Power Grid Q4 Review: Receivables Lower In FY21; Capex Trajectory Maintained: Dolat Capital
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Dolat Capital Report
Power Grid Corp. of India's Q4 revenue was largely in line, though profit after tax was slightly better due to lower tax in the quarter.
It has done a capex of Rs 38 billion, while capitalisation was Rs 90 billion in Q4, thereby ending FY21 with a capex of Rs 113 billion and capitalisation of Rs 215 billion.
It has met its guidance for a capex of Rs 105 billion and capitalisation of Rs 210 billion in FY21.
The current capital work in progress Rs 252 billion, it has a lower capex and capitalisation target for FY22, at Rs 75 billion and Rs 170 billion respectively, of which Rs 100 billion would be under real-time market.
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