POWERGRID · Power
Power Grid Corporation of India Ltd. reported revenue of ₹11,550 cr for October to December 2023, — on the year and +2.5% on the quarter.
Operating profit (EBITDA) was ₹10,175 cr, a margin of 88.1%, — on the year and +191 bps on the quarter.
Net profit was ₹4,028 cr, — on the year and +6.5% on the quarter, with earnings per share of ₹4.33.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,267 cr | ₹11,550 cr | ₹11,978 cr | ₹11,006 cr | ₹11,278 cr | ₹11,233 cr | ₹12,275 cr | ₹11,196 cr | ₹11,476 cr | ₹12,395 cr | ₹11,666 cr | ₹11,497 cr |
| YoY | — | — | — | −0% | +0% | −3% | +2% | +2% | +2% | +10% | −5% | +3% |
| EBITDA margin | 86.2% | 88.1% | 82.8% | 86.7% | 85.1% | 84.9% | 83.0% | 81.3% | 78.9% | 85.6% | 45.5% | 82.0% |
| Other income, % of PBT | 6% | 8% | 8% | 7% | 17% | 11% | 7% | 10% | 16% | 8% | 208% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 13% | 16% | 19% | 19% | 19% | 22% | 18% | 19% | 19% | 24% | — | 20% |
| Net profit | ₹3,781 cr | ₹4,028 cr | ₹4,166 cr | ₹3,724 cr | ₹3,793 cr | ₹3,862 cr | ₹4,143 cr | ₹3,631 cr | ₹3,566 cr | ₹4,185 cr | ₹4,546 cr | ₹3,598 cr |
| YoY | — | — | — | +4% | +0% | −4% | −1% | −2% | −6% | +8% | +10% | −1% |
| Core profit YoY | — | — | — | +7% | −6% | −1% | −1% | −6% | −5% | +14% | −104% | +6% |
| EPS | ₹4.07 | ₹4.33 | ₹4.48 | ₹4.00 | ₹4.08 | ₹4.15 | ₹4.45 | ₹3.90 | ₹3.83 | ₹4.50 | ₹4.89 | ₹3.87 |
| Flags | · | · | · | ✓ | ✓ | 1 | ✓ | 1 | 1 | ✓ | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Power Grid Corporation of India Ltd. reported revenue of ₹11,550 cr (— on the year) and net profit of ₹4,028 cr (— on the year) for October to December 2023.
None of the 2 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.