India Grid Trust

₹ 138 -0.40%
28 Jun - 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 9,714 Cr.
  • Current Price 138
  • High / Low 154 / 131
  • Stock P/E 28.3
  • Book Value 77.4
  • Dividend Yield %
  • ROCE 7.36 %
  • ROE 6.80 %
  • Face Value

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 123.02%

Cons

  • Company has low interest coverage ratio.
  • Tax rate seems low
  • Company has a low return on equity of 8.61% for last 3 years.
  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
217 60 343 333 367 393 438 507 565 555 579 559
65 13 26 31 33 47 61 114 47 50 46 68
Operating Profit 152 47 317 302 334 346 377 393 518 505 533 491
OPM % 70% 78% 92% 91% 91% 88% 86% 78% 92% 91% 92% 88%
3 0 2 2 1 1 1 7 0 6 2 11
Interest 62 18 117 120 149 158 174 206 273 267 262 249
Depreciation 54 1 86 86 100 102 108 120 161 178 177 149
Profit before tax 39 29 115 99 86 86 96 74 84 66 96 104
Tax % 13% 4% -14% -0% 1% 1% 1% 7% 3% -4% 2% 4%
Net Profit 34 27 132 100 86 86 95 68 85 74 92 96
EPS in Rs 0.48 0.39 1.88 1.42 1.22 1.22 1.35 0.97 1.22 1.06 1.32 1.38

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
448 666 1,243 1,677 2,257
40 109 53 251 210
Operating Profit 408 557 1,190 1,426 2,048
OPM % 91% 84% 96% 85% 91%
13 8 36 33 17
Interest 101 230 415 687 1,050
Depreciation 116 181 310 430 665
Profit before tax 204 155 500 342 349
Tax % -3% 0% -1% 2% 2%
Net Profit 210 154 506 334 348
EPS in Rs 6.18 4.52 7.22 4.77 4.98
Dividend Payout % 129% 221% 126% 194% 49%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 50%
TTM: 35%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 31%
TTM: 2%
Stock Price CAGR
10 Years: %
5 Years: 8%
3 Years: %
1 Year: 5%
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 Mar 2022
2,838 2,838 5,315 5,315 6,590
Reserves 25 -161 -266 -632 -1,172
2,396 2,612 6,388 14,579 13,339
119 58 356 774 800
Total Liabilities 5,379 5,346 11,792 20,035 19,557
5,026 4,983 10,816 16,390 16,838
CWIP 0 0 0 10 4
Investments 0 8 0 0 145
352 356 976 3,636 2,570
Total Assets 5,379 5,346 11,792 20,035 19,557

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
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 Mar 2022
Debtor Days 87 63 72 65 63
Inventory Days
Days Payable
Cash Conversion Cycle 87 63 72 65 63
Working Capital Days 36 60 -6 -207 38
ROCE % 7% 11% 7% 7%

Shareholding Pattern

Numbers in percentages

Shareholding pattern is currently not available for this company.

Documents