BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Power Grid Corporation of India Ltd.'s Q1 FY22 result highlights the steady growth in its transmission business, with underlying numbers increasing 12% YoY.
Reported standalone profit after tax rose three times YoY, led by gains on sale of assets to the infrastructure investment trust.
Power Grid has won Rs 90-100 billion of awards during the past eight to nine months, which is a positive sign, given a declining order book.
The capex trajectory is on a decline, and with proceeds from InvIT, we see strong scope for higher dividends.
Valuations at 1.6 times FY22E price/book value and a 7-8% FY22E dividend yield remain attractive for a company with a steady return on equity of 18%.
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