POWERGRID Financial Statements

POWERGRID Annual Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth 5.02 26.10 16.50 24.40
Op profit growth 6.23 26.20 15.60 23.70
EBIT growth 8.43 28.20 12.40 23.20
Net profit growth 8.83 34.90 10 25
Profitability ratios (%)        
OPM 88.30 87.30 87.20 87.90
EBIT margin 60.90 59 58 60.10
Net profit margin 30.40 29.30 27.40 29
RoCE 10.30 10.20 9.12 9.05
RoNW 4.47 4.64 3.93 3.97
RoA 1.28 1.27 1.08 1.09
Per share ratios ()        
EPS 23 21.10 15.70 14.20
Dividend per share 12 10 5.25 4.35
Cash EPS -- (1) (2) (0.50)
Book value per share 134 124 104 95.30
Valuation ratios        
P/E 7.03 5.64 9.27 10.40
P/CEPS (30,995) (114) (74) (285)
P/B 1.21 0.96 1.40 1.55
EV/EBIDTA 6.93 6.67 8.68 9.44
Payout (%)        
Dividend payout 39.10 34 36.70 8.44
Tax payout (22) (28) (22) (22)
Liquidity ratios        
Debtor days 62.90 42 41.30 41.70
Inventory days 13.10 12.30 12.30 11.70
Creditor days (129) (256) (431) (525)
Leverage ratios        
Interest coverage (3) (2.30) (2.40) (2.50)
Net debt / equity 1.97 2.21 2.38 2.32
Net debt / op. profit 3.94 4.34 4.95 5.12
Cost breakup ()        
Material costs -- -- -- --
Employee costs (5.30) (5.20) (5.40) (5.40)
Other costs (6.40) (7.50) (7.50) (6.80)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 39,640 37,744 29,941 25,697
yoy growth (%) 5.02 26.10 16.50 24.40
Raw materials -- -- -- --
As % of sales -- -- -- --
Employee costs (2,115) (1,960) (1,606) (1,377)
As % of sales 5.33 5.19 5.36 5.36
Other costs (2,532) (2,844) (2,231) (1,735)
As % of sales 6.39 7.53 7.45 6.75
Operating profit 34,993 32,940 26,105 22,586
OPM 88.30 87.30 87.20 87.90
Depreciation (12,039) (11,607) (9,231) (7,722)
Interest expense (8,135) (9,509) (7,324) (6,204)
Other income 1,184 927 489 586
Profit before tax 16,003 12,752 10,039 9,245
Taxes (3,464) (3,531) (2,195) (2,006)
Tax rate (22) (28) (22) (22)
Minorities and other -- -- -- --
Adj. profit 12,539 9,221 7,843 7,239
Exceptional items (717) 1,683 207 69.90
Net profit 12,036 11,059 8,198 7,451
yoy growth (%) 8.83 34.90 10 25
NPM 30.40 29.30 27.40 29
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 16,003 12,752 10,039 9,245
Depreciation (12,039) (11,607) (9,231) (7,722)
Tax paid (3,464) (3,531) (2,195) (2,006)
Working capital (3,699) (9,272) (3,892) (2,448)
Other operating items -- -- -- --
Operating cashflow (3,199) (11,658) (5,280) (2,931)
Capital expenditure 189,920 162,973 97,575 53,739
Free cash flow 186,720 151,315 92,295 50,808
Equity raised 74,766 71,078 66,118 67,173
Investments 534 657 638 742
Debt financing/disposal 110,193 98,559 68,086 48,981
Dividends paid 4,708 3,118 2,747 523
Other items -- -- -- --
Net in cash 376,922 324,727 229,883 168,226
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2019
Equity capital 6,975 5,232 5,232 5,232
Preference capital -- -- -- --
Reserves 69,272 64,704 59,464 53,857
Net worth 76,247 69,936 64,695 59,088
Minority interest
Debt 134,696 143,233 148,270 146,376
Deferred tax liabilities (net) 26,444 23,103 21,081 17,797
Total liabilities 237,387 236,272 234,046 223,262
Fixed assets 204,626 208,564 216,290 210,371
Intangible assets
Investments 3,788 1,486 1,431 1,296
Deferred tax asset (net) 15,087 11,266 9,852 7,778
Net working capital 8,837 9,597 1,019 (521)
Inventories 1,364 1,385 1,451 1,270
Inventory Days -- 12.80 14 --
Sundry debtors 9,475 8,629 5,041 4,728
Debtor days -- 79.50 48.70 --
Other current assets 26,649 30,285 27,005 25,378
Sundry creditors (1,248) (1,423) (1,867) (2,963)
Creditor days -- 13.10 18.10 --
Other current liabilities (27,403) (29,280) (30,610) (28,934)
Cash 5,048 5,359 5,454 4,337
Total assets 237,387 236,272 234,046 223,262
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Particulars ( Rupees In Crores.) Mar-2022 Mar-2021 Mar-2020 Mar-2019 Mar-2018
Gross Sales 41,622 39,640 37,744 35,059 29,954
Excise Duty -- -- -- -- --
Net Sales 41,622 39,640 37,744 35,059 29,954
Other Operating Income -- -- -- -- --
Other Income 4,475 1,760 2,766 731 3,909
Total Income 46,097 41,400 40,509 35,790 33,863
Total Expenditure ** 5,579 5,725 4,803 7,365 3,837
PBIDT 40,518 35,675 35,706 28,425 30,026
Interest 8,036 8,135 9,509 8,737 7,324
PBDT 32,481 27,540 26,197 19,688 22,702
Depreciation 12,872 12,039 11,607 10,541 9,231
Minority Interest Before NP -- -- -- -- --
Tax 3,314 2,509 2,320 2,568 2,198
Deferred Tax (528) 956 1,210 (3,454) 3,069
Reported Profit After Tax 16,824 12,036 11,059 10,034 8,204
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 16,824 12,036 11,059 10,034 8,204
Extra-ordinary Items 2,774 (832) -- -- --
Adjusted Profit After Extra-ordinary item 14,050 12,868 11,059 10,034 8,204
EPS (Unit Curr.) 24.10 17.30 21.10 19.20 15.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 148 120 100 83.30 52.50
Equity 6,975 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(%) 97.30 90 94.60 81.10 100
PBDTM(%) 78 69.50 69.40 56.20 75.80
PATM(%) 40.40 30.40 29.30 28.60 27.40
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