Power Grid secures approval for advanced metering infra project worth Rs 4000 crore; stock gains

Power Grid’s smart meter project announcement comes on the heels of massive order wins in this segment by Genus Power, HPL Electric, and Tata Power last week

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State-owned electric services company Power Grid has received board approvals for the implementation of advanced metering infra projects worth Rs 4,067.3 crore and revised investment proposal for establishment of a pilot data centre at Manesar substation at cost of Rs 713.83 crore.

Apart from this, the company has also received board approval for transfer of the telecommunications business undertaking of holding company to subsidiary Power Grid Teleservices.

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At 10:45 am, the stock was quoting at Rs 241.55 on the NSE, higher by 0.62 percent. Trading volumes at the time were over 2 million shares.

Power Grid’s smart meter project announcement comes on the heels of massive order wins in this segment by Genus Power, HPL Electric, and Tata Power last week. The government’s goal is to install 250 million smart meters by 2026.

What analysts are saying

Powergrid is India’s largest power transmission utility with transmission lines of 1,74,113 circuit kilometres. It transmits about 45 percent of the total power generated in India on its transmission network, as per ICICI Direct.

The domestic broking firm has a Hold rating on the stock with a target price of Rs 237. “With relatively small sizes of renewable projects, the growth rate will taper down for the stock supported by decent dividend yield but the same has been discounted while new business initiatives will take time to show results,” ICICI Direct said in an earlier report.

For the quarter ended March 2023, the company saw nearly 4 percent year-on-year (YoY) rise in consolidated net profit at Rs 4,320 crore. Consolidated revenue for the quarter increased nearly 15 percent YoY to Rs 12,264 crore.

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