AgenciesRelated
Securities has add call on with a target price of Rs 252. The current market price of Power Grid Corporation of India is Rs 228.65.
Time period given by analyst is year when . price can reach defined target.
Power Grid Corporation of India Ltd., incorporated in the year 1989, is a Large Cap company (having a market cap of Rs 157680.11 Crore) operating in Power sector.
Power Grid Corporation of India Ltd. key Products/Revenue Segments include Transmission Revenue, Income From Telecom, Consultancy Income and Other Operating Revenue for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 11067.94 Crore, up 3.21 % from last quarter Total Income of Rs 10723.61 Crore and up 2.33 % from last year same quarter Total Income of Rs 10816.33 Crore. Company reported net profit after tax of Rs 4107.11 Crore in latest quarter.
Investment Rationale
PGCIL’s asset capitalisation/Capex in Q4FY22 declined 75.5%YoY/44.0% YoY to ~INR21.8bn/INR18.1bn, on a high YoY base. Capitalisation/Capex for FY22 stood at INR207bn/90.6bn, vs. INR214.7bn/INR112.8bn in FY21. Q4 revenue increased 2.8% YoY, led by moderate growth in transmission, marginally offset by 12% decline in telecom segment sales. While EBITDA grew 1.5% YoY, reported PAT was up 22.9% YoY to INR43.2bn (mainly due to a deferred tax adjustment in the quarter). PGCIL declared a final dividend of INR2.25/share, taking the overall FY22 payout to INR14.75/sh (~6.6% yield). It has INR533bn worth of projects in hand and a bidding opportunity for INR318.5bn worth over the next year. The brokerage expects capitalisation of INR120bn for FY23 and FY24 each. While the company has floated a bid to procure the one-crore smart meter project and is in talks with states for its installation, there is no concrete progress on it. It tweaks estimates, factoring in the FY22 numbers; it retains ADD with a TP of INR252.
Promoter/FII Holdings
Promoters held 51.34 per cent stake in the company as of 31-Mar-2022, while FIIs owned 36.92 per cent, DIIs 8.45 per cent.
Time period given by analyst is year when . price can reach defined target.
Power Grid Corporation of India Ltd., incorporated in the year 1989, is a Large Cap company (having a market cap of Rs 157680.11 Crore) operating in Power sector.
Power Grid Corporation of India Ltd. key Products/Revenue Segments include Transmission Revenue, Income From Telecom, Consultancy Income and Other Operating Revenue for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 11067.94 Crore, up 3.21 % from last quarter Total Income of Rs 10723.61 Crore and up 2.33 % from last year same quarter Total Income of Rs 10816.33 Crore. Company reported net profit after tax of Rs 4107.11 Crore in latest quarter.
Investment Rationale
PGCIL’s asset capitalisation/Capex in Q4FY22 declined 75.5%YoY/44.0% YoY to ~INR21.8bn/INR18.1bn, on a high YoY base. Capitalisation/Capex for FY22 stood at INR207bn/90.6bn, vs. INR214.7bn/INR112.8bn in FY21. Q4 revenue increased 2.8% YoY, led by moderate growth in transmission, marginally offset by 12% decline in telecom segment sales. While EBITDA grew 1.5% YoY, reported PAT was up 22.9% YoY to INR43.2bn (mainly due to a deferred tax adjustment in the quarter). PGCIL declared a final dividend of INR2.25/share, taking the overall FY22 payout to INR14.75/sh (~6.6% yield). It has INR533bn worth of projects in hand and a bidding opportunity for INR318.5bn worth over the next year. The brokerage expects capitalisation of INR120bn for FY23 and FY24 each. While the company has floated a bid to procure the one-crore smart meter project and is in talks with states for its installation, there is no concrete progress on it. It tweaks estimates, factoring in the FY22 numbers; it retains ADD with a TP of INR252.
Promoter/FII Holdings
Promoters held 51.34 per cent stake in the company as of 31-Mar-2022, while FIIs owned 36.92 per cent, DIIs 8.45 per cent.
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