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Dolat Capital Report
Power Grid Corporation of India Ltd. reported a revenue growth of 9.6% YoY (in line with our/consensus estimate) led by healthy commissioning during the quarter.
Adjusted profit after tax was up by 7% YoY (down 1.3% versus our estimate).
Power Grid has done a capex of Rs 21 billion, and capitalisation of Rs 91 billion in H1 FY22.
Management has maintained capitalisation/ capex target at ~Rs 150 billion plus/ Rs 75 billion for FY22E.
Power Grid has bright business prospects led by significant improvement in pipeline from Rs 103 billion in Q1 FY22 to Rs 265 billion currently, mainly driven by inter-state transmission projects, expected to be booked over the next six to twelve months.
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