I see the below as current holding details.
Do we know the reason for selling by the sponsor?
Disclosure: minor exposure
I have added Bharat Invit (assuming that the remaining quarters, will continue with same distribution, as their recent annoucement…in fact, that is their guidance as well) to the table
(corrected table…there was an error that I fixed today 30/Aug/ 11.58 AM
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Bharat Highways Invit has distributed only Rs3 last quarter. So it must be 108/12 = 11.11%.
Thank you for sharing this… can you also add the yearly dividend each of these gave in the last FY for in a column?
Thanks
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The distributions come every quarter and the above figures reflect running 4 quarters. the underlying calculations separate out the taxable and non-taxable portion each quarter and sum it up…giving the % return outweighs the usefulness in comparison with the DPU number, which keeps varying every quarter (albeit minor…but the proportion of taxable and non-taxable always vary each quarter a bit)
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How to do valuation of indigrid InvIT share?
I think it should be valued on discounted cash flow of next 5 years. Following are the reasons
1- No surprise in this type of securities so valuation can be accurate.
2- Cash transactions can be easily predicted.
unlike other equity shares where one big contract can make stock to run up 100% or 200%.
and stocks drops when any CEO leaves a organisation. I think this company is predicable and can be run on set of rules decided by this company. We don’t need heroic CEO and unpredictable cash flow is eliminated.
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Indigrid had a fabulous Qtr and DPU is same as Q1 2025
" Q2 FY25 distribution of INR 3.75 per unit comprising INR 3.61763 per unit in the form of Interest, INR0.11357 per unit in the form of Dividend and INR 0.01880 in the form of Other Income.
The record date for this distribution will be October 30, 2024, and payment will be made on or before November 09, 2024"
Slide 16 below, will give you what you can foresee in terms of DPU
I am most excited about the NTPC BESS project, where Indigrid is the lowest bidder
Investor presentation
https://www.bseindia.com/xml-data/corpfiling/AttachHis/47e34611-8314-464a-afce-11123cb0d413.pdf
Valuation report
https://www.bseindia.com/xml-data/corpfiling/AttachHis/e00bb6d6-74df-48c1-b21d-154683d494ec.pdf
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It looks like that KKR is now almost out of Indigrid with only 1.2% shareholding left. Can they still be called as sponsor?
my guess is KKR was only here to offload their assets 
. Now time for new sponsor, do you guys know any other transmission company looking to securitise their assets?
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DPU declared inline with the guidance
Q3 results
Key Highlights
• Q3 FY25 Revenue & EBITDA grew by 2.5% and 1.5% YoY respectively.
• Q3 FY25 DPU announced at ₹ 3.75 / unit – in-line with the annual guidance of ₹ 15.0 / unit.
• Signed definitive agreements with British International Investment (BII) and Norfund to set-up
EnerGrid during the quarter. EnerGrid to start bidding for greenfield transmission and BESS
projects by Q4FY25.
• Signed BESPA for the NVVN BESS project of 250 MW / 500 MWh capacity.
• Commissioned augmentation projects awarded on RTM basis to IndiGrid’s assets – PTCL &
Kallam
https://www.bseindia.com/xml-data/corpfiling/AttachHis/61080269-72b6-46cd-88f5-ea00412803d1.pdf
Investor presentation (revised)
https://www.bseindia.com/xml-data/corpfiling/AttachHis/51217f87-382b-4a6f-b6bb-c9b56804b25f.pdf
Latest valuation report
https://www.bseindia.com/xml-data/corpfiling/AttachHis/08ec87b9-f2a5-40e5-bdb6-b23831b027a6.pdf
Disc : Invested and biased…not sebi registered…not a buy/sell reco…all the above are publicly available documents
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Here is the latest Yield calculations, if you have to buy the units as of closing prices today. It is the same running 4 qtrs based (3 quarters of this FY plus 1 Q from last FY, as of now)…This 4 quarters view will align with your 64B form…I am also attaching the underlying calculation table of DPU…Qs/Comments are welcome, as always…
PS - Not claiming this to be perfect calculation. Taxation is a complex subject and hence do your due diligence
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