Power Grid Corporation of India Ltd. share price target

Looking at strong business outlook, project execution and continuously growing portion of Renewable energy into its portfolio, we see strong growth potential in the business. However, rising fuel costs may put margins under pressure in the near term. Hence, we downgrade our rating to HOLD with a revised TP of Rs. 204 based on 1.5x FY24E BVPS. Resilient topline growth; Margins under pressure The company's standalone revenue grew by 3.4% YoY to Rs. 10,001cr on the back of decent performance by Transmission and strong growth in Consultancy, partly offset...

Standalone revenues came in at | 10000.1 crore, up 3% YoY, which was a tad below our estimates of | 10650 crore. Transmission segment (98% of overall revenues) grew 3% YoY to | 9800.6 crore. Ensuing PAT came in at | 3349 crore vs. our estimate of | 3369.6 crore...

Transmission business will continue to see steady growth on the back of strong underlying transmission numbers, expected to further benefit from high surcharge income. Telecom and Consultancy businesses also continued to perform. With promising outlook, we reiterate our BUY rating with a revised TP of Rs. 212 based on 1.7x FY23E BVPS. Topline rises on all-round growth across businesses During Q2FY22, standalone revenue grew 9.6% YoY to Rs. 9,929cr helped by growing demand across businesses. Revenue from Transmission business came in at Rs....

542.76 crore. Provision for interest fell 6% to Rs 1959.02 crore. Provision for depreciation rose 11% to Rs 4225.40 crore. Provision for tax was expense of Rs 549.02 crore, compared to Rs 682.35 crore. Profit after tax rose 18% to Rs 3676.38 crore. Regulatory income was an expense...

Reported revenues came in at | 9929.2 crore vs. our estimate of | 10028.5 crore, implying growth of 9.6% YoY. However, transmission segment revenues came in at | 9679.6 crore, up 7% However, PAT came in at | 3338.7 crore, below our estimate of | 3471.9 crore as reported other income fell short of our expectations...

Net sales (including other operating income) has increased 8% to Rs 10216.48 crore. With OPM contract by 10 bps to 88.1%, the operating profit was up 8% to Rs 8998.55 crore. After accounting for 51% fall in other income to Rs 175.13 crore, the PBIDT was up 5% to Rs 9173.79 crore. With interest and depreciation stand higher by 1% and 5% to Rs 2215.96 crore and Rs...

EBITDA improved 8.4% YoY, with margin expanding 480bps YoY aided by higher sales, but partially offset by higher staff costs. PAT for the quarter grew 10.5% YoY, further helped by higher other income and...

higher revenues. The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020. Its total income during January-March increased to Rs 10,510.33 crore, from Rs 10,148.26...