PowerGrid trades 5% higher after Q3 net profit rises 10%

The management declared a second interim dividend of Rs 4.5 per equity share of Rs 10 each (at 45 percent of the paid-up equity share capital) for the financial year 2023-24

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Shares of Power Grid Corporation zoomed nearly 5 percent at the open on February 8, a day after it announced its Q3FY24 earnings. At 9:20am, the stock was trading at Rs 281.

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In Q3FY24, Power Grid reported a consolidated net profit of Rs 4,028.25 crore, up 10.5 percent, for the quarter ended December 31, 2023. Revenue for the reporting period increased marginally to Rs 11,819.70 crore from Rs 11,530.22 crore last fiscal. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 3.2 percent to Rs 10,482.8 crore, while  EBITDA margin stood at 89 percent as against 88 percent a year back.

For the third quarter of this fiscal, the management declared a second interim dividend of Rs 4.5 per equity share of Rs 10 each (at 45 percent of the paid-up equity share capital) for the financial year 2023-24 to be paid to the members on March 5.

Also read: Power Grid Q3 net profit inches up 10.5% to Rs 4,028.25 crore, beats estimates

What Brokerages say

CLSA has given the stock an ‘outperform’ call and raised the target price to Rs 285 per share. According to to analysts, regulated  and competitive  Equity CAGR will accelerate to around 4 percent over FY2024-26.

Investec has a ‘hold’ call on the stock with a target price of Rs 226.

Over the last one month, Power Grid stocks have gained over 17 percent and over 79 percent in the past one year.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.