Power Grid Corporation of India Ltd (PGCIL) missed estimates for Q4FY18 after reporting moderate growth on the revenue front. Revenue grew by 16.4% yoy to Rs7,811cr (expectation Rs7,807cr). EBITDA stood at Rs6,524cr, up 16.2% yoy against estimates of Rs6,974cr. EBIDTA margin fell by 16bps yoy to 83.5%. Net Profit stood at Rs2,005cr against an estimate of Rs2,260cr.
Capitalisation for FY18 stood at Rs27,928cr, with capex for FY18 at Rs25,791cr. Gross Fixed assets grew at 18% yoy in FY18 to reach Rs1.77 lakh cr.
Capex plan for FY19 stands at Rs25,000cr, with total works in hand at Rs1.1 lakh cr
Billing and realization for FY18 stood at Rs27,227cr and Rs26,875cr respectively. Total outstanding stood at Rs3,152cr at the end of FY18.
Results for FY18 on consolidated basis stood at:
Revenue – Rs29,942cr, up 16.5% yoy
EBITDA – Rs26,105cr, up 15.6% yoy
EBITDA Margin– 87.2%, a contraction of 70bps yoy
Net Profit – Rs8,198cr, up 10% yoy
Solvency ratios for the company in FY18 stood at:
Debt Equity ratio – 71:29 against 70:30 in FY17
Debt Service Coverage Ratio – 2.02 against 1.94 in FY17
Interest Service Coverage Ratio – 3.61 against 3.89 in FY17
The Board of Directors have approved a final dividend of Rs2.8 per share
Power Grid Corporation of India Ltd ended at Rs. 206.35, down by 0.7 points or 0.34% from its previous closing of Rs. 207.05 on the BSE.
The scrip opened at Rs. 209.10 and has touched a high and low of Rs. 209.75 and Rs. 205.80 respectively. So far 1,02,06,768 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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