Shares of Power Grid Corp. snapped a four-session gaining streak and recorded its worst fall in over two months on Thursday after the company's consolidated net profit fell in the fourth quarter of financial year 2024.
The state-run power transmission major's profit decreased to Rs 4,166 crore, according to an exchange filing on Wednesday. However, it met the consensus estimate of Rs 4,160 crore by analysts tracked by Bloomberg.
Powergrid Q4 FY24 Highlights (Consolidated, YoY)
Revenue down 2.5% to Rs 11,978 crore versus Rs 12,286 crore (Bloomberg estimate: Rs 10,594 crore)
Ebitda down 7.6% to Rs 10,099 crore vs Rs 10,931 crore.
Margin at 84.3% vs 89%.
Net profit down 3.6% to Rs 4,166 crore vs Rs 4,323 crore (Estimate Rs 4,160 crore).
Board recommends final dividend of Rs 2.75 per share.
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During the day, Powergrid's stock fell as much as 5.14%, its biggest fall since March 13, to Rs 309 apiece on the NSE. It was trading 3.70% lower at Rs 313.85 per share, compared to a 0.4% advance in the benchmark Nifty 50 at 10:40 a.m.
The stock had risen over 4% in the previous four sessions. The share price has risen 32% on a year-to-date basis and 137.26% in the last 12 months. The total traded volume so far in the day stood at 0.91 times its 30-day average. The relative strength index was at 57.71.
Nineteen out of the 33 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and 10 suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 0.7%.
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