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					</table><p>India Grid Trust (<a href="https://www.indigrid.co.in/" target="_blank" rel="noopener">IndiGrid</a>), a power infrastructure investment trust, has recorded a profit of ₹1.07 billion (~$13 million) for the first quarter (Q1) of the financial year (FY) 2024, a year-over-year (YoY) increase of 28.8% from ₹830.72 million (~$10 million).</p>
<p>The company earned a revenue of ₹6.29 billion (~$76.4 million), which was up 12% YoY, and the consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 11% YoY to ₹5.69 billion (~$69 million).</p>
<p>The net distributable cash flow increased by 50% compared to the previous year, reaching ₹1.73 billion (~$21 million) in the quarter.</p>
<p>IndiGrid said it has experienced a substantial expansion in the past six years, driven by strategic acquisitions that added value, an efficient asset management system, and governance practices.</p>
<p>During the quarter, the company signed an agreement worth around ₹15 billion (~$182 million) to acquire Khargone Transmission from Sterlite Power. It also signed a memorandum of understanding with G R Infra to acquire around ₹50 billion (~$607.7 million) of assets.</p>
<p>As of June 30, 2023, the company manages assets worth around ₹229 billion (~$2.7 billion).</p>
<p>The company has generated 61.26 MU of energy from its 100 MW solar projects at a capacity utilization factor of 28.05%.</p>
<p>Additionally, the company generated 169,286 units from its ground solar projects in Bhopal (205 kW) and Dhule (248 kW). The company has scheduled four more projects for implementation in line with its green initiatives.</p>
<p>Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid said, “I am pleased to report that we have reported yet another quarter of strong financial performance. Our robust operations and steady acquisitions have allowed us to maintain the growth momentum and keep us on track to meet the FY24 distribution guidance of ₹13.80 (~$0.16) per unit.”</p>
<p>Recently renewables-focused infrastructure investment trust Virescent Renewable Energy Trust <a href="https://www.mercomindia.com/indigrid-acquire-virescent-renewable-energy-%E2%82%B940-billion" target="_blank" rel="noopener">said</a> it has signed definitive agreements under which IndiGrid will acquire all units of Virescent for up to ₹40 billion (~$487 million).</p>
<p>IndiGrid also <a href="https://www.mercomindia.com/indigrid-%e2%82%b911-4-billion-ifc-through-debenture-issue" target="_blank" rel="noopener">announced</a> that the International Finance Corporation invested ₹11.4 billion (~$138.74 million) in its listed non-convertible debentures. IndiGrid intends to use this debt to fund its refinancing needs for the fiscal year 2024.</p>


IndiGrid’s Q1 FY24 Profit Exceeds ₹1 Billion, Marking ~29% YoY Growth

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