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Revenue
₹11,267 Cr
verified against source
Revenue YoY
1.6%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
PowerGrid reported a steady Q2 FY24 with consolidated revenue of INR 11,530 crore (up ~1.6% YoY) and PAT of INR 3,781 crore (up ~3.6% YoY), driven by regulated transmission assets and higher tariff realization. The company won five TBCB projects in H1 FY24 with an annual tariff of INR 703 crore, and the Leh-Ladakh project (INR 20,700 crore, 40% grant) is progressing with FEED studies. Management guided FY24 CapEx to ~INR 10,000 crore (up from INR 8,800 crore) and FY25 CapEx to INR 12,500-15,000 crore, supported by a strong pipeline of INR 60,000 crore under bidding. Risks include supply chain constraints for STATCOM/HVDC equipment and regulatory uncertainty around the new tariff control period.
Colored figures show movement against the previous available record.
Guidance to track
- Management increased CapEx guidance from INR 8,800 crore to ~INR 10,000 crore, split equally between RTM and TBCB projects.
- Initial CapEx target for FY25 is INR 12,500 crore, with potential upside from HVDC projects.
- Capitalization expected to rise to ~INR 17,000 crore in FY25 from INR 10,000 crore in FY24.
- FEED studies ongoing; award expected in late FY25 or early FY26.
Risks flagged
- Management acknowledged challenges in transformer and HVDC equipment availability due to global demand, though insulated by firm-price contracts.
- CERC draft regulations expected by Nov-Dec 2023; any adverse changes could impact regulated equity returns.
- High-altitude terrain and extreme weather limit working months to 5-6 per year, posing timeline risks.
- H1 FY24 saw fewer bids; management expects pick-up in H2, but any delay could impact order book.
Key quotes
- We have a lot of CapEx is on the growing side, and we hope that it crosses at least INR 15,000 next year.
- The system availability continues to be above 99%.
- We are setting up one data center in Manesar as a pilot project. So the award is under progress, and then maybe in another 12-15 months, it is expected to complete.
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