Power Grid Corporation of India Ltd

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Power Grid Corporation of India is principally engaged in planning, implementation, operation and maintenance of Inter-State Transmission System (ISTS), Telecom and consultancy services.(Source : 201903 Annual Report Page No: 182)

  • Market Cap 120,928 Cr.
  • Current Price 231
  • High / Low 252 / 155
  • Stock P/E 9.40
  • Book Value 134
  • Dividend Yield 4.33 %
  • ROCE 11.9 %
  • ROE 19.1 %
  • Face Value 10.0

Pros

  • Stock is providing a good dividend yield of 4.33%.
  • Company has been maintaining a healthy dividend payout of 47.63%
  • Debtor days have improved from 43.94 to 33.84 days.

Cons

  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -5.57%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
8,250 8,538 8,736 9,535 9,180 9,051 9,364 10,148 9,457 9,530 10,142 10,510
1,195 1,313 898 6,858 917 1,130 1,117 1,645 1,116 1,096 1,228 1,618
Operating Profit 7,055 7,225 7,838 2,678 8,262 7,921 8,247 8,503 8,342 8,433 8,915 8,892
OPM % 86% 85% 90% 28% 90% 88% 88% 84% 88% 88% 88% 85%
Other Income 1,208 1,354 889 179 211 608 569 1,383 -274 354 653 360
Interest 2,030 2,227 2,180 2,299 2,289 2,299 2,387 2,535 2,203 2,003 2,047 1,882
Depreciation 2,497 2,633 2,695 2,716 2,783 2,875 2,931 3,019 2,959 2,895 3,073 3,112
Profit before tax 3,736 3,719 3,851 -2,158 3,402 3,356 3,498 4,333 2,906 3,889 4,447 4,259
Tax % 39% 37% 39% 242% 26% 23% 24% 24% 30% 20% 24% 17%
Net Profit 2,278 2,348 2,346 3,061 2,503 2,571 2,672 3,313 2,048 3,094 3,368 3,526
EPS in Rs 4.35 4.49 4.48 5.85 4.78 4.91 5.11 6.33 3.92 5.91 6.44 6.74

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
8,612 10,323 13,081 15,555 17,540 20,652 25,697 29,954 35,059 37,744 39,640
1,661 1,898 2,244 2,588 2,620 2,470 3,248 4,003 8,141 5,215 4,647
Operating Profit 6,950 8,425 10,837 12,967 14,920 18,182 22,450 25,950 26,918 32,528 34,993
OPM % 81% 82% 83% 83% 85% 88% 87% 87% 77% 86% 88%
Other Income 817 888 966 725 738 657 933 4,076 1,506 3,178 681
Interest 1,666 1,986 2,599 3,254 4,081 5,086 6,204 7,324 8,737 9,509 8,135
Depreciation 2,273 2,637 3,428 4,079 5,173 6,182 7,722 9,231 10,541 11,607 12,039
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
Tax % 30% 30% 25% 28% 21% 21% 21% 39% -10% 24% 22%
Net Profit 2,672 3,303 4,313 4,548 5,046 5,959 7,451 8,204 10,034 11,059 12,036
EPS in Rs 5.77 7.13 9.32 8.69 9.65 11.39 14.24 15.68 19.18 21.14 23.01
Dividend Payout % 30% 30% 31% 30% 21% 20% 31% 33% 43% 47% 52%
Compounded Sales Growth
10 Years:16%
5 Years:14%
3 Years:10%
TTM:5%
Compounded Profit Growth
10 Years:17%
5 Years:17%
3 Years:38%
TTM:21%
Stock Price CAGR
10 Years:8%
5 Years:8%
3 Years:6%
1 Year:30%
Return on Equity
10 Years:16%
5 Years:16%
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
4,630 4,630 4,630 5,232 5,232 5,232 5,232 5,232 5,232 5,232 5,232
Reserves 16,788 18,953 21,773 29,466 33,207 38,738 44,634 49,194 53,857 59,464 64,704
Borrowings 41,612 54,355 69,233 84,220 96,243 108,545 118,988 131,503 146,376 148,270 130,975
14,632 14,194 17,748 22,562 26,102 26,797 26,809 39,425 41,916 43,706 54,838
Total Liabilities 77,662 92,133 113,384 141,480 160,784 179,312 195,662 225,354 247,380 256,671 255,749
38,040 48,415 62,568 74,252 91,191 115,094 137,678 156,198 172,740 181,112 183,884
CWIP 24,076 28,886 35,265 50,069 53,681 45,611 38,264 37,669 37,631 35,177 24,680
Investments 952 774 586 423 220 919 1,165 1,224 1,296 1,431 139
14,595 14,058 14,964 16,736 15,693 17,688 18,555 30,264 35,713 38,951 47,047
Total Assets 77,662 92,133 113,384 141,480 160,784 179,312 195,662 225,354 247,380 256,671 255,749

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
4,895 8,582 11,690 15,223 15,800 15,008 21,575 22,710 23,271 31,040 29,312
-13,344 -18,495 -22,084 -26,639 -24,185 -21,576 -23,836 -25,701 -18,727 -11,042 -8,973
7,948 8,218 9,962 13,712 6,399 5,621 3,959 1,285 -2,431 -18,806 -20,521
Net Cash Flow -501 -1,695 -432 2,295 -1,986 -948 1,698 -1,707 2,113 1,192 -182

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
ROCE % 9% 10% 9% 8% 9% 10% 10% 9% 12% 12%
Debtor Days 51 54 42 38 46 48 44 44 49 49 34
Inventory Turnover 0.20 0.22 0.20 0.24 0.22 0.28 0.24 0.23 0.21 0.00

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
56.27 56.34 56.34 55.37 55.37 55.37 54.96 51.34 51.34 51.34 51.34 51.34
23.16 23.71 24.09 25.51 28.03 27.84 27.36 27.02 25.32 26.04 26.74 28.39
15.57 15.30 15.19 14.58 12.12 12.42 13.20 16.65 18.32 16.14 15.53 13.77
5.00 4.65 4.38 4.55 4.48 4.37 4.47 4.99 5.02 6.48 6.39 6.50

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