Q2 2025 India Grid Trust Earnings Call Transcript
Key Points
- India Grid Trust (BOM:540565) reported a 16% year-on-year growth in revenue and a 31% increase in EBITDA for Q2 FY25.
- The company achieved a net distributable cash flow of INR320 Crore, with a distribution of INR3.75 per unit, marking a 5.6% YoY increase.
- India Grid Trust maintains a strong balance sheet with a AAA rating from CRISIL, ICRA, and India Rating.
- The company has a significant pipeline of battery storage projects, totaling 900 megawatt hours, positioning it as a leader in this sector.
- India Grid Trust continues to deliver superior risk-adjusted total returns, with an annualized return of about 13% since listing.
- The company is facing challenges with increased trips per line, attributed to unusual monsoon patterns, impacting availability.
- There is uncertainty regarding the future battery pricing, which could affect the cost structure of ongoing projects.
- The company's net debt to AUM ratio stands at 58.7%, which, while leaving headroom for growth, indicates a significant level of leverage.
- India Grid Trust's solar capacity utilization factor is relatively low at 20.4%, which may impact overall efficiency.
- The company is undergoing a name change due to regulatory advisories, which may involve administrative and branding challenges.
Ladies and gentlemen, good day and welcome to India Great Trust Q2 FY25 earnings conference call hosted by Nuvama Institutional Equities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. (conference Instructions)
Please note that this conference is being recorded.
I now hand the conference over to Mr. Subhadip from Nuvama Institutional Equity. Thank you and over to you, sir.
Thank you on behalf of Nuvama Institutional equities. Welcoming you all to the second quarter FY25 result call of India Grid.
We are joined today by the management represented by Mr. Harsh Shah CEO and whole time director, Mr. Navin Sharma, Chief Financial Officer and Miss Meghana Pandit Chief Investment Officer. I would now like to hand over the call to Mr. Harsh Shah for his opening comments followed by the Q&A.
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