Gurugram, India | February 3, 2025
Power Grid Corporation of India Limited (NSE: POWERGRID | BSE: 532898) has announced its unaudited financial results for the third quarter (Q3) and nine months ended December 31, 2024. The Board of Directors also approved a second interim dividend for the financial year 2024-25.
Key Financial Highlights (Standalone)
| Metric | Q3 FY25 | Q3 FY24 | YoY Growth (%) | 9M FY25 | 9M FY24 | YoY Growth (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations (₹ Cr) | 10,120.72 | 10,676.59 | (5.2%) | 30,448.94 | 31,340.62 | (2.8%) |
| Total Income (₹ Cr) | 11,609.22 | 11,467.61 | 1.2% | 33,842.93 | 33,561.65 | 0.8% |
| Profit Before Tax (₹ Cr) | 4,809.91 | 4,517.47 | 6.5% | 13,246.94 | 13,365.76 | (0.9%) |
| Net Profit (₹ Cr) | 3,894.09 | 3,970.23 | (1.9%) | 11,017.40 | 11,346.84 | (2.9%) |
| Earnings Per Share (₹) | 4.19 | 4.27 | (1.9%) | 11.85 | 12.20 | (2.9%) |
Segment-Wise Performance (Standalone)
- Transmission Revenue: ₹10,316 Cr (↓3.3% YoY)
- Consultancy Revenue: ₹187.80 Cr (↑26.5% YoY)
- Total Revenue (including Other Income): ₹11,609.22 Cr (↑1.2% YoY)
Key Financial Ratios
| Ratio | Q3 FY25 | Q3 FY24 |
|---|---|---|
| Debt-Equity Ratio | 1.42 | 1.39 |
| Interest Service Coverage Ratio (ISCR) | 4.33 | 3.84 |
| Net Profit Margin (%) | 38% | 37% |
Dividend Announcement
The Board has declared a second interim dividend of ₹3.25 per share (32.50% of the paid-up equity share capital).- Record Date: February 7, 2025
- Dividend Payment Date: February 28, 2025
Major Investments & Approvals
1. ₹370.02 Crore Investment Approval
- Project: Implementation of LILO (Loop-In Loop-Out) of both circuits of the 400kV Vindhyachal PS – Sasan D/C Line at Hindalco Switchyard.
- Scheduled Commissioning: By December 2026.
2. Formation of Rajasthan Power Grid Transmission Company
- Equity Participation: Power Grid - 74%, Rajasthan Rajya Vidyut Prasaran Nigam Limited - 26%.
- Objective: Development of Intra-State Transmission System in Rajasthan.
Consolidated Financial Performance
| Metric | Q3 FY25 | Q3 FY24 | YoY Growth (%) | 9M FY25 | 9M FY24 | YoY Growth (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations (₹ Cr) | 11,233.03 | 11,549.79 | (2.7%) | 33,516.97 | 33,864.99 | (1.0%) |
| Total Income (₹ Cr) | 11,743.06 | 11,819.70 | (0.7%) | 34,868.58 | 34,607.73 | 0.8% |
| Net Profit (₹ Cr) | 3,861.63 | 4,028.25 | (4.1%) | 11,378.57 | 11,406.83 | (0.2%) |
| Earnings Per Share (₹) | 4.15 | 4.33 | (4.1%) | 12.23 | 12.26 | (0.2%) |
Strategic Outlook
- Ongoing Transmission Expansion: Continued investments in high-voltage transmission infrastructure to support growing power demand.
- Consultancy Business Growth: Expanding consultancy services, with revenue up 26.5% YoY in Q3.
- Debt Management: Maintained 1.42x debt-equity ratio with strong cash flow generation.
Management Commentary
G Ravisankar, Director (Finance), Power Grid Corporation of India, stated:"Despite a challenging macroeconomic environment, Power Grid has delivered stable operational performance. The company's strategic investments and expansion in consultancy services have strengthened revenue streams. Our focus remains on executing large-scale transmission projects efficiently and maintaining strong shareholder returns."
Investor Takeaways
- Stable Financial Performance: Despite a slight dip in revenue, profitability remains strong.
- Attractive Dividend Payout: Interim dividend yield remains competitive.
- Strong Expansion Plans: Significant investments in transmission infrastructure bolster long-term growth.