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 ₹ 152,937 Cr.
- Current Price ₹ 219
- High / Low ₹ 248 / 186
- Stock P/E 10.4
- Book Value ₹ 118
- Dividend Yield 5.36 %
- ROCE 11.5 %
- ROE 19.3 %
- Face Value ₹ 10.0
Pros
- Stock is providing a good dividend yield of 5.36%.
- Company has been maintaining a healthy dividend payout of 53.5%
Cons
- The company has delivered a poor sales growth of 10.1% over past five years.
- Tax rate seems low
- Company might be capitalizing the interest cost
- Promoter holding has decreased over last 3 years: -3.62%
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
8,612 | 10,323 | 13,081 | 15,555 | 17,540 | 20,652 | 25,697 | 29,954 | 35,059 | 37,744 | 39,640 | 41,616 | 43,189 | |
1,661 | 1,898 | 2,244 | 2,588 | 2,613 | 2,468 | 3,247 | 3,993 | 8,140 | 4,858 | 4,734 | 5,796 | 6,843 | |
Operating Profit | 6,951 | 8,425 | 10,837 | 12,967 | 14,927 | 18,184 | 22,450 | 25,961 | 26,920 | 32,886 | 34,906 | 35,820 | 36,346 |
OPM % | 81% | 82% | 83% | 83% | 85% | 88% | 87% | 87% | 77% | 87% | 88% | 86% | 84% |
817 | 888 | 966 | 725 | 731 | 656 | 933 | 4,065 | 1,505 | 2,820 | 769 | 4,697 | 1,554 | |
Interest | 1,666 | 1,986 | 2,599 | 3,254 | 4,081 | 5,086 | 6,204 | 7,324 | 8,737 | 9,509 | 8,135 | 8,036 | 8,083 |
Depreciation | 2,273 | 2,637 | 3,428 | 4,079 | 5,173 | 6,182 | 7,722 | 9,231 | 10,541 | 11,607 | 12,039 | 12,872 | 13,177 |
Profit before tax | 3,829 | 4,690 | 5,776 | 6,359 | 6,404 | 7,572 | 9,457 | 13,471 | 9,147 | 14,590 | 15,501 | 19,610 | 16,640 |
Tax % | 30% | 30% | 25% | 28% | 21% | 21% | 21% | 39% | -10% | 24% | 22% | 14% | |
Net Profit | 2,672 | 3,303 | 4,313 | 4,548 | 5,046 | 5,959 | 7,451 | 8,204 | 10,034 | 11,059 | 12,036 | 16,824 | 14,901 |
EPS in Rs | 4.33 | 5.35 | 6.99 | 6.52 | 7.23 | 8.54 | 10.68 | 11.76 | 14.38 | 15.85 | 17.26 | 24.12 | 21.36 |
Dividend Payout % | 30% | 30% | 31% | 30% | 21% | 20% | 31% | 33% | 43% | 47% | 52% | 61% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 10% |
3 Years: | 6% |
TTM: | 5% |
Compounded Profit Growth | |
---|---|
10 Years: | 16% |
5 Years: | 14% |
3 Years: | 9% |
TTM: | 6% |
Stock Price CAGR | |
---|---|
10 Years: | 10% |
5 Years: | 9% |
3 Years: | 15% |
1 Year: | 4% |
Return on Equity | |
---|---|
10 Years: | 16% |
5 Years: | 17% |
3 Years: | 18% |
Last Year: | 19% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4,630 | 4,630 | 4,630 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 6,975 | 6,975 | |
Reserves | 16,788 | 18,953 | 21,773 | 29,466 | 33,207 | 38,738 | 44,634 | 49,194 | 53,857 | 59,464 | 64,704 | 69,272 | 75,233 |
41,612 | 54,355 | 69,233 | 84,220 | 96,243 | 108,545 | 118,988 | 131,503 | 146,376 | 148,270 | 143,232 | 134,696 | 130,607 | |
14,632 | 14,194 | 17,748 | 22,562 | 26,102 | 26,797 | 26,809 | 39,425 | 41,916 | 43,706 | 42,539 | 40,008 | 39,829 | |
Total Liabilities | 77,662 | 92,133 | 113,384 | 141,480 | 160,784 | 179,312 | 195,662 | 225,354 | 247,380 | 256,671 | 255,708 | 250,950 | 252,645 |
38,040 | 48,415 | 62,568 | 74,252 | 91,191 | 115,094 | 137,678 | 156,198 | 172,740 | 181,112 | 183,726 | 191,773 | 189,512 | |
CWIP | 24,076 | 28,886 | 35,265 | 50,069 | 53,681 | 45,611 | 38,264 | 37,669 | 37,631 | 35,177 | 24,838 | 12,854 | 12,271 |
Investments | 952 | 774 | 586 | 423 | 220 | 919 | 1,165 | 1,224 | 1,296 | 1,431 | 1,486 | 3,788 | 3,789 |
14,595 | 14,058 | 14,964 | 16,736 | 15,693 | 17,688 | 18,555 | 30,264 | 35,713 | 38,951 | 45,659 | 42,536 | 47,073 | |
Total Assets | 77,662 | 92,133 | 113,384 | 141,480 | 160,784 | 179,312 | 195,662 | 225,354 | 247,380 | 256,671 | 255,708 | 250,950 | 252,645 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4,895 | 8,582 | 11,690 | 15,223 | 15,800 | 15,008 | 21,575 | 22,710 | 23,271 | 30,739 | 29,403 | 26,124 | |
-13,344 | -18,495 | -22,084 | -26,639 | -24,185 | -21,576 | -23,836 | -25,701 | -18,727 | -10,733 | -9,244 | 753 | |
7,948 | 8,218 | 9,962 | 13,712 | 6,399 | 5,621 | 3,959 | 1,285 | -2,431 | -18,806 | -20,521 | -28,967 | |
Net Cash Flow | -501 | -1,695 | -432 | 2,295 | -1,986 | -948 | 1,698 | -1,707 | 2,113 | 1,199 | -362 | -2,091 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 51 | 54 | 42 | 38 | 46 | 48 | 44 | 44 | 49 | 49 | 79 | 83 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 51 | 54 | 42 | 38 | 46 | 48 | 44 | 44 | 49 | 49 | 79 | 83 |
Working Capital Days | -180 | -232 | -254 | -301 | -331 | -271 | -229 | -208 | -156 | -245 | -57 | -62 |
ROCE % | 9% | 10% | 9% | 8% | 9% | 10% | 10% | 9% | 11% | 12% | 11% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
24 Jan - Newspaper Advertisement - Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
23 Jan - Newspaper Publication for Transfer of equity shares of the Company to Investor Education and Protection Fund (lEPF) Authority.
- Meeting Of Board Of POWERGRID To Consider And Approve The Unaudited Financial Results Of The Company For The Quarter And Nine Months Ended 31St December, 2022 And Proposal For Payment Of 2Nd Interim Dividend And Fixation Of Record Date. 23 Jan
- Closure of Trading Window 23 Jan
- Board Meeting Intimation for Meeting Of Board Of POWERGRID To Consider And Approve The Unaudited Financial Results Of The Company For The Quarter And Nine Months Ended 31St December, 2022 And Proposal For Payment Of 2Nd Interim Dividend And Fixation Of Record Date. 23 Jan
Annual reports
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
from nse
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Financial Year 2010
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Financial Year 2010
from nse
Concalls
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Aug 2020TranscriptPPT
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Jun 2020TranscriptPPT
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Jan 2020TranscriptPPT
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Nov 2019TranscriptPPT
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Aug 2019TranscriptPPT
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May 2019TranscriptPPT
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Jan 2019TranscriptPPT
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May 2018TranscriptPPT
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May 2018TranscriptPPT
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Feb 2018TranscriptPPT
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Nov 2017TranscriptPPT
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)