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ICICI Direct Report
Power Grid Corporation of India Ltd. reported an in-line set of Q2 FY22 revenues.
As per our expectations, growth rates in the transmission business have settled in the single digit domain given peak of transmission capex is behind us.
Reported revenues came in at Rs 9929.2 crore versus our estimate of Rs 10028.5 crore, implying growth of 9.6% YoY.
However, Power Grid's transmission segment revenues came in at Rs 9679.6 crore, up 7%.
However, profit after tax came in at Rs 3338.7 crore, below our estimate of Rs 3471.9 crore as reported other income fell short of our expectations.
Capitalisation of Rs 13275 crore in H1 FY22 with capex of Rs 3685 crore.
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