Power Grid Corporation of India Ltd
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.
- Market Cap ₹ 2,72,787 Cr.
- Current Price ₹ 293
- High / Low ₹ 299 / 172
- Stock P/E 17.6
- Book Value ₹ 93.2
- Dividend Yield 3.77 %
- ROCE 13.5 %
- ROE 20.6 %
- Face Value ₹ 10.0
Pros
- Stock is providing a good dividend yield of 3.77%.
- Company has delivered good profit growth of 18.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 60.0%
Cons
- Stock is trading at 3.15 times its book value
- The company has delivered a poor sales growth of 7.81% over past five years.
- Tax rate seems low
* 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
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
10,051 | 12,679 | 15,115 | 17,177 | 20,666 | 25,710 | 29,765 | 34,119 | 36,186 | 37,666 | 39,933 | 43,343 | 42,836 | |
1,811 | 2,118 | 2,456 | 2,571 | 2,460 | 3,224 | 4,106 | 7,428 | 4,821 | 4,218 | 5,758 | 5,817 | 5,614 | |
Operating Profit | 8,239 | 10,561 | 12,659 | 14,606 | 18,206 | 22,486 | 25,659 | 26,691 | 31,365 | 33,448 | 34,175 | 37,526 | 37,221 |
OPM % | 82% | 83% | 84% | 85% | 88% | 87% | 86% | 78% | 87% | 89% | 86% | 87% | 87% |
874 | 971 | 768 | 748 | 650 | 1,050 | 4,577 | 1,563 | 3,853 | 1,790 | 6,391 | 2,629 | 3,224 | |
Interest | 1,943 | 2,535 | 3,168 | 3,979 | 5,135 | 6,304 | 7,591 | 9,091 | 9,814 | 8,501 | 8,211 | 9,744 | 9,546 |
Depreciation | 2,573 | 3,352 | 3,996 | 5,085 | 6,180 | 7,663 | 9,091 | 10,201 | 11,073 | 11,712 | 12,551 | 12,940 | 12,656 |
Profit before tax | 4,598 | 5,645 | 6,264 | 6,289 | 7,541 | 9,570 | 13,554 | 8,962 | 14,331 | 15,025 | 19,805 | 17,471 | 18,243 |
Tax % | 29% | 25% | 28% | 21% | 21% | 21% | 39% | -11% | 25% | 21% | 14% | 12% | |
3,255 | 4,234 | 4,497 | 4,979 | 5,948 | 7,520 | 8,245 | 9,939 | 10,811 | 11,936 | 17,094 | 15,333 | 15,564 | |
EPS in Rs | 3.95 | 5.14 | 4.84 | 5.35 | 6.40 | 8.09 | 8.86 | 10.69 | 11.62 | 12.83 | 18.38 | 16.49 | 16.73 |
Dividend Payout % | 30% | 30% | 30% | 21% | 20% | 30% | 33% | 44% | 48% | 53% | 60% | 67% |
Compounded Sales Growth | |
---|---|
10 Years: | 13% |
5 Years: | 8% |
3 Years: | 6% |
TTM: | 2% |
Compounded Profit Growth | |
---|---|
10 Years: | 15% |
5 Years: | 19% |
3 Years: | 20% |
TTM: | 4% |
Stock Price CAGR | |
---|---|
10 Years: | 17% |
5 Years: | 22% |
3 Years: | 34% |
1 Year: | 64% |
Return on Equity | |
---|---|
10 Years: | 17% |
5 Years: | 19% |
3 Years: | 20% |
Last Year: | 21% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 4,630 | 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 | 18,858 | 21,610 | 29,228 | 32,935 | 38,580 | 44,576 | 49,183 | 53,786 | 59,208 | 64,347 | 69,176 | 75,858 | 77,400 |
53,402 | 68,188 | 83,170 | 95,045 | 108,255 | 118,698 | 131,213 | 146,086 | 147,980 | 143,073 | 134,695 | 126,661 | 119,891 | |
13,319 | 16,706 | 21,960 | 25,110 | 26,363 | 26,192 | 38,306 | 41,392 | 43,148 | 41,639 | 37,038 | 36,807 | 35,059 | |
Total Liabilities | 90,209 | 111,134 | 139,589 | 158,321 | 178,429 | 194,697 | 223,933 | 246,496 | 255,568 | 254,291 | 247,885 | 246,301 | 241,651 |
47,662 | 61,401 | 73,154 | 89,686 | 114,942 | 135,508 | 153,610 | 163,860 | 169,836 | 176,944 | 179,732 | 172,278 | 166,978 | |
CWIP | 28,184 | 34,824 | 49,477 | 52,924 | 43,795 | 35,884 | 30,307 | 33,578 | 30,400 | 17,972 | 7,376 | 7,699 | 8,046 |
Investments | 1,284 | 1,148 | 999 | 926 | 841 | 1,330 | 1,608 | 2,757 | 3,764 | 4,265 | 7,229 | 7,415 | 7,741 |
13,078 | 13,762 | 15,960 | 14,784 | 18,851 | 21,975 | 38,408 | 46,301 | 51,568 | 55,110 | 53,548 | 58,909 | 58,885 | |
Total Assets | 90,209 | 111,134 | 139,589 | 158,321 | 178,429 | 194,697 | 223,933 | 246,496 | 255,568 | 254,291 | 247,885 | 246,301 | 241,651 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
6,403 | 11,284 | 15,399 | 15,042 | 16,151 | 21,251 | 21,881 | 23,149 | 29,239 | 27,614 | 24,640 | 35,268 | |
-15,834 | -21,948 | -26,518 | -23,843 | -21,148 | -23,434 | -22,981 | -18,648 | -9,368 | -7,803 | 2,189 | -4,316 | |
8,089 | 9,990 | 13,874 | 6,447 | 5,387 | 3,871 | -612 | -2,374 | -18,712 | -20,186 | -28,801 | -29,264 | |
Net Cash Flow | -1,343 | -675 | 2,756 | -2,355 | 391 | 1,688 | -1,712 | 2,127 | 1,159 | -375 | -1,973 | 1,689 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 54 | 41 | 38 | 45 | 48 | 46 | 45 | 50 | 49 | 82 | 81 | 104 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 54 | 41 | 38 | 45 | 48 | 46 | 45 | 50 | 49 | 82 | 81 | 104 |
Working Capital Days | -215 | -243 | -298 | -318 | -280 | -221 | -193 | -254 | -242 | -57 | -38 | -39 |
ROCE % | 9% | 10% | 9% | 8% | 9% | 10% | 12% | 10% | 11% | 12% | 12% | 14% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Change in Directorate
1d - Completion of Tenure of Sh. Dilip Nigam as Govt. Nominee Director on the Board of POWERGRID
- Signing Of Supplementary JV Agreement -3 Of NHPTL 2d
- Appointment Of Secretarial Auditor For The Financial Year 2023-24 22 Apr
- Compliance Certificate For The Period Ended 31.03.2024 18 Apr
- Certificate From Practicing Company Secretary Under Regulation 40(9) For The Financial Year Ended 31.03.2024. 18 Apr
Annual reports
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from nse
-
Financial Year 2011
from bse
-
Financial Year 2010
from bse
Concalls
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT
-
May 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Nov 2022TranscriptNotesPPT
-
Aug 2022TranscriptNotesPPT
-
Aug 2020TranscriptNotesPPT
-
Jun 2020TranscriptNotesPPT
-
Jan 2020TranscriptPPT
-
Nov 2019TranscriptNotesPPT
-
Aug 2019TranscriptPPT
-
May 2019TranscriptPPT
-
Jan 2019TranscriptPPT
-
May 2018TranscriptNotesPPT
-
May 2018TranscriptNotesPPT
-
Apr 2018TranscriptNotesPPT
-
Feb 2018TranscriptNotesPPT
-
Nov 2017TranscriptNotesPPT
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)