India Grid Trust

About

India Grid Trust (IndiGrid) is India’s first listed power sector infrastructure investment trust (InvIT), sponsored by KKR and SPGVL. Established on October 21, 2016, the entity is registered with SEBI pursuant to the InvIT regulations to own power transmission and solar assets. As of Jan 2021, we own 12 revenue-generating, operating assets, spanning over 30 transmission lines, spread across 6740 circuit KMs and 9 substations with 12,290 MVA transformation capacity across fifteen states and one Union Territory (see "Portfolio assets"). Our assets under management (AUM) are currently worth ~INR 150 Bn (USD 2 Bn) with visibility of ~INR 180Bn (~US$2.5 Bn) over the next 6-12 months. [1]

  • Market Cap 9,312 Cr.
  • Current Price 133
  • High / Low 146 / 98.9
  • Stock P/E 27.9
  • Book Value 66.9
  • Dividend Yield %
  • ROCE 6.73 %
  • ROE 6.94 %
  • Face Value

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 180.56%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding is low: 15.00%
  • Tax rate seems low
  • Company has a low return on equity of 8.67% for last 3 years.
  • Company might be capitalizing the interest cost
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
169 173 172 217 60 343 333 367 393 438 507 565
53 16 26 65 13 26 31 33 47 61 114 47
Operating Profit 116 157 145 152 47 317 302 334 346 377 393 517
OPM % 69% 91% 85% 70% 78% 92% 91% 91% 88% 86% 78% 92%
Other Income -2 0 1 3 0 2 2 1 1 1 7 0
Interest 54 60 63 62 18 117 120 149 158 174 206 273
Depreciation 46 45 45 54 1 86 86 100 102 108 120 161
Profit before tax 14 52 38 39 29 115 99 86 86 96 74 84
Tax % 1% 0% 1% 13% 4% -14% -0% 1% 1% 1% 7% 3%
Net Profit 14 52 38 34 27 132 100 86 86 95 68 85
EPS in Rs 0.42 1.51 1.10 0.48 0.39 1.88 1.42 1.22 1.22 1.35 0.97 1.22

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
448 666 1,243 1,677 1,903
40 109 53 251 270
Operating Profit 408 557 1,190 1,426 1,633
OPM % 91% 84% 96% 85% 86%
Other Income 13 8 36 33 9
Interest 101 230 415 687 810
Depreciation 116 181 310 430 492
Profit before tax 204 155 500 342 339
Tax % -3% 0% -1% 2%
Net Profit 210 154 506 334 333
EPS in Rs 6.18 4.52 7.22 4.77 4.76
Dividend Payout % 129% 221% 126% 194%
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:55%
TTM:73%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:17%
TTM:-3%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:16%
1 Year:33%
Return on Equity
10 Years:%
5 Years:%
3 Years:9%
Last Year:7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
2,838 2,838 5,315 5,315
Reserves 25 -161 -266 -632
Borrowings 2,396 2,612 6,388 14,579
119 58 356 774
Total Liabilities 5,379 5,346 11,792 20,035
5,026 4,983 10,816 16,390
CWIP 0 0 0 10
Investments 0 8 0 0
352 356 976 3,636
Total Assets 5,379 5,346 11,792 20,035

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
433 580 1,125 1,680
-4,624 -230 -6,091 -5,897
4,358 -357 5,214 6,415
Net Cash Flow 167 -7 248 2,198

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 87 63 72 65
Inventory Days
Days Payable
Cash Conversion Cycle 87 63 72 65
Working Capital Days 87 72 30 4
ROCE % 7% 11% 7%

Shareholding Pattern

Numbers in percentages

Shareholding pattern is currently not available for this company.

Documents