Power Grid Corporation of India Ltd

Power Grid Corporation of India Ltd

₹ 322 0.02%
14 Jun - close price
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)

  • Market Cap 2,99,014 Cr.
  • Current Price 322
  • High / Low 349 / 178
  • Stock P/E 19.2
  • Book Value 93.7
  • Dividend Yield 3.44 %
  • ROCE 13.0 %
  • ROE 18.3 %
  • Face Value 10.0

Pros

  • Stock is providing a good dividend yield of 3.44%.
  • Company has been maintaining a healthy dividend payout of 65.0%

Cons

  • Stock is trading at 3.43 times its book value
  • The company has delivered a poor sales growth of 5.51% over past five years.
  • 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
10,510 10,219 10,267 10,447 10,687 10,905 11,151 11,262 12,264 11,048 11,267 11,550 11,978
1,618 1,218 1,496 1,415 1,983 1,661 1,785 1,368 1,433 1,716 1,557 1,375 2,055
Operating Profit 8,892 9,001 8,771 9,032 8,704 9,245 9,366 9,893 10,831 9,332 9,710 10,175 9,923
OPM % 85% 88% 85% 86% 81% 85% 84% 88% 88% 84% 86% 88% 83%
360 3,720 276 277 737 342 199 500 294 209 263 380 389
Interest 1,882 2,216 1,885 1,845 2,091 1,960 2,187 3,012 2,475 2,057 2,341 2,446 1,928
Depreciation 3,112 3,112 3,195 3,286 3,279 3,295 3,317 3,407 3,314 3,266 3,277 3,293 3,259
Profit before tax 4,259 7,392 3,968 4,178 4,071 4,331 4,060 3,975 5,335 4,218 4,355 4,816 5,125
Tax % 17% 19% 15% 21% -2% 12% 10% 8% 19% 15% 13% 16% 19%
3,526 5,998 3,376 3,293 4,156 3,801 3,650 3,645 4,323 3,597 3,781 4,028 4,166
EPS in Rs 3.79 6.45 3.63 3.54 4.47 4.09 3.92 3.92 4.65 3.87 4.07 4.33 4.48
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
13,081 15,555 17,540 20,652 25,697 29,954 35,059 37,744 39,640 41,622 45,581 45,843
2,244 2,588 2,613 2,468 3,247 3,993 8,140 4,858 4,734 5,796 7,001 6,531
Operating Profit 10,837 12,967 14,927 18,184 22,450 25,961 26,920 32,886 34,906 35,826 38,580 39,312
OPM % 83% 83% 85% 88% 87% 87% 77% 87% 88% 86% 85% 86%
966 725 731 656 933 4,065 1,505 2,820 769 4,692 2,089 1,070
Interest 2,599 3,254 4,081 5,086 6,204 7,324 8,737 9,509 8,135 8,036 9,634 8,773
Depreciation 3,428 4,079 5,173 6,182 7,722 9,231 10,541 11,607 12,039 12,872 13,333 13,095
Profit before tax 5,776 6,359 6,404 7,572 9,457 13,471 9,147 14,590 15,501 19,610 17,702 18,514
Tax % 25% 28% 21% 21% 21% 39% -10% 24% 22% 14% 13% 16%
4,313 4,548 5,046 5,959 7,451 8,204 10,034 11,059 12,036 16,824 15,417 15,573
EPS in Rs 5.24 4.89 5.43 6.41 8.01 8.82 10.79 11.89 12.94 18.09 16.58 16.74
Dividend Payout % 31% 30% 21% 20% 31% 33% 43% 47% 52% 61% 67% 67%
Compounded Sales Growth
10 Years: 11%
5 Years: 6%
3 Years: 5%
TTM: 1%
Compounded Profit Growth
10 Years: 13%
5 Years: 8%
3 Years: 7%
TTM: 0%
Stock Price CAGR
10 Years: 16%
5 Years: 23%
3 Years: 35%
1 Year: 74%
Return on Equity
10 Years: 17%
5 Years: 19%
3 Years: 19%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 21,773 29,466 33,207 38,738 44,634 49,194 53,857 59,464 64,704 69,272 76,039 77,845
69,233 84,220 96,243 108,545 118,988 131,503 146,376 148,270 143,232 134,696 126,661 123,516
17,748 22,562 26,102 26,797 26,809 39,425 41,916 43,706 42,539 40,008 40,627 40,229
Total Liabilities 113,384 141,480 160,784 179,312 195,662 225,354 247,380 256,671 255,708 250,950 250,303 250,891
62,568 74,252 91,191 115,094 137,678 156,198 172,740 181,112 183,726 191,773 185,437 177,876
CWIP 35,265 50,069 53,681 45,611 38,264 37,669 37,631 35,177 24,838 12,854 13,772 18,082
Investments 586 423 220 919 1,165 1,224 1,296 1,431 1,486 3,788 3,489 4,163
14,964 16,736 15,693 17,688 18,555 30,264 35,713 38,951 45,659 42,536 47,604 50,769
Total Assets 113,384 141,480 160,784 179,312 195,662 225,354 247,380 256,671 255,708 250,950 250,303 250,891

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
11,690 15,223 15,800 15,008 21,575 22,710 23,271 30,739 29,403 26,124 38,005 37,290
-22,084 -26,639 -24,185 -21,576 -23,836 -25,701 -18,727 -10,733 -9,244 753 -6,126 -13,114
9,962 13,712 6,399 5,621 3,959 1,285 -2,431 -18,806 -20,521 -28,967 -29,264 -25,903
Net Cash Flow -432 2,295 -1,986 -948 1,698 -1,707 2,113 1,199 -362 -2,091 2,615 -1,728

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 42 38 46 48 44 44 49 49 79 81 104 92
Inventory Days
Days Payable
Cash Conversion Cycle 42 38 46 48 44 44 49 49 79 81 104 92
Working Capital Days -254 -301 -331 -271 -229 -208 -156 -245 -57 -62 -67 28
ROCE % 10% 9% 8% 9% 10% 10% 9% 11% 12% 11% 13%

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.

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