Power Grid Q1 Review - Steady Performance: ICICI Direct
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ICICI Direct Report
Power Grid Corporation of India Ltd. reported a steady set of numbers wherein core transmission segment income grew marginally ahead of estimates.
Reported revenues came in at Rs 9776 crore versus our estimate of Rs 9886.9 crore.
However, transmission segment revenues came in at Rs 9686.2 crore, up 7% YoY (versus our estimate of Rs 9587.7 crore).
Power Grid's revenues from telecom, consultancy segment came in at Rs 118.8 crore, Rs 152.4 crore, respectively.
Profit after tax of Rs 6085.4 crore optically looks very high as there was an exceptional gain of ~Rs 3170 crore on account of gain on sale of stake in five transmission assets that were transferred to the Infrastructure investment trust.
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