Infrastructure investment trust IndiGrid’s consolidated net profit rose more than 45 per cent to Rs 998 crore in the March quarter, mainly on higher revenue. India Power Grid Trust (IndiGrid) posted a consolidated net profit of Rs 686.9 crore for the quarter ended March 31, 2021, a regulatory filing showed.

Total revenue for the quarter rose to Rs 5,685 crore from Rs 5,140.9 crore a year ago. Consolidated net profit in 2021-22 also rose to Rs 3,432.7 crore from Rs 3,344 crore in 2020-21. Total fiscal revenue surged to Rs 2,274.44 crore from Rs 1,714.15 crore in 2020-21. In full-year 2021-22, consolidated net distributable cash flow rose 3 per cent to Rs 94.42 crore, the company said in a separate statement.

The IndiGrid Investment Managers Committee has also approved a distribution of Rs 3.19 (DPU) to unitholders in the fourth quarter of FY22 (January-March quarter). The distribution was recorded on May 26, 2022, and paid in the form of interest of Rs 2.55 per unit and repayable in the capital of Rs 0.64 per unit.

With this, IndiGrid has allocated Rs 58.5 per unit to its investors in the past five years since listing, a total return of 108 per cent on the issue price. The total return is the sum of all distributions from listing through the third quarter of fiscal 2022 and price changes through March 31, 2022. The company said it had a total net debt/AUM (assets under management) of 56 per cent as of March 31, 2022, leaving significant debt headroom for future growth.

The board of IIML (IndiGrid Investment Managers Ltd) has also noted and approved the proposal to raise debt of up to Rs 700 crore through various sources including term loans, non-convertible debentures and/or any other means that may be permitted by applicable law. The Board also approved the appointment of Divya Bedi Verma as IIML’s Chief Financial Officer, succeeding Jyoti Kumar Agarwal, effective July 1, 2022.

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Additionally, Jyoti Kumar Agarwal will succeed Harsh Shah as the new CEO and full-time director of Grid Trust India’s investment manager on July 1, 2022, according to a stock exchange filing dated May 7, 2022. Agarwal has been the Chief Financial Officer of IndiGrid since September 2020. IndiGrid’s assets under management (AUM) exceed 211 billion rupees ($2.72 billion). IndiGrid’s investment manager is wholly owned by KKR.