Power Grid Q4 Review - Profit Aided By Other Income: Motilal Oswal
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Motilal Oswal Report
Power Grid Corp. of India’s results highlight the benefit of prior period revenue related to transmission income seeping in.
Reported standalone profit after tax was up 10.5% YoY to Rs 35 billion.
Adjusted for one-offs, profit after tax was up 8% YoY to Rs 32 billion, aided by higher other income.
It bagged Rs 90-100 billion in awards in recent months, which is a positive sign, given a declining order book. Nevertheless, the capex trajectory is on a decline.
With proceeds from infrastructure investment trusts, we see strong scope for higher dividends.
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