Power Grid Corp of India Q4 profit drops as transmission segment weighs

Torrent Power

22/05/2024 14:57

BENGALURU, May 22 (Reuters) - State-run energy transmission company Power Grid Corp of India  PGRD.NS  posted a 3.6% fall in
fourth-quarter profit on Wednesday, hit by a weak performance in its primary business of power transmission.
    Power Grid's consolidated net profit fell to 41.66 billion rupees ($500.3 million) in the quarter ended March 31, from 43.23 billion rupees
a year ago.
    Revenue from operations fell 2.5% to 119.78 billion rupees.
    The company's revenue from its mainstay transmission segment fell 4.2% to 117.66 billion rupees.
    
    KEY CONTEXT  
    The prolonged winter and unexpected rainfall in March resulted in lower temperatures, which dampened power demand.
    The drop in bottomline of the company echoes the quarterly profit fall seen for its smaller peer Torrent Power  TOPO.NS .
    
    For further results highlights, click (Full Story)
    
    PEER COMPARISON
                             Valuation (next 12 months)  Estimates (next 12 months)         Analysts' sentiment               
                 RIC         PE             EV/EBITDA    Revenue          profit growth(%)  Mean        # of       Stock to   Div yield (%)
                                                         growth(%)                          rating*     analysts   price      
                                                                                                                   target**   
 Power Grid       PGRD.NS    17.80          10.21        4.00             6.16              HOLD        11         1.14       3.85
 Corporation of                                                                                                               
 India Ltd                                                                                                                    
 Torrent Power    TOPO.NS    28.55          12.91        7.25             15.78             SELL        9          1.48       1.16
 Ltd                                                                                                                          
 Tata Power       TTPW.NS    31.12          14.42        15.26            25.48             HOLD        19         1.25       0.46
 Company Ltd                                                                                                                  
 NTPC Ltd         NTPC.NS    16.26          9.68         7.43             13.61             BUY         15         1.00       2.05
 
    
    * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
    ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
    
    
    
    JANUARY-MARCH STOCK PERFORMANCE
    
    -- All data from LSEG

-- $1 = 83.2706 Indian rupees

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Power Grid Corporation Of India (Jan-March stock performance)    https://tmsnrt.rs/3WMsJwo
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 (Reporting by Yagnoseni Das in Bengaluru; Editing by Vijay Kishore)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))