Power Grid Corporation of India Ltd

₹ 219 -0.07%
27 Jan - 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 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
9,051 9,364 10,148 9,457 9,530 10,142 10,510 10,219 10,267 10,447 10,687 10,905 11,151
1,130 1,117 1,645 1,116 1,096 1,228 1,618 1,218 1,496 1,415 1,983 1,661 1,785
Operating Profit 7,921 8,247 8,503 8,342 8,433 8,915 8,892 9,001 8,771 9,032 8,704 9,245 9,366
OPM % 88% 88% 84% 88% 88% 88% 85% 88% 85% 86% 81% 85% 84%
608 569 1,383 -274 354 653 360 3,720 276 277 737 342 199
Interest 2,299 2,387 2,535 2,203 2,003 2,047 1,882 2,216 1,885 1,845 2,091 1,960 2,187
Depreciation 2,875 2,931 3,019 2,959 2,895 3,073 3,112 3,112 3,195 3,286 3,279 3,295 3,317
Profit before tax 3,356 3,498 4,333 2,906 3,889 4,447 4,259 7,392 3,968 4,178 4,071 4,331 4,060
Tax % 23% 24% 24% 30% 20% 24% 17% 19% 15% 21% -2% 12% 10%
Net Profit 2,571 2,672 3,313 2,048 3,094 3,368 3,526 5,998 3,376 3,293 4,156 3,801 3,650
EPS in Rs 3.69 3.83 4.75 2.94 4.44 4.83 5.06 8.60 4.84 4.72 5.96 5.45 5.23
Raw PDF

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%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
51.34 51.34 51.34 51.34 51.34 51.34 51.34 51.34 51.34 51.34 51.34 51.34
27.02 25.32 26.04 26.74 28.39 28.28 27.87 28.19 29.35 30.25 31.70 32.76
16.65 18.32 16.14 15.53 13.77 13.88 8.38 8.42 16.02 15.17 13.79 12.73
4.99 5.02 6.48 6.39 6.50 6.51 12.41 12.05 3.29 3.24 3.17 3.18

* 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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