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Power Grid: Steady start to the year - Views on News from Equitymaster
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Power Grid: Steady start to the year
Sep 26, 2015

Power Grid Corp (PGCIL) declared its results for the quarter ended June 2015 recently. The company reported a revenue and profit growth of 19.7% YoY and 20.2% YoY respectively. Here is our analysis of the results.

Performance summary

  • Net sales rise by 19.7% YoY during the quarter.
  • Operating profits grow by 21.5% YoY.
  • Profits after tax up by 20.2% YoY on the back of a good operating performance.

Standalone financial performance

(Rs m) 1QFY15 1QFY16 Change
Net sales 39,419 47,176 19.7%
Expenditure 5,371 5,803 8.0%
Operating profit (EBDITA) 34,047 41,373 21.5%
EBDITA margin (%) 86.4% 87.7%  
Other income 1,333 704 -47.2%
Depreciation 11,550 13,695 18.6%
Interest 9,279 11,091 19.5%
Exceptional items - -  
Prior period items (319) 2 -100.6%
Profit before tax 14,232 17,293 21.5%
Tax 2,866 3,628 26.6%
Effective tax rate 20% 21%  
Prior period items
Profit after tax/(loss) 11,365 13,665 20.2%
Net profit margin (%) 28.8% 29.0%  
No. of shares (m)   5,231.6  
Diluted earnings per share (Rs)*   10.0  
Price to earnings ratio (x)   12.6  
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