IGI Logo

Steady 2Q, in line with estimates

* PWGR reported standalone (SA) revenue for 2QFY25 at INR102b (+5% YoY), just 2% below our estimate of INR104b. EBITDA came in at INR87.8b (+3% YoY), ~4% below our est. of INR91.3b, impacted by a sharp rise in opex.

* Reported SA PAT was in line with our est. and stood at INR37.1b. Adjusted SA PAT of INR35b (+5% YoY) was 3% lower than our est. of INR36.2b.

*  On a consolidated basis, reported PAT came in at INR37.9b (flat YoY) and EBITDA was up 2% YoY at INR99b.

* Transmission segment accounted for 97.7% of consol. EBIT of INR69b, whereas the telecom segment contributed 2%, with its EBIT rising to INR1.4b (+33% YoY, +87% QoQ).

* In 2QFY25, the JV reported a loss of INR1,046m, compared with a profit of INR290m in 1QFY25.

* In 1HFY25, SA capex was INR28b, while consol. capex was INR90.3b.

* Other key details:

* During the quarter, net movement in regulatory deferral account balances was positive INR2.4b.

* The board declared the first interim dividend of INR4.50/share for FY25.

*  An analyst meet is scheduled for Friday, 8th Nov’24.

For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html

SEBI Registration number is INH000000412