POWERGRID Financial Statements

POWERGRID Half Yearly 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.) Sep-2022 Mar-2022 Sep-2021 Mar-2021 Sep-2020
Gross Sales 22,056 21,138 20,483 20,653 18,987
Excise Duty -- -- -- -- --
Net Sales 22,056 21,138 20,483 20,653 18,987
Other Operating Income -- -- -- -- --
Other Income 504 816 3,659 609 1,151
Total Income 22,560 21,955 24,142 21,262 20,138
Total Expenditure ** 3,410 3,205 2,374 2,443 3,283
PBIDT 19,151 18,750 21,768 18,819 16,855
Interest 4,147 3,936 4,100 3,929 4,206
PBDT 15,004 14,814 17,667 14,891 12,649
Depreciation 6,613 6,565 6,307 6,186 5,854
Minority Interest Before NP -- -- -- -- --
Tax 1,446 1,572 1,742 1,485 1,023
Deferred Tax (507) (772) 244 326 630
Reported Profit After Tax 7,451 7,449 9,375 6,894 5,143
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 7,451 7,449 9,375 6,894 5,143
Extra-ordinary Items -- 306 2,479 -- (800)
Adjusted Profit After Extra-ordinary item 7,451 7,143 6,896 6,894 5,943
EPS (Unit Curr.) 10.70 10.70 13.40 13.20 9.83
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 50 -- -- -- --
Equity 6,975 6,975 6,575 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(%) 86.80 88.70 106 91.10 88.80
PBDTM(%) -- -- -- -- --
PATM(%) 33.80 35.20 45.80 33.40 27.10
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