Power Grid of India (POWERGRID) — concall transcript

📢 Key Event
Power Grid reported Q3 and nine-month FY24 results with strong operational performance and project wins.

🔄 What Changed
Debt-equity ratio improved to 58:42; EPS rose to ₹12.26; order book grew to ₹77,770 crore; project wins reached ₹26,000 crore at 67% tariff rate.

🔮 What's Next
FY25 CapEx targeting ₹15,000 crore plus; FY26 targeting ₹20,000+ crore; total capex visibility up to 2032 targeting ₹200,000+ crore; market share growth to 60-65% in TBCB bids.

💡 Investor Takeaway
Management expects sustained growth through capex expansion and regulatory alignment while maintaining dividend discipline.

Power Grid reported strong Q3 and nine-month FY24 results with 99.86% plant availability and ₹4,028 crore PAT, driven by ₹26,000 crore project wins at 67% tariff rate. Management highlighted robust order book of ₹77,770 crore, FY24 CapEx exceeding ₹10,000 crore, and long-term visibility up to 2032 targeting ₹200,000+ crore total. Regulatory updates on O&M charges and ROE grandfathering (15.5% for old assets, 15% for new projects post-April 2024) show no revenue impact. Asset monetization raised ₹5,700 crore via securitization to fund capex without altering dividend plans, while market share rose to 60-65% in TBCB bids supporting 7-8% CAGR growth.

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About Power Grid Corporation of India Ltd (POWERGRID)

Power · Power Generation & Distribution · Listed on BSE

Market Cap: ₹2,48,791.15 Cr P/E: 15.6 ROE: 15.8% ROCE: 10.5% Div Yield: 5.05%

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🔥 Also filed on 31 December 2023

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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