Promises
1 promise
Promise Tracker
0 delivered, 0 close, 0 missed, 1 delayed.
View Promises →
Power Grid Corporation — Q2 FY24
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.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
पावरग्रिड ने दूसरी तिमाही में 11,530 करोड़ रुपये की कमाई की, जो पिछले साल से 1.6% ज्यादा है। मुनाफा 3,781 करोड़ रुपये रहा, जो 3.6% बढ़ा। यह बढ़ोतरी बिजली ट्रांसमिशन के काम और ज्यादा टैरिफ (बिजली ढुलाई की कीमत) से हुई। कंपनी ने छह महीने में 703 करोड़ रुपये सालाना टैरिफ वाले पांच नए प्रोजेक्ट जीते। लेह-लद्दाख प्रोजेक्ट (20,700 करोड़ रुपये, 40% सरकारी मदद) पर काम चल रहा है। इस साल 10,000 करोड़ रुपये और अगले साल 12,500-15,000 करोड़ रुपये खर्च करने की योजना है। लेकिन कुछ खास उपकरणों की कमी और नए टैरिफ नियमों को लेकर अनिश्चितता है।
Promises0 met · 0 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Supply chain constraints for STATCOM and HVDC equipment
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
TBCB projects won in H1 FY24
5
+150% YoY
Won 5 TBCB projects vs 2 in H1 FY23, with annual tariff of INR 703 crore.
System availability
99.85%
+10bps YoY
Maintained high availability, improving from 99.75% in H1 FY23.
Work in hand
INR 60,000-65,000 crore
+20% YoY
Includes recent TBCB wins and RTM projects; excludes Leh-Ladakh.
Debt-to-equity ratio
58:42
-100bps YoY
Improved from 59:41 in Q1 FY24 and 61:39 in Q2 FY23.
What Changed vs Last Quarter
NEW
FY24 CapEx target raised to ~INR 10,000 crore
Management increased CapEx guidance from INR 8,800 crore to ~INR 10,000 crore, split equally between RTM and TBCB projects.
NEW
FY25 CapEx target of INR 12,500-15,000 crore
Initial CapEx target for FY25 is INR 12,500 crore, with potential upside from HVDC projects.
NEW
FY25 capitalization target of INR 17,000 crore
Capitalization expected to rise to ~INR 17,000 crore in FY25 from INR 10,000 crore in FY24.
NEW
Leh-Ladakh project award by Q4 FY25 or Q1 FY26
FEED studies ongoing; award expected in late FY25 or early FY26.
DROPPED
Set up 3,000 EV charging points
Target to install 3,000 charging points across strategic locations in the near future, up from 141 currently.
DROPPED
Commission phase 1 of biogas plant in FY24
One of India's largest biogas plants in Uttar Pradesh will commission phase 1 in FY24.
DROPPED
Accelerate CNG station rollout in ODO/DODO format
Focus on adding more CNG stations in ODO and DODO formats to expand network rapidly.
NEW RISK
Supply chain constraints for STATCOM and HVDC equipment
Management acknowledged challenges in transformer and HVDC equipment availability due to global demand, though insulated by firm-price contracts.
NEW RISK
Regulatory uncertainty on new tariff control period
CERC draft regulations expected by Nov-Dec 2023; any adverse changes could impact regulated equity returns.
NEW RISK
Execution risk in Leh-Ladakh project
High-altitude terrain and extreme weather limit working months to 5-6 per year, posing timeline risks.
NEW RISK
Slowdown in TBCB bidding activity
H1 FY24 saw fewer bids; management expects pick-up in H2, but any delay could impact order book.
RISK GONE
Propane competition intensifying
Industrial consumers are switching to cheaper propane/LPG, pressuring PNG volumes. Management responded by offering competitive pricing.
RISK GONE
APM gas allocation deficit may persist
APM allocation deficit was 14% in Q1, trending down but could remain a margin headwind if domestic gas supply doesn't keep pace with demand.
RISK GONE
Regulatory risk on CNG/PNG pricing
Analyst raised concern about potential price regulation; management dismissed it, citing natural competition, but risk remains if government intervenes.
Fast read
Guidance and risk preview
Management increased CapEx guidance from INR 8,800 crore to ~INR 10,000 crore, split equally between RTM and TBCB projects.
Management acknowledged challenges in transformer and HVDC equipment availability due to global demand, though insulated by firm-price contracts.
View Risks →