IndiGrid Infrastructure Trust

- IndiGrid raised around INR1,070 crores in the last fiscal through equity (preference issue and institutional placement). - The net debt-to-AUM ratio remains at a healthy 62.4%, supporting growth. - The refinancing schedule is well-diversified over the next few years, ensuring no bunching of debt maturities above 14-15% of the gross borrowing book in any year. - Focus remains on optimizing interest costs and elongating tenure during refinancing or acquisition opportunities. - IndiGrid aims to maintain leverage ratios to keep sufficient headroom for future growth. - No explicit mention of new or upcoming fundraising plans through debt or equity beyond these points was provided.

- IndiGrid is undertaking substantial capex totaling around INR 2,500 crores, including INR 2,000 crores for TBCB and approximately INR 400-500 crores for cost-plus projects. - A dedicated business unit within IndiGrid focuses on project execution, led by experienced leadership to manage greenfield and regulated tariff projects. - The company has a pipeline of about INR 2,000 crores for greenfield projects, including battery energy storage systems (BESS) and transmission expansions. - Ongoing investments include a 180 MW/360 MWh BESS project in Gujarat with expected capex of around INR 550-600 crores. - Expansion opportunities in solar assets are limited due to land constraints; about 15-20% of solar capacity is on owned land, with the rest on leased/rental land. - IndiGrid continues to pursue organic growth by bidding on transmission and BESS projects near existing assets, aiming to maintain stable and growing DPU.

- IndiGrid expects sizable growth opportunities driven by increasing demand in transmission lines, substations, and renewable energy sectors. - The pipeline for bidding in the next couple of years is substantial, supported by government and customer demand. - The company is aggressively targeting integration and expansion in transmission and battery storage projects. - IndiGrid has a ₹2,000 crore pipeline for solar development and is focusing on value-accretive acquisitions of both transmission and renewable assets. - They aim to maintain stable and sustainable distributions per unit (DPU) with guidance raised to ₹15 per unit for FY '25. - The growth strategy includes organic expansion through bidding on greenfield projects, focusing on projects near existing assets and leveraging core competencies. - Market growth and large project sizes support IndiGrid's ability to sustain and grow revenues as the company scales.

- India Grid Trust expects continued strong growth, driven by a sizable pipeline of transmission, solar, and battery energy storage system (BESS) projects. - The Board has raised guidance for FY '25 to a Distribution Per Unit (DPU) of INR 15, representing a 6.4% increase from FY '24. - The portfolio strategy focuses on stable operations and value-accretive acquisitions, supporting sustainable DPU growth. - Organic growth is pursued via winning greenfield projects (~INR 2,000 crores in FY '24) and strategic acquisitions such as the 300 MW solar project from ReNew. - Operational excellence and asset management (e.g., digital asset health indexing) enhance availability and reliability, supporting profitability. - Cost of financing remains a key risk/opportunity factor; future interest rate reductions could improve profitability. - As the portfolio grows larger, efforts increase to maintain growth rate through larger projects and acquisitions, leveraging a growing market.

- IndiGrid has won 5 greenfield projects in FY '24, primarily in the transmission space, with an outlay of about INR 2,000 crores. - These projects include the 180 MW/360 MWh Battery Energy Storage System (BESS) project in Gujarat and the Kallam Transmission Limited greenfield project. - There is a sizable pipeline of transmission line and substation projects available for bidding over the next couple of years, driven by increasing demand and renewable sector expansion. - IndiGrid is aggressively targeting and integrating these opportunities to build a substantial growth pipeline. - The trust also benefits from renewable developers flipping assets, contributing to acquisition prospects. - Capex ongoing is approximately INR 2,500 crores, including TBCB projects and other cost-plus projects. - Internal capabilities and leadership have been augmented to manage and execute these projects efficiently as the orderbook grows.