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Revenue
₹11,978 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹10,358 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Power Grid reported Q4 FY24 standalone revenue of INR 12,254 crore and PAT of INR 4,128 crore, with a slight dip versus last year due to one-time tariff arrears in Q4 FY23. Full-year consolidated revenue was INR 46,913 crore and PAT was INR 15,987 crore, up ~1% YoY. EBITDA margin remained strong at ~84.5%. The company won 13 out of 20 TBCB projects bid out in FY24, capturing ~65% market share. CapEx reached INR 12,500 crore, exceeding the INR 8,800 crore target, and FY25 CapEx is guided at ~INR 17,000 crore. Management highlighted a robust pipeline of INR 86,700 crore work-in-hand, with over 80% linked to renewable energy evacuation. The intrastate JV model with Rajasthan and other states opens a new growth avenue. Risks include potential margin compression from lower TBCB annuity rates and execution delays in smart metering.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided CapEx of ~INR 17,000 crore for FY25, up from INR 12,500 crore in FY24, with potential to exceed.
- Capitalization is expected to double from INR 7,638 crore in FY24 to around INR 15,000-16,000 crore in FY25.
- JV with RVPN targets INR 10,000 crore of intrastate transmission projects over 3-4 years, with INR 1,500-2,000 crore in next 2-3 months.
- Management expects no reduction in dividend despite higher CapEx, citing sufficient cash flows from profits.
Risks flagged
- Analyst noted a deteriorating trend in CapEx-to-annuity ratios for TBCB projects, which could pressure IRRs. Management acknowledged but maintained 10-12% IRR target.
- Management admitted smart metering progress is slow due to teething problems in software, with only 30,000 of 69,000 meters installed.
- Consolidated subsidiary profits fell YoY partly due to a one-time INR 200 crore tariff order in Q4 FY23, which may not recur.
Key quotes
- We are committed to achieve many more milestones in future.
- The EBITDA margin will be almost equivalent to the RTM. It will be something like 85%-87%.
- We don't see any reduction in dividend in near future.
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