Power Grid Q3FY16 standalone net profit rises 31% to Rs. 1613 crore: Surpass Estimates

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The company’s revenue stood at Rs. 5406.58 crore, witnessing growth of 24.19% yoy and 9.93% qoq

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Mumbai | January 28, 2016

Power Grid Corporation of India, state-owned electric utilities company, reported standalone net profit of Rs. 1613.12 crore, registering growth of 31.26% yoy and 11.4% qoq. The company’s revenue stood at Rs. 5406.58 crore, witnessing growth of 24.19% yoy  and  9.93% qoq.

It’s core operating profit of Rs. 4795.6 crore increased by 28.22% yoy and 11.05% qoq. Operating margin at 88.7% expanded by 279 bps yoy and 89 bps qoq.

For nine months ended December 31, 2015, the company registered a net profit of Rs. 4427.67 crore, up by 24.14% yoy. The company’s revenue stood at Rs. 15042.15 crore, rising by 20.59% yoy.

The core operating profit for the nine months period stood at Rs. 13251.68 crore ,  registering growth of 80.69% yoy. Operating margin at 88.1% expanded by 238 bps yoy.

Strong on all fronts

Power Grid numbers were strong on all fronts led by a sharp jump in asset capitalization. Topline growth of 24.2% yoy to Rs. 5,407 crore was quite higher than IIFL estimate of Rs. 5,195 crore. The outperformance in revenue was also due to higher contribution from the smaller segments. Meanwhile, PAT of Rs. 1,615cr was also quite higher than IIFL estimate of Rs. 1,456 crore.

Result Highlights (Rs. in Crore)
Reported ResultsIIFL EstimatesVariance (%)Standalone Revenue5406.58 51954.07Standalone Net Profit1613.12 145610.79
Standalone EPS for the quarter stood at Rs. 3.08.

Bloomberg estimates net profit of Rs. 1518.10 crore for the quarter. 

Corporate Actions:

The Board of Directors of the Company have approved the following:

Interim Dividend declared – 8% of Share capital i.e., Rs. 0.80/- per share of Rs. 10/- each. The date on which Interim dividend shall be paid/dispatched – February 16, 2016.

Stock Commentary:

Power Grid Corporation of India Ltd ended at Rs. 138.4, up by Rs. 5.15 or 3.86% from its previous closing of Rs. 133.25 on the BSE.

The scrip opened at Rs. 134.05 and touched a high and low of Rs. 139.15 and Rs. 133.6 respectively. A total of 8424056(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 69710.94 crore.

The BSE group ‘A’ stock of face value Rs. 10 touched a 52 week high of Rs. 159 on 28-Feb-2015 and a 52 week low of Rs. 120.75 on 10-Sep-2015. Last one week high and low of the scrip stood at Rs. 139.75 and Rs. 130.55 respectively.

The promoters holding in the company stood at 57.9 % while Institutions and Non-Institutions held 34.82 % and 7.29 % respectively.

The stock traded below its 200 DMA.

Power Grid Corporation Of India Ltd

BSE 146.10 2.35 (1.63%)

NSE 146.35 2.65(1.84%)

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About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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