Power Grid of India (POWERGRID) Q2 24/25 earnings summary

Executive summary

• Operates one of the world's largest synchronous power grids, with 280 substations, over 178,000 km of transmission lines, and presence in 23+ countries, maintaining 99.80% system availability as of Q2FY25.

• Emerged as L1 bidder in 12 ISTS TBCB projects in Q2FY25 and Oct-Nov'24, with levelized tariffs totaling ₹7,215.67 Cr.

• Ongoing and new projects support India's renewable energy transition and cross-border interconnections.

• The company is a Maharatna PSU with 64 subsidiaries and 12 JVs, expanding into telecom, consultancy, and smart grid solutions.

• Interim dividend of ₹4.50 per share declared for FY25, following a total dividend of ₹11.25 per share for FY24.

Financial highlights

• Consolidated Q2 FY25 income was ₹11,846 crore, with net profit at ₹3,793 crore; H1 FY25 consolidated income was ₹23,126 crore and net profit ₹7,517 crore.

• Standalone Q2 FY25 income was ₹11,383 crore, with profit after tax at ₹3,711 crore; H1 FY25 standalone income was ₹22,234 crore and profit ₹7,123 crore.

• Earnings per share (consolidated) for H1 FY25 was ₹8.08; book value per share at ₹98.98.

• Income from telecom in Q2 was ₹267 crore; consultancy income was ₹134 crore.

• Consolidated EBITDA margin at 90% and net profit margin at 34% for H1 FY25.

Outlook and guidance

• CapEx for FY25 is targeted at ₹18,000 crore, with plans to rise to ₹25,000–30,000 crore in FY26 and potentially ₹40,000 crore in subsequent years.

• By 2032, total CapEx is projected to exceed ₹3 trillion, with 85–90% from interstate projects.

• National Electricity Plan targets 997 GW installed capacity and 2,94,545 ckm ISTS transmission lines by 2032.

• Growth drivers include India's $5 trillion economy vision, 500 GW installed capacity by 2030, and major expansion in renewables and cross-border interconnections.

• Transmission income for the period was provisionally recognized based on new CERC tariff norms for 2024-29.