Power Grid Corporation of India Ltd's Q4FY18 standalone net profit rises 4.6% yoy to Rs2,005cr : Misses Estimates

The company’s standalone revenue stood at Rs7,811cr, up 16.4% yoy and 4% qoq.

May 29, 2018 11:05 IST India Infoline Research Team

Power Grid Corporation of India Ltd Q4FY18

Standalone Results Q4FY18: (Rs. in cr)

Q4FY18 YoY (%)
Revenue 7,811 16.4
EBITDA 6,524 16.2
EBITDA Margin (%) 83.5 [16]
Net Profit (adjusted) 2,005 4.6
***EBITDA margin change is bps


Reco. Price


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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

Technical View:

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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