Power Grid Corporation of India Ltd

Power Grid Corpn Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Power Grid Corporation of India Ltd

₹ 333 0.63%
03 Jul 11:46 a.m.
powergrid.in BSE: 532898 NSE: POWERGRID
About

Power Grid Corporation of India Limited is a Maharatna CPSU and India’s largest electric power transmission company. GoI holds a 51.34% stake in the company as on March 31, 2021. PGCIL was incorporated in 1989 to set up extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines.

The company moves large blocks of power from the central generating agencies and areas that have surplus power to load centres within and across regions. It is under the administrative control of the Ministry of Power, GoI.

PGCIL also executes several strategically important projects, assigned to the company by GoI on nomination basis. Power Grid Corporation of India is principally engaged in planning, implementation, operation and maintenance of Inter-State Transmission System (ISTS), Telecom and consultancy services.

Key Points

Company’s Outlook
Strong operating efficiency[1] Strong operating efficiency has helped surpass operational benchmarks set by CERC - system availability was 99.76% in FY21 (vs 99.82% in FY20)

Website BSE NSE
  • Market Cap ₹ 3,09,617 Cr.
  • Current Price ₹ 333
  • High / Low ₹ 349 / 178
  • Stock P/E 20.2
  • Book Value ₹ 93.4
  • Dividend Yield 3.32 %
  • ROCE 12.9 %
  • ROE 18.1 %
  • Face Value ₹ 10.0
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Pros

  • Stock is providing a good dividend yield of 3.32%.
  • Company has been maintaining a healthy dividend payout of 65.0%

Cons

  • Stock is trading at 3.56 times its book value
  • The company has delivered a poor sales growth of 4.44% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Power Generation & Distribution Industry: Power Generation And Supply

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
9,942 9,779 9,929 10,001 10,222 10,446 10,468 10,746 11,328 10,245 10,419 10,677 11,051
1,562 1,204 1,482 1,380 1,980 1,644 1,632 1,367 1,277 1,584 1,371 1,276 2,083
Operating Profit 8,381 8,574 8,447 8,621 8,242 8,802 8,837 9,379 10,051 8,661 9,049 9,401 8,968
OPM % 84% 88% 85% 86% 81% 84% 84% 87% 89% 85% 87% 88% 81%
763 4,194 543 636 1,310 651 587 960 820 702 825 903 1,203
Interest 1,976 2,298 1,959 1,852 2,103 1,982 2,196 3,037 2,511 2,121 2,389 2,516 2,021
Depreciation 3,025 3,027 3,143 3,193 3,187 3,203 3,198 3,304 3,193 3,141 3,142 3,159 3,116
Profit before tax 4,142 7,444 3,887 4,212 4,261 4,268 4,029 3,999 5,167 4,100 4,343 4,630 5,034
Tax % 15% 18% 14% 20% -1% 12% 9% 7% 18% 14% 12% 14% 18%
3,516 6,085 3,338 3,349 4,321 3,766 3,651 3,702 4,217 3,543 3,834 3,970 4,128
EPS in Rs 3.78 6.54 3.59 3.60 4.65 4.05 3.93 3.98 4.53 3.81 4.12 4.27 4.44
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
12,679 15,115 17,177 20,666 25,710 29,765 34,119 36,186 37,666 39,933 43,343 42,391
2,118 2,456 2,571 2,460 3,224 4,106 7,428 4,821 4,218 5,758 5,817 6,201
Operating Profit 10,561 12,659 14,606 18,206 22,486 25,659 26,691 31,365 33,448 34,175 37,526 36,190
OPM % 83% 84% 85% 88% 87% 86% 78% 87% 89% 86% 87% 85%
971 768 748 650 1,050 4,577 1,563 3,853 1,790 6,391 2,629 3,521
Interest 2,535 3,168 3,979 5,135 6,304 7,591 9,091 9,814 8,501 8,211 9,744 9,047
Depreciation 3,352 3,996 5,085 6,180 7,663 9,091 10,201 11,073 11,712 12,551 12,940 12,558
Profit before tax 5,645 6,264 6,289 7,541 9,570 13,554 8,962 14,331 15,025 19,805 17,471 18,107
Tax % 25% 28% 21% 21% 21% 39% -11% 25% 21% 14% 12% 15%
4,234 4,497 4,979 5,948 7,520 8,245 9,939 10,811 11,936 17,094 15,333 15,475
EPS in Rs 5.14 4.84 5.35 6.40 8.09 8.86 10.69 11.62 12.83 18.38 16.49 16.64
Dividend Payout % 30% 30% 21% 20% 30% 33% 44% 48% 53% 60% 67% 68%
Compounded Sales Growth
10 Years: 11%
5 Years: 4%
3 Years: 4%
TTM: -2%
Compounded Profit Growth
10 Years: 13%
5 Years: 7%
3 Years: 6%
TTM: -6%
Stock Price CAGR
10 Years: 15%
5 Years: 23%
3 Years: 37%
1 Year: 77%
Return on Equity
10 Years: 18%
5 Years: 19%
3 Years: 19%
Last Year: 18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 4,630 5,232 5,232 5,232 5,232 5,232 5,232 5,232 5,232 6,975 6,975 9,301
Reserves 21,610 29,228 32,935 38,580 44,576 49,183 53,786 59,208 64,347 69,176 75,858 77,566
68,188 83,170 95,045 108,255 118,698 131,213 146,086 147,980 143,073 134,695 126,661 123,490
16,706 21,960 25,110 26,363 26,192 38,306 41,392 43,148 41,639 37,038 36,807 35,064
Total Liabilities 111,134 139,589 158,321 178,429 194,697 223,933 246,496 255,568 254,291 247,885 246,301 245,421
61,401 73,154 89,686 114,942 135,508 153,610 163,860 169,836 176,944 179,732 172,278 162,793
CWIP 34,824 49,477 52,924 43,795 35,884 30,307 33,578 30,400 17,972 7,376 7,699 9,581
Investments 1,148 999 926 841 1,330 1,608 2,757 3,764 4,265 7,229 7,415 9,340
13,762 15,960 14,784 18,851 21,975 38,408 46,301 51,568 55,110 53,548 58,909 63,707
Total Assets 111,134 139,589 158,321 178,429 194,697 223,933 246,496 255,568 254,291 247,885 246,301 245,421

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
11,284 15,399 15,042 16,151 21,251 21,881 23,149 29,239 27,614 24,640 35,268 34,790
-21,948 -26,518 -23,843 -21,148 -23,434 -22,981 -18,648 -9,368 -7,803 2,189 -4,316 -10,434
9,990 13,874 6,447 5,387 3,871 -612 -2,374 -18,712 -20,186 -28,801 -29,264 -25,882
Net Cash Flow -675 2,756 -2,355 391 1,688 -1,712 2,127 1,159 -375 -1,973 1,689 -1,526

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 41 38 45 48 46 45 50 49 82 81 104 93
Inventory Days
Days Payable
Cash Conversion Cycle 41 38 45 48 46 45 50 49 82 81 104 93
Working Capital Days -243 -298 -318 -280 -221 -193 -254 -242 -57 -38 -39 -19
ROCE % 10% 9% 8% 9% 10% 12% 10% 11% 12% 12% 14%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34%
28.28% 27.87% 28.19% 29.35% 30.25% 31.70% 32.76% 32.30% 33.14% 32.01% 30.51% 29.82%
13.88% 8.38% 8.42% 16.02% 15.17% 13.79% 12.73% 13.39% 12.55% 13.21% 14.77% 15.26%
6.51% 12.41% 12.05% 3.29% 3.24% 3.17% 3.18% 2.99% 2.95% 3.44% 3.37% 3.58%
No. of Shareholders 6,71,1107,19,2767,77,0728,04,1527,90,5328,23,2398,11,0748,02,6197,83,2659,31,3669,61,58511,00,850

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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