Power Grid Corporation of India Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 26.10 16.50 24.40 17
Op profit growth 26.20 15.60 23.70 20.70
EBIT growth 28.20 12.40 23.20 19.10
Net profit growth 34.90 10 25 18.10
Profitability ratios (%)        
OPM 87.30 87.20 87.90 88.40
EBIT margin 59 58 60.10 60.70
Net profit margin 29.30 27.40 29 28.90
RoCE 10.20 9.12 9.05 8.28
RoNW 4.64 3.93 3.97 3.62
RoA 1.27 1.08 1.09 0.98
Per share ratios ()        
EPS 21.10 15.70 14.20 10.90
Dividend per share 10 5.25 4.35 2.31
Cash EPS (1) (2) (0.50) (0.40)
Book value per share 124 104 95.30 84
Valuation ratios        
P/E 7.52 12.40 13.80 12.70
P/CEPS (152) (98) (380) (326)
P/B 1.29 1.86 2.07 1.66
EV/EBIDTA 6.67 8.68 9.44 9.56
Payout (%)        
Dividend payout 34 36.70 8.44 22.50
Tax payout (28) (22) (22) (22)
Liquidity ratios        
Debtor days 42 41.30 41.70 43.70
Inventory days 12.30 12.30 11.70 13
Creditor days (256) (431) (525) (756)
Leverage ratios        
Interest coverage (2.30) (2.40) (2.50) (2.50)
Net debt / equity 2.21 2.38 2.32 2.42
Net debt / op. profit 4.34 4.95 5.12 5.82
Cost breakup ()        
Material costs -- -- -- --
Employee costs (5.20) (5.40) (5.40) (4.80)
Other costs (7.50) (7.50) (6.80) (6.80)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 37,744 29,941 25,697 20,652
yoy growth (%) 26.10 16.50 24.40 17
Raw materials -- -- -- --
As % of sales -- -- -- --
Employee costs (1,960) (1,606) (1,377) (994)
As % of sales 5.19 5.36 5.36 4.81
Other costs (2,844) (2,231) (1,735) (1,400)
As % of sales 7.53 7.45 6.75 6.78
Operating profit 32,940 26,105 22,586 18,258
OPM 87.30 87.20 87.90 88.40
Depreciation (11,607) (9,231) (7,722) (6,182)
Interest expense (9,509) (7,324) (6,204) (5,086)
Other income 927 489 586 466
Profit before tax 12,752 10,039 9,245 7,456
Taxes (3,531) (2,195) (2,006) (1,613)
Tax rate (28) (22) (22) (22)
Minorities and other -- -- -- --
Adj. profit 9,221 7,843 7,239 5,843
Exceptional items 1,683 207 69.90 (0.10)
Net profit 11,059 8,198 7,451 5,959
yoy growth (%) 34.90 10 25 18.10
NPM 29.30 27.40 29 28.90
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 12,752 10,039 9,245 7,456
Depreciation (11,607) (9,231) (7,722) (6,182)
Tax paid (3,531) (2,195) (2,006) (1,613)
Working capital (12,854) (6,381) (3,308) (2,896)
Other operating items -- -- -- --
Operating cashflow (15,240) (7,769) (3,791) (3,234)
Capital expenditure 175,965 115,321 69,647 23,266
Free cash flow 160,725 107,552 65,856 20,032
Equity raised 68,912 63,298 60,082 63,350
Investments 479 450 579 495
Debt financing/disposal 115,230 81,793 55,571 38,538
Dividends paid 3,118 2,747 523 1,104
Other items -- -- -- --
Net in cash 348,465 255,840 182,611 123,519
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 5,232 5,232 5,232 5,232
Preference capital -- -- -- --
Reserves 59,464 53,857 49,194 44,634
Net worth 64,695 59,088 54,426 49,866
Minority interest
Debt 148,270 146,376 131,503 118,988
Deferred tax liabilities (net) 21,081 17,797 14,594 11,462
Total liabilities 234,046 223,262 200,523 180,315
Fixed assets 216,290 210,371 193,867 175,942
Intangible assets
Investments 1,431 1,296 1,224 1,165
Deferred tax asset (net) 9,852 7,778 1,121 8,926
Net working capital 1,034 (521) 2,122 (9,071)
Inventories 1,451 1,270 1,088 924
Inventory Days 14 -- 13.30 13.10
Sundry debtors 5,041 4,728 3,640 3,132
Debtor days 48.70 -- 44.40 44.50
Other current assets 27,019 25,378 23,347 11,145
Sundry creditors (1,867) (2,963) (4,859) (4,207)
Creditor days 18.10 -- 59.20 59.80
Other current liabilities (30,610) (28,934) (21,093) (20,065)
Cash 5,439 4,337 2,189 3,354
Total assets 234,046 223,262 200,523 180,315
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 9,457 10,148 9,364 9,051 9,180
Excise Duty -- -- -- -- --
Net Sales 9,457 10,148 9,364 9,051 9,180
Other Operating Income -- -- -- -- --
Other Income 801 1,383 569 609 211
Total Income 10,259 11,531 9,934 9,660 9,391
Total Expenditure ** 2,191 1,645 1,117 1,130 917
PBIDT 8,068 9,886 8,816 8,530 8,474
Interest 2,203 2,535 2,387 2,299 2,289
PBDT 5,865 7,352 6,429 6,231 6,185
Depreciation 2,959 3,019 2,931 2,875 2,783
Minority Interest Before NP -- -- -- -- --
Tax 396 677 546 379 719
Deferred Tax 462 343 280 407 181
Reported Profit After Tax 2,048 3,313 2,672 2,571 2,503
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 2,048 3,313 2,672 2,571 2,503
Extra-ordinary Items (708) -- -- -- --
Adjusted Profit After Extra-ordinary item 2,756 3,313 2,672 2,571 2,503
EPS (Unit Curr.) 3.92 6.33 5.11 4.92 4.78
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 59.60 -- -- --
Equity 5,232 5,232 5,232 5,232 5,232
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 85.30 97.40 94.10 94.20 92.30
PBDTM(%) 62 72.40 68.70 68.80 67.40
PATM(%) 21.70 32.70 28.50 28.40 27.30