Company Update : Power Grid Ltd By Motilal Oswal Financial Services Ltd
4Q numbers in line
* Standalone (SA) Performance:
* In 4QFY25, PWGR reported SA revenue of INR110b (-1% YoY) and EBITDA of INR92.2b (+1% YoY), in line with our estimates.
* Adj. SA PAT was in line with our est. at INR42.9b. Higher-than-expected interest expenses were offset by lower depreciation and tax expenses and higher-than-expected other income (incl. profit of INR2.4b from 26% stake sale in SPVs transferred to PGInvIT, which was classified as ‘assets held for sale’ as of 3QFY25 end).
* The net movement in regulatory deferral account balances was positive at INR0.5b during the quarter.
* FY25 SA revenue/EBITDA/APAT were flat YoY at INR414b/INR352b/ INR151b
* Consolidated Performance:
* Reported PAT came in at INR41.4b (flat YoY), while EBITDA rose ~4% YoY to INR102.7b.
* The transmission segment remained the primary revenue driver, contributing 96.95% of consolidated EBIT (INR70.2b). The telecom segment contributed 1.96%, with EBIT of INR1.4b.
* In 4QFY25, its JVs reported a loss of INR0.29b, taking the total loss to INR1.1b for FY25 (vs. loss of 0.19b in FY24).
* Key Announcements:
* The board recommended a final dividend of INR1.25/share for FY25.
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SEBI Registration number is INH000000412
