3,355 3,767 994 1,680 3,948 10,551 12,470
699 380 230 59 23 210 272 254
Total Liabilities 3,303 4,049 4,232 3,968 4,489 9,302 16,332 19,544
23 1,700 3,968 0 0 0 0 8
CWIP 2,926 2,039 0 0 0 0 0 0
Investments 0 0 1 744 607 1,848 4,364 4,897
354 310 263 3,224 3,882 7,453 11,968 14,640
Total Assets 3,303 4,049 4,232 3,968 4,489 9,302 16,332 19,544

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
-15 19 261 -3 -10 -11 -100 -54
-1,439 -713 -311 -2,928 -228 -3,746 -5,083 -1,280
1,135 717 17 3,049 249 3,841 5,661 1,428
Net Cash Flow -319 23 -33 118 11 84 478 94

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Shareholding pattern is currently not available for this company.

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