Table of Contents

Power Grid Corporation of India Ltd

Updated on January 23, 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	₹101,127 Cr.
Current Price	₹182.75 as on 10 Dec 19
52 Week High / Low Price	₹216.25 / ₹172.5
Face Value	₹10
Stock P/E	9.78
Book Value	₹119.23
Dividend Yield	4.31 %
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 4.31%. Promoter's stake has increased 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. 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	₹110	8.41	₹115,123.17 Cr.	5.23	₹3,400.84 Cr.	36.37	4.76	24459.70	5.88
2.	Power Grid Corpn		9.78	₹101,126.63 Cr.	4.31	₹2,527.14 Cr.	9.37	4.78	8684.98	10.56
3.	Adani Transmissi	₹204.2	45.83	₹34,110.61 Cr.	0.00	₹230.43 Cr.	157.46	85.76	2593.40	11.32
4.	Adani Power	₹204.2	431.34	₹24,530.13 Cr.	0.00	₹3.88 Cr.	-99.00	-16.73	5915.69	9.38
5.	NHPC Ltd	₹23.75	8.26	₹23,907.18 Cr.	6.13	₹1,339.46 Cr.	9.93	4.25	2605.43	11.55
6.	Adani Green	₹204.2		₹21,442.64 Cr.	0.00	₹100.25 Cr.	153.33	53.40	688.15	4.63
7.	Tata Power Co.	₹51.4	22.30	₹15,511.88 Cr.	2.27	₹270.17 Cr.	-19.54	4.41	7677.82	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

	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
Sales	6,630	6,706	7,181	7,253	7,507	7,814	8,131	8,289	8,481	9,218	8,804	8,685
YOY Sales Growth %	23.47%	16.81%	17.35%	15.95%	13.23%	16.54%	13.22%	14.29%	12.98%	17.96%	8.28%	4.78%
Expenses	679	1,089	981	778	871	1,576	1,200	1,311	902	6,850	914	1,128
Employee Cost %	4.72%	8.01%	5.62%	4.53%	5.34%	5.96%	5.56%	5.46%	5.6%	4.38%	5.66%	5.58%
Operating Profit	5,951	5,617	6,200	6,475	6,636	6,238	6,931	6,978	7,580	2,368	7,890	7,557
OPM %	90%	84%	86%	89%	88%	80%	85%	84%	89%	26%	90%	87%
Other Income	158	427	278	321	278	285	1,345	1,543	1,118	392	424	850
Interest	1,643	1,556	1,762	1,867	1,955	2,006	2,141	2,310	2,275	2,366	2,359	2,376
Depreciation	1,965	2,063	2,131	2,235	2,319	2,406	2,451	2,548	2,605	2,597	2,659	2,748
Profit before tax	2,501	2,425	2,585	2,693	2,640	2,111	3,684	3,663	3,817	-2,203	3,296	3,283
Tax %	23%	21%	21%	21%	23%	5%	39%	37%	39%	239%	26%	23%
Net Profit	1,930	1,916	2,052	2,141	2,041	2,010	2,242	2,311	2,332	3,054	2,428	2,527
EPS in Rs	3.69	3.66	3.92	4.10	3.90	3.84	4.28	4.42	4.46	5.84	4.64	4.83
	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	35,188
Sales Growth %	28.55%	23.3%	25.26%	16.25%	21.3%	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	9,794
Manufacturing Cost %	3.97%	3.72%	3.55%	3.4%	3.4%	3.84%	4.91%	3.91%	3.09%	3.33%	3.15%	3.37%	%
Employee Cost %	14.98%	15.73%	13.43%	12.57%	11.94%	10.47%	9.26%	9.31%	7.26%	7.44%	7.22%	6.74%	%
Other Cost %	0.32%	0.87%	2.31%	2.17%	2.68%	2.4%	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	25,395
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	2,784
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	9,377
Depreciation	965	1,094	1,980	2,199	2,573	3,352	3,996	5,085	6,180	7,663	9,091	10,201	10,609
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	8,193
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	10,341
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	19.77
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:: 10.86%

Compounded Profit Growth

10 Years:: 21.86%
5 Years:: 22.58%
3 Years:: 28.09%
TTM:: 20.20%

Return on Equity

10 Years:: 6.49%
5 Years:: 6.96%
3 Years:: 1.60%
1 Year:: 7.30%

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
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	7,239	11,042	13,062	18,333	16,778	20,235	25,458	29,417	32,596	35,013	39,093	48,314	51,365
Trade Payables	985.15	1072.88	1060.62	1470.35	200.78	3030.93	5108.87	5040.27	4486.89	3960.58	4305.45	2842.52	255.28
Total Liabilities	43,256	54,356	63,620	80,583	93,667	114,663	143,088	162,629	184,663	203,518	224,721	253,418	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	35423.95	40326.14	43213.25	50353.82	63397.81	80600.05	96503.66	118264.26	121336.82	149731.95	177100.28	197792.72
Accumulated Depreciation	8067.63	9196.58	11149.77	13128.08	15733.75	19199.41	23349.59	28578.05	6394.52	14223.96	23489.9	33932.71
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	5,407	8,349	9,683	18,248	16,537	17,291	19,458	19,092	25,084	30,796	39,195	53,223	50,033
Inventories	248.42	297.74	345.06	381.77	440.57	551.78	712.67	737.91	727.59	924.2	1076.76	1248.99	1266.95
Trade receivables	1100.5	1373.56	2214.86	1114	1497.49	1434.09	1578.46	2118.65	2737.97	3221.1	3638.96	4628.74	5045.26
Cash Equivalents	1865.59	2428.88	3277.64	3680.06	2336.88	1661.97	4417.52	2062.98	2240.4	3340.59	2170.43	4332.04	5596.97
Loans n Advances	2185.22	4242.97	3841.72	9127.51	5330.74	5797.02	5674.45	7152.88	10194.68	12400.12	6239.53	14607.3	16108.53
Other Assets etc	7.19	5.5	3.56	3944.3	6931.43	7846.05	7074.96	7019.43	9183.44	10909.74	26069.2	28406.07	22015.47
Total Assets	43,256	54,356	63,620	80,583	93,667	114,663	143,088	162,629	184,663	203,518	224,721	253,418	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	15,120	21,251	21,881	23,149
Profit from operations	3842.22	5746.82	6063.58	7441.5	8915.25	11115.06	13083.22	14911.21	18405.25	23005.53	26243.18	30047.67
Working Capital Changes	-629.48	997.84	785.59	-1111.63	-1550.91	1240.68	3473.05	1257.04	-1869.9	116.16	-2133.21	-4696.78
Taxes paid	-221.91	-154.02	-230	-764.88	-961.81	-1071.95	-1156.83	-1126.48	-1415.59	-1870.79	-2229.19	-2201.97
Cash from Investing Activity	-5,343	-9,157	-9,661	-13,128	-15,834	-21,948	-26,518	-23,843	-20,904	-23,434	-22,981	-18,648
Fixed Assets Purchased	0	-770.82	-147.7	-389.19	-2526.67	-3776.56	-1013.87	-1153.45	-20607.81	-21137.26	-19077.07	-19462.03
Fixed Assets Sold	261.01	0	0	0	0	0	0	5067.73	328.77	0	0	0
Capital WIP	-6075.15	-8652.78	-6477.72	-13009.37	-13681.17	-18611.99	-25861.36	-28156.76	0	0	0	0
Investments purchased	0	0	0	0	0	0	0	0	0	-419.53	0	0
Investments sold	241.13	182.89	186.63	88.21	113.9	136.95	148.77	72.26	170.42	0	0	0
Cash from Financing Activity	3,021	3,129	3,890	7,966	8,089	9,990	13,874	6,447	5,273	3,871	-612	-2,374
Proceeds from Shares	1989.63	0	0	3721.18	0	0	601.86	0	0	0	0	0
Proceeds from Borrowings	4868.71	8379.85	8098.77	9506.63	14363.05	0	0	0	0	17842.85	25404.1	36932.54
Repayment of Borrowings	-1930.73	-2177.89	-2142.72	-3041.02	-3666.93	0	0	0	0	-6592.24	-13411.67	-23615.6
Interest Paid	-1339.55	-2481.64	-1474.68	-1452.01	-1504.94	-2235.59	-2751.84	-3678.7	-4826.8	-5802.2	-8959.48	-10266.04
Dividends Paid	-464.28	-505.08	-505.08	-652.39	-949.11	-1351.89	-1192.21	-1046.32	-1103.87	-1313.12	-3034.33	-4514.87
Net Cash Flow	669	563	849	402	-1,343	-675	2,756	-2,355	-512	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

Compliance Under Regulation 23(9) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 | Nov. 29, 2019
Regulation 30 Of The SEBI (LODR) Regulations, 2015 | Nov. 22, 2019
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome | Nov. 11, 2019
Unaudited Financial Results For The Quarter And Half Year Ended 30.09.2019 | Nov. 7, 2019
Unaudited Financial Results For The Quarter And Half Year Ended 30.09.2019 | Nov. 7, 2019

Credit Ratings

Annual Reports

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