India Grid Trust
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]
- 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.
Peer comparison
Sector: Infrastructure Investment Trusts Industry: Power Generation And Supply
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
31 Jan - With reference to our earlier intimation dated January 20, 2023, we hereby submit the link to access the Audio Transcript of the Earning Conference Call …
-
Quarterly Report For Q3 FY23
25 Jan - Infrastructure Investment Trusts) Regulations, 2014, as amended from time to time read with circulars and guidelines issued thereunder ('InvIT Regulations'), we have uploaded the Outcome …
- Announcement under Regulation 30 (LODR)-Investor Presentation 25 Jan
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
25 Jan - Press Release for Q3 FY23 results of India Grid Trust
- Board Meeting Outcome for Board Meeting Held On January 25, 2023 (Outcome) 25 Jan
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]