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Power Grid Corporation — Q3 FY24
PowerGrid reported consolidated Q3 FY24 revenue of INR 11,820 crore and PAT of INR 4,028 crore, with EBITDA margins maintained above 80%.
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PowerGrid reported consolidated Q3 FY24 revenue of INR 11,820 crore and PAT of INR 4,028 crore, with EBITDA margins maintained above 80%. The company has a strong order book of INR 77,770 crore, including recent TBCB wins worth INR 26,000 crore in 9M FY24, reflecting a 67% win rate. Management guided for CAPEX of INR 15,000 crore+ in FY25 and INR 20,000 crore+ in FY26, driven by the large ISTS pipeline under the National Electricity Plan. Key risks include potential supply chain constraints for transformers and GIS equipment, and the impact of CERC's draft regulations on O&M norms and ROE, though management expects minimal net impact. The Leh-Ladakh HVDC project is progressing with a likely commissioning by FY2030.
पावरग्रिड ने तीसरी तिमाही में 11,820 करोड़ रुपये की कमाई और 4,028 करोड़ रुपये का शुद्ध लाभ कमाया। कंपनी का मुनाफा मार्जिन 80% से ऊपर रहा। उनके पास 77,770 करोड़ रुपये के ऑर्डर हैं, जिसमें 9 महीनों में 26,000 करोड़ रुपये के नए ऑर्डर शामिल हैं। कंपनी अगले साल 15,000 करोड़ और उसके बाद 20,000 करोड़ रुपये खर्च करने की योजना बना रही है। यह बिजली लाइनों के बड़े प्रोजेक्ट्स के लिए है। कुछ जोखिम भी हैं - ट्रांसफॉर्मर और उपकरणों की कमी हो सकती है, और नियमों में बदलाव से मुनाफा प्रभावित हो सकता है। लेकिन कंपनी को लगता है कि इसका ज्यादा असर नहीं होगा। लेह-लद्दाख एचवीडीसी प्रोजेक्ट 2030 तक तैयार होने की उम्मीद है।
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CERC draft regulations on O&M and ROE
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Order Book
INR 77,770 crore
+26,000 crore in 9M FY24
Work in hand includes RTM and TBCB projects, with INR 55,000 crore to be executed in 24-30 months.
TBCB Win Rate
67%
up from ~40% long-term average
Market share in TBCB projects has increased sharply due to more aggressive bidding strategy.
Transmission System Availability
99.86%
+5bps YoY
Maintained high reliability; tripping frequency reduced to 0.22 per line.
CAPEX Guidance FY25
INR 15,000 crore+
from ~INR 10,000 crore in FY24
Management expects CAPEX to double in FY25, with further increase to INR 20,000 crore+ in FY26.
What Changed vs Last Quarter
NEW
Dividend payout maintained at current level
Management confirmed no reduction in dividend payout, with asset monetization through securitization to fund equity requirements.
UPDATED
CAPEX of INR 15,000 crore+ in FY25
Management guided for CAPEX exceeding INR 15,000 crore in FY25, driven by execution of existing order book.
UPDATED
CAPEX of INR 20,000 crore+ in FY26
CAPEX expected to rise further to over INR 20,000 crore in FY26, supported by large project pipeline.
UPDATED
Capitalization of INR 16,000-17,000 crore in FY25
Capitalization is expected to be around INR 16,000-17,000 crore in FY25, up from ~INR 8,500 crore in FY24.
DROPPED
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.
DROPPED
Leh-Ladakh project award by Q4 FY25 or Q1 FY26
FEED studies ongoing; award expected in late FY25 or early FY26.
NEW RISK
CERC draft regulations on O&M and ROE
Draft regulations propose changes to O&M norms and reduce ROE to 15% for new assets. Management expects minimal impact but discussions ongoing.
NEW RISK
Aggressive ISTS CAPEX target may face execution delays
Analyst flagged that the INR 310,000 crore ISTS target over FY22-27 appears aggressive given the need for rapid awarding and execution.
RISK GONE
Regulatory uncertainty on new tariff control period
CERC draft regulations expected by Nov-Dec 2023; any adverse changes could impact regulated equity returns.
RISK GONE
Slowdown in TBCB bidding activity
H1 FY24 saw fewer bids; management expects pick-up in H2, but any delay could impact order book.
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Guidance and risk preview
Management guided for CAPEX exceeding INR 15,000 crore in FY25, driven by execution of existing order book.
Draft regulations propose changes to O&M norms and reduce ROE to 15% for new assets.
View Risks →