Powergrid · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Management acknowledged challenges in land acquisition (ROW issues) and supply of high-voltage transformers and GIS equipment, which could delay project commissioning beyond the typical two-year timeline.
The CERC tariff true-up impacted Q3 PAT by INR 140 crore, and the nine-month impact is ~INR 440 crore. This regulatory adjustment could continue to weigh on earnings.
PowerGrid's 39% stake in EESL resulted in a loss of INR 140 crore in 9M FY25, contributing to the decline in consolidated PAT. Management has stopped further equity infusion.
Management reduced the interim dividend per share (from INR 4.5 to INR 3.25) to conserve equity for the growing CapEx pipeline. Further reductions are possible if CapEx continues to rise.
