TBCB annuity rate compression
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.
POWERGRID / Q4-FY24 / risks
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Material risks this quarter
medium
Smart metering execution delays
Management admitted smart metering progress is slow due to teething problems in software, with only 30,000 of 69,000 meters installed.
Subsidiary profit decline due to one-offs
Consolidated subsidiary profits fell YoY partly due to a one-time INR 200 crore tariff order in Q4 FY23, which may not recur.