Table of Contents

Power Grid Corporation of India Ltd

Updated on July 7, 2020

Stock/Share Code - POWERGRID

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)

Below is the details of POWERGRID Power Grid Corporation of India Ltd

Market Cap	₹82,424 Cr.
Current Price	₹172.6 as on 10 Jul 20
52 Week High / Low Price	₹216.25 / ₹122.15
Face Value	₹10
Stock P/E	7.72
Book Value	₹119.23
Dividend Yield	5.29 %
ROCE	10.56 %
ROE	22.04 %
Sales Growth (3yrs)	18.19 %
Sector	Power Generation & Distribution
Industry	Power Generation And Supply
Listed on	BSE AND NSE
Company Website	Company Website

Pros: Stock is providing a good dividend yield of 5.29%. Company has good consistent profit growth of 22.58% over 5 years Company has been maintaining a healthy dividend payout of 35.81%

Cons: Company has low interest coverage ratio. Promoter holding has decreased by -4.03% over last quarter Tax rate seems low Company might be capitalizing the interest cost

Power Grid Corporation of India Ltd Price Chart

Power Grid Corporation of India Ltd Peer Comparison in Power Generation & Distribution

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Qtr Sales Var %	Sales Qtr Rs.Cr.	ROCE %
1.	NTPC	₹90.4	6.78	₹96,818.24 Cr.	5.60	₹3,179.06 Cr.	22.37	-0.31	25412.39	5.88
2.	Power Grid Corpn		7.72	₹82,423.7 Cr.	5.29	₹2,673.49 Cr.	14.63	6.02	8991.98	10.56
3.	Adani Green	₹159.7	233.79	₹38,881.4 Cr.	0.00	₹96.41 Cr.	222.83	2.17	695.74	4.63
4.	NHPC Ltd	₹20.25	5.91	₹19,688.27 Cr.	7.45	₹510.13 Cr.	120.34	19.47	2159.29	10.26
5.	Adani Transmissi	₹159.7	25.78	₹19,125.7 Cr.	0.00	₹94.3 Cr.	-35.72	25.20	3186.96	11.32
6.	Torrent Power	₹326.7	7.29	₹15,305.24 Cr.	3.64	-₹274.92 Cr.	2620.13	2.01	2983.50	11.89
7.	Adani Power	₹159.7		₹14,039.26 Cr.	0.00	-₹1,312.9 Cr.	-306.87	-8.17	6172.43	9.38
8.	Tata Power Co.	₹50.3	12.97	₹9,885.95 Cr.	3.56	₹402.59 Cr.	-47.68	-8.42	6620.80	6.55

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Power Grid Corporation of India Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
Sales -	6,706	7,181	7,253	7,507	7,814	8,131	8,289	8,481	9,218	8,804	8,685	8,992
YOY Sales Growth %	16.81%	17.35%	15.95%	13.23%	16.54%	13.22%	14.29%	12.98%	17.96%	8.28%	4.78%	6.02%
Expenses -	1,089	981	778	871	1,576	1,200	1,311	902	6,850	914	1,128	1,116
Employee Cost %	8.01%	5.62%	4.53%	5.34%	5.96%	5.56%	5.46%	5.60%	4.38%	5.66%	5.58%	5.33%
Operating Profit	5,617	6,200	6,475	6,636	6,238	6,931	6,978	7,580	2,368	7,890	7,557	7,876
OPM %	84%	86%	89%	88%	80%	85%	84%	89%	26%	90%	87%	88%
Other Income	427	278	321	278	285	1,345	1,543	1,118	392	424	850	867
Interest	1,556	1,762	1,867	1,955	2,006	2,141	2,310	2,275	2,366	2,359	2,376	2,474
Depreciation	2,063	2,131	2,235	2,319	2,406	2,451	2,548	2,605	2,597	2,659	2,748	2,802
Profit before tax	2,425	2,585	2,693	2,640	2,111	3,684	3,663	3,817	-2,203	3,296	3,283	3,467
Tax %	21%	21%	21%	23%	5%	39%	37%	39%	239%	26%	23%	23%
Net Profit	1,916	2,052	2,141	2,041	2,010	2,242	2,311	2,332	3,054	2,428	2,527	2,673
EPS in Rs	3.66	3.92	4.10	3.90	3.84	4.28	4.42	4.46	5.84	4.64	4.83	5.11
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
Sales -	4,615	5,690	7,127	8,286	10,051	12,679	15,115	17,177	20,666	25,710	29,765	34,119	35,699
Sales Growth %	28.55%	23.30%	25.26%	16.25%	21.30%	26.14%	19.22%	13.64%	20.31%	24.41%	15.77%	14.63%
Expenses -	889	1,156	1,375	1,503	1,812	2,120	2,456	2,620	2,460	3,227	3,965	5,134	10,008
Manufacturing Cost %	3.97%	3.72%	3.55%	3.40%	3.40%	3.84%	4.91%	3.91%	3.09%	3.33%	3.15%	3.37%
Employee Cost %	14.99%	15.74%	13.46%	12.59%	11.96%	10.47%	9.26%	9.31%	7.26%	7.44%	7.22%	6.74%
Other Cost %	0.31%	0.86%	2.28%	2.15%	2.66%	2.40%	2.07%	2.03%	1.55%	1.78%	2.95%	4.93%
Operating Profit	3,725	4,534	5,752	6,783	8,239	10,558	12,659	14,558	18,206	22,483	25,800	28,986	25,691
OPM %	81%	80%	81%	82%	82%	83%	84%	85%	88%	87%	87%	85%	72%
Other Income	310	431	397	866	874	974	768	796	650	1,054	4,436	-731	2,534
Interest	1,340	1,642	1,543	1,625	1,943	2,535	3,168	3,979	5,135	6,304	7,591	9,091	9,575
Depreciation	965	1,094	1,980	2,199	2,573	3,352	3,996	5,085	6,180	7,663	9,091	10,201	10,807
Profit before tax	1,731	2,229	2,626	3,825	4,598	5,645	6,264	6,289	7,541	9,570	13,554	8,962	7,843
Tax %	16%	24%	22%	29%	29%	25%	28%	21%	21%	21%	39%	-11%
Net Profit	1,448	1,691	2,041	2,697	3,255	4,234	4,497	4,979	5,948	7,520	8,245	9,939	10,682
EPS in Rs	3.24	3.81	4.60	5.54	6.69	9.15	8.16	9.12	10.95	14.37	15.76	19.00	20.42
Dividend Payout %	35%	30%	31%	30%	30%	30%	30%	21%	20%	30%	33%	44%

Compounded Sales Growth

10 Years:: 19.62%
5 Years:: 17.68%
3 Years:: 18.19%
TTM:: 9.12%

Compounded Profit Growth

10 Years:: 21.86%
5 Years:: 22.58%
3 Years:: 28.09%
TTM:: 20.10%

Return on Equity

10 Years:: 4.07%
5 Years:: 1.93%
3 Years:: -8.56%
1 Year:: -16.77%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
Share Capital -	4,209	4,209	4,209	4,630	4,630	4,630	5,232	5,232	5,232	5,232	5,232	5,232	5,232
Equity Capital	4,209	4,209	4,209	4,630	4,630	4,630	5,232	5,232	5,232	5,232	5,232	5,232
Reserves	9,545	10,640	11,932	16,737	18,858	21,610	29,228	32,935	38,580	44,576	49,183	53,786	57,143
Borrowings	22,263	28,465	34,417	40,883	53,402	68,188	83,170	95,045	108,255	118,698	131,213	146,086	137,070
Other Liabilities -	7,216	11,011	13,010	13,472	13,319	16,706	21,960	25,110	26,363	26,192	38,306	41,392	51,365
Trade Payables	134	194	172	197	201	236	329	393	314	414	240	364	255
Advance from Customers	698	1,310	1,887	1,171	1,630	1,648	1,399	2,230	3,431	2,496	2,570	3,581
Other liability items	6,384	9,508	10,951	12,105	11,488	14,823	20,232	22,487	22,618	23,282	35,495	37,447	51,109
Total Liabilities	43,234	54,326	63,568	75,722	90,209	111,134	139,589	158,321	178,429	194,697	223,933	246,496	250,810
Fixed Assets -	27,355	31,128	32,061	37,224	47,662	61,401	73,154	89,686	114,942	135,508	153,610	163,860	164,399
Gross Block	35,424	40,326	43,213	50,354	63,398	80,600	96,504	118,264	121,337	149,732	177,100	197,793
Accumulated Depreciation	8,068	9,197	11,150	13,128	15,734	19,199	23,350	28,578	6,395	14,224	23,490	33,933
CWIP	8,758	13,286	20,422	23,713	28,184	34,824	49,477	52,924	43,795	35,884	30,307	33,578	33,105
Investments	1,736	1,593	1,453	1,398	1,284	1,148	999	926	841	1,330	1,608	2,757	3,272
Other Assets -	5,384	8,319	9,631	13,387	13,078	13,762	15,960	14,784	18,851	21,975	38,408	46,301	50,033
Inventories	248	298	345	382	441	552	713	738	728	924	1,077	1,249	1,267
Trade receivables	1,100	1,374	2,215	1,114	1,497	1,434	1,578	2,119	2,738	3,221	3,639	4,629	5,045
Cash Equivalents	1,866	2,429	3,278	3,680	2,337	1,662	4,418	2,063	2,240	3,341	2,170	4,332	5,597
Loans n Advances	2,185	4,243	3,842	9,128	5,331	5,797	5,674	7,153	10,195	12,400	6,240	14,607	16,109
Other asset items	-16	-25	-48	-917	3,473	4,317	3,577	2,712	2,950	2,089	25,282	21,484	22,015
Total Assets	43,234	54,326	63,568	75,722	90,209	111,134	139,589	158,321	178,429	194,697	223,933	246,496	250,810

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Cash from Operating Activity -	2,991	6,591	6,619	5,565	6,403	11,284	15,399	15,042	16,151	21,251	21,881	23,149
Profit from operations	3,842	5,747	6,064	7,442	8,915	11,115	13,083	14,911	18,500	23,006	26,243	30,048
Receivables	-112	154	-842	-911	-1,201	121	-145	-560	-622	-486	-434	-1,279
Inventory	-64	-49	-47	-37	-59	-111	-161	-25	-106	-197	-153	-172
Payables	-66	2,498	1,528	-1,253	-285	0	0	0	0	0	0	0
Loans Advances	-388	-816	-358	1,113	-1,679	-174	-17	-84	-280	0	0	0
Direct taxes	-222	-154	-230	-765	-962	-1,072	-1,157	-1,126	-1,416	-1,871	-2,229	-2,202
Other operating items	0	-789	505	-24	1,673	1,405	3,796	1,927	74	799	-1,547	-3,245
Cash from Investing Activity -	-5,343	-9,157	-9,661	-13,128	-15,834	-21,948	-26,518	-23,843	-21,148	-23,434	-22,981	-18,648
Fixed assets purchased	0	-771	-148	-389	-2,527	-3,777	-1,014	-1,153	3,086	-21,137	-19,077	-19,462
Fixed assets sold	261	0	0	0	0	0	0	0	0	0	0	0
Capital WIP	-6,075	-8,653	-6,478	-13,009	-13,681	-18,612	-25,861	-28,157	-23,574	0	0	0
Investments purchased	0	0	0	0	0	0	0	0	0	-420	0	0
Investments sold	241	183	187	88	114	137	149	72	120	0	0	0
Interest received	150	133	116	107	90	281	129	338	83	191	473	906
Dividends received	5	20	24	75	54	61	89	98	85	63	94	150
Invest in subsidiaries	0	0	0	0	0	0	0	0	0	0	-319	-1,166
Loans to subsidiaries	0	0	0	-89	0	0	0	-230	-930	0	-4,633	-2,771
Investment in group cos	-10	-40	-47	0	0	0	0	0	0	0	0	0
Other investing items	85	-29	-3,316	89	116	-39	-9	121	-17	-2,130	481	3,695
Cash from Financing Activity -	3,021	3,129	3,890	7,966	8,089	9,990	13,874	6,447	5,387	3,871	-612	-2,374
Proceeds from shares	1,990	0	0	3,721	0	0	602	0	0	0	0	0
Proceeds from borrowings	4,869	8,380	8,099	9,507	14,363	0	0	0	17,199	17,843	25,404	36,933
Repayment of borrowings	-1,931	-2,178	-2,143	-3,041	-3,667	0	0	0	-5,772	-6,592	-13,412	-23,616
Interest paid fin	-1,340	-2,482	-1,475	-1,452	-1,505	-2,236	-2,752	-3,679	-4,715	-5,802	-8,959	-10,266
Dividends paid	-464	-505	-505	-652	-949	-1,352	-1,192	-1,046	-1,104	-1,313	-3,034	-4,515
Other financing items	-103	-86	-86	-117	-153	13,577	17,216	11,172	-221	-265	-611	-910
Net Cash Flow	669	563	849	402	-1,343	-675	2,756	-2,355	391	1,688	-1,712	2,127

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Ratios

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	10%	10%	9%	10%	9%	10%	9%	8%	9%	10%	12%	11%
Debtor Days	87	88	113	49	54	41	38	45	48	46	45	50
Inventory Turnover	21.34	20.84	22.18	22.80	24.44	25.55	23.91	23.68	28.20	31.13	29.75	29.34

Announcements & News

Recent Announcements

Credit Ratings

Power Grid Corporation of India Limited Apr 7 from care
Power Grid Corporation of India Limited: Ratings assigned/ reaffirmed Apr 7 from icra
Ratings of non-telecom companies remain unaffected by the AGR issue for now Feb 25 from crisil
Power Grid Corporation of India Limited: Update on receipt of demand notice from Department of Telecommunication Feb 3 from icra
Power Grid Corporation of India Limited 1 Nov 2019 from care
Power Grid Corporation of India Limited: Ratings assigned for enhanced amount 1 Nov 2019 from icra

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