Power Grid of India (POWERGRID) Q1 24/25 earnings summary

Executive summary

• India's largest power transmission utility, with a market cap exceeding ₹3.2 trillion, operations in 23 countries, and strong international and domestic credit ratings.

• Transmission network covers 1,77,790 circuit km, 278 substations, and 5,28,761 MVA transformer capacity, transmitting 45% of India's power.

• System availability exceeds 99.80%, benchmarked as best-in-class globally.

• Won six out of ten major projects in recent tenders, securing 70% of total tariffs, and emerged as L1 bidder in three major ISTS TBCB projects in Q1 FY25.

• Signed MoU with ISRO for satellite-based transmission tower management and developed AI-driven substation inspection robots.

Financial highlights

• Q1 FY25 consolidated income: ₹11,280 crore; profit after tax: ₹3,724 crore, up 4% year-over-year.

• Gross fixed assets at ₹2,77,213 crore; net worth ₹90,913 crore; debt ₹1,23,465 crore.

• EPS at ₹4; book value per share ₹97.75; debt/equity ratio 58:42.

• Telecom segment Q1 income: ₹219 crore, up from ₹191 crore year-over-year.

• Commercial realization rate at 91.87%; outstanding receivables reduced to ₹5,548 crore.

Outlook and guidance

• CapEx plan for FY25 raised to ₹18,000 crore due to new project wins; estimated capex outlay up to 2032 is ₹2,07,500 crore.

• Works in hand valued at ~₹1,14,139 crore; over ₹1,00,000 crore in transmission projects in the bidding pipeline.

• Estimated ₹25,000+ crore CapEx in FY26 and ₹30,000+ crore in FY27, with ₹70,000-80,000 crore of projects to be commissioned over 24-30 months.

• Focus on international interconnections, green hydrogen transmission, and sectoral growth drivers like e-mobility and urbanization.