India Grid Trust Sees Record Profit Surge Amidst Strategic Growth

India Grid Trust reported a 154% increase in consolidated net profit for Q2 2024, reaching Rs 98.73 crore. Its revenue for the quarter rose to Rs 839.75 crore. The Board declared a distribution of Rs 3.75 per unit and proposed a name change to 'IndiGrid Infrastructure Trust'.

Infrastructure investment trust, India Grid Trust, reported a remarkable 154% rise in its consolidated net profit for the September 2024 quarter, amounting to Rs 98.73 crore. This impressive growth is attributed to a surge in revenues reported at Rs 839.75 crore, up from Rs 720.18 crore in the prior year.

The Board of Directors of IndiGrid Investment Managers Ltd, the investment manager for India Grid Trust, declared a second-quarter distribution of Rs 3.75 per unit. This distribution includes Rs 3.61763 per unit as interest, Rs 0.11357 as a dividend, and Rs 0.01880 as other income, with a record date set for October 30, 2024, and payment by November 9, 2024.

In a strategic move, the Board proposed changing the trust's name to 'IndiGrid Infrastructure Trust', pending unitholder approval via a postal ballot. Harsh Shah, CEO of IndiGrid, highlighted the quarter's growth, driven by strategic initiatives and a timely fund-raise. IndiGrid, the first Infrastructure Investment Trust in India's power sector, oversees assets worth over Rs 29,700 crore.

(With inputs from agencies.)