Power Grid Corporation of India Limited
NSE Symbol POWERGRID
Power Grid Corporation of India limited has produced good results for the third quarter ending December,2010.
Net Sales is Rs.2052.12 cr – down by 3.5% from the previous quarter of Q2 FY 2011, up by 2.65% from Q1 FY 2011 and up by a huge 34.53% from the corresponding quarter of Q3 FY 2010.
Total Expenditure is Rs.920.54 cr – up by 3.43% from Q2 FY 11; up by 10.6% from Q1 FY 11; and up by 13.05% from Q3 FY 10.
Profit from Operations is Rs.1131.58 cr – down by 8.5% from Q2 FY 11; down By 3.02% from Q1 FY 11; and up by a huge 59.13% from Q3 FY 10.
Profit before tax is Rs.839.86 cr – down by 9.82% from Q2 FY 11; down by 9.26% from Q1 FY 11; but up by a huge 60.29% from Q3 FY 10.
Tax expense has risen significantly to Rs.248.67 cr in Q3 FY 11 from a mere Rs.36.12 cr in Q3 FY 10.
Net Profit is therefore at Rs.591.19 cr – down by 9.24% from Q2 FY 11; down by 15.93% from Q1 FY 11; but up by a modest 21.19% from Q3 FY 10.
Paid Up Equity has risen to Rs.4629.73 cr from Rs.4208.84 in previous qtrs. Power Grid had issued an FPO at a price of around Rs.90 per share recently.
On a face value of Rs.10, the Basic EPS is Rs.1.35 in Q3 FY 11; Rs.1.55 in Q2 FY 11; Rs.1.67 in Q1 FY 11; and Rs.1.16 in Q 3 FY 10.
At this rate annual EPS is likely to be around 5.92.
Current Market price is Rs.98.20. At these levels, PE Ratio is 16.6
POWER GRID CORPORATION is undertaking several projects continuously, which are of long duration of project execution. Details of some of these can be seen in the announcement section below .
STAND ALONE RESULTS TABLE :
| POWER GRID | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Dec-09 |
| Net Sales | 205212 | 212663 | 199912 | 152541 |
| Net Sales | 205212 | -3.5 | 2.65 | 34.53 |
| Employees Cost | 18831 | 19282 | 19985 | 15096 |
| Depreciation | 57092 | 54560 | 50239 | 53597 |
| Other Expenditure | 16131 | 15155 | 13006 | 12736 |
| Total Expenditure | 92054 | 88997 | 83230 | 81429 |
| Total Expenditure | 92054 | 3.43 | 10.6 | 13.05 |
| Profit from Operations | 113158 | 123666 | 116682 | 71112 |
| Profit from Operations | 113158 | -8.5 | -3.02 | 59.13 |
| Other Income | 9311 | 9634 | 15057 | 22460 |
| Interest | 38483 | 40166 | 39183 | 41176 |
| Profit before tax | 83986 | 93134 | 92556 | 52396 |
| Profit before tax | 83986 | -9.82 | -9.26 | 60.29 |
| Tax expense | 24867 | 27994 | 22238 | 3612 |
| Net Profit | 59119 | 65140 | 70318 | 48784 |
| Net Profit | 59119 | -9.24 | -15.93 | 21.19 |
| Face Value (In Rs | 10 | 10 | 10 | 10 |
| Paid Up Equity | 462973 | 420884 | 420884 | 420884 |
| Basic EPS | 1.35 | 1.55 | 1.67 | 1.16 |
| Public Holding (%) | 30.58 | 13.64 | 13.64 | 13.64 |
ANNOUNCEMENTS
TO THE EXCHANGE
15-02-2011 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on February 08, 2011, approved the following four investment approvals : (1) 'Fibre OPTIC Communication System in lieu of existing Unified Load Despatch & Communication (ULDC) Microwave links in North Eastern Region' at an estimated cost of Rs. 34.13 Crore, with commissioning schedule of 30 months from the date of investment approval; (2) 'Fibre OPTIC Communication System in lieu of existing Unified Load Despatch & Communication (ULDC) Microwave links in Eastern Region' at an estimated cost of Rs. 57.43 Crore, with commissioning schedule of 30 months from the date of investment approval; (3) 'Fibre OPTIC Communication System in lieu of existing Unified Load Despatch & Communication (ULDC) Microwave links in Southern Region' at an estimated cost of Rs. 45.09 Crore, with commissioning schedule of 30 months from the date of investment approval; (4) 'Replacement of Insulators of Transmission Lines in Northern Region' at an estimated cost of Rs. 118.93 Crore, with commissioning schedule of 15 months from the date of investment approval. -
08-02-2011 Power Grid Corporation Of India Limited has informed the Exchange that the estimated utilization of FPO proceeds towards capital expenditure in the 13 identified projects set forth in the Prospectus have been increased upto Rs.1600 crore from the estimated amount of Rs.990.68 core for the financial year 2010-11. The said increase in the estimated utilization in the identified 13 projects has been approved by the Board of Director in the Board meeting held on February 08, 2011. However, these projects will be funded in the Debt: Equity ratio 70:30 as per CERC norms, on completion.
08-02-2011 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors of the Company in its meeting held on February 08, 2011 declared interim dividend - 5% of Share Capital i.e. Re. 0.50 per share of Rs. 10/- each.
08-02-2011 Power Grid Corporation of India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 205212 lacs for quarter ending on 31-DEC-2010 against Rs. 152541 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 59119 lacs for the quarter ending on 31-DEC-2010 against Rs. 48784 lacs for the quarter ending on 31-DEC-2009.
03-12-2010 Power Grid Corporation Of India Limited has informed the Exchange that "the Board of Directors of POWERGRID during their meeting held on 23.11.2010 have revised the Capital Budget Estimate of Rs. 12,900 Crore for the Financial Year 2010-11 to Rs.11,900 Crore. This has been done keeping in view the delay in schedules of some Generation projects including Subhansiri HEP."
24-11-2010 Members of the Exchange are hereby requested to note the following regarding the offer for sale of 420884123 equity shares of Rs.10/- each of Power Grid Corporation of India Limited by the President of India : 'The Depositories (NSDL and CDSL) have informed the Exchange that credits to the respective accounts have been carried out'. The said 420884123 equity shares are already listed on the Exchange w.e.f. October 5, 2007 as intimated vide circular no. NSE/CMLS/9552 dated October 1, 2007.
15-11-2010 Power Grid Corporation Of India Limited has informed the Exchange that "POWERGRID Board of Directors of the Company at its meeting held on 13th November , 2010 approved the Issue Price for POWERGRID's FPO at the cap of the Price Band i.e Rs.90/- Per Share with a discount 5% to the Retail Investors and Employees." -
04-11-2010 Power Grid Corporation Of India Limited has informed the Exchange that Corporation is coming out with a further public offering of 841,768,246 Equity Shares of the face value Rs.10 each. Out of the issue, the Corporation will be offering 841,768,246 Equity Shares by way of Book Building route under the existing SEBI Guidelines.
23-10-2010 Power Grid Corporation Of India Limited has informed the Exchange that POWERGRID Board in its meeting held on October 22, 2010 has approved the following proposals: (1) Investment approval for "Northern Region System Strengthening Scheme-XX" at an estimated cost of Rs.182.68crore with commissioning schedule of 27 months from the date of investment approval. (2) Investment approval for Interconnection between Electrical Grids of India and Bangladesh-Indian Portion" at an estimated cost of Rs.160.32crore with commissioning schedule of 24 months from the date of investment approval. -
20-10-2010 Power Grid Corporation of India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 212663 lacs for quarter ending on 30-SEP-2010 against Rs. 174855 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 65140 lacs for the quarter ending on 30-SEP-2010 against Rs. 45997 lacs for the quarter ending on 30-SEP-2009.
07-10-2010 Power Grid Corporation Of India Limited has informed the Exchange that the Central Government through Ministry of Power in exercise of the power conferred by sub-section (3) of Section 26 and sub-section (2) of Section 27 of the Electricity Act, 2003, by notification dated September 27, 2010 in the Gazette of India, has notified that the Power System Operation Corporation Limited, a wholly owned subsidiary of the Power Grid Corporation of India Limited (a Government Company) shall operate National Load Despatch Centre and the five Regional Load Despatch Centres, with effect from October 01, 2010. -
14-09-2010 Power Grid Corporation Of India Limited has submitted to the Exchange a copy of Postal Ballot Notice in accordance with the provisions of Section 192A of the Companies Act, 1956 read with the companies (Passing of Resolution by Postal Ballot) Rules, 2001, for the following resolution : Issuance of shares under Follow on Public Offer (FPO) by the Power Grid- of 84,17,68,246 equity shares of face value of Rs.10 each constituting 20% of existing paid up capital comprising- a) Fresh issue of 420,884,123 equity shares (10% of existing paid up capital) and b) Offer for sale (Disinvestment) of 420,884,123 equity shares (10% of existing paid up capital) by selling shareholder i.e. President of India.
06-08-2010 Power Grid Corporation of India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 183716 lacs for quarter ending on 30-JUN-2010 against Rs. 162303 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 70318 lacs for the quarter ending on 30-JUN-2010 against Rs. 54661 lacs for the quarter ending on 30-JUN-2009. -
26-05-2010 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors during their meeting held on May 25, 2010, have approved the following investment approval for "Transmission System for Transfer of Power from Generation Projects in Sikkim to NR/WR-Part A" at an estimated cost of Rs. 250.03 Crore, with commissioning schedule of within 32 months from the date of investment approval.
26-05-2010 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 25, 2010 have approved the following: (1) Final Dividend declared - 10% of Share Capital i.e., Re. 1.00 per share of Rs. 10/- each. This is in addition to interim dividend of 5% of Share Capital i.e. Re. 0.50 per share. -
25-05-2010 Power Grid Corporation of India Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 712745 lacs for year ending on 31-MAR-2010 against Rs. 667585 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 204094 lacs for the year ending on 31-MAR-2010 against Rs. 169061 lacs for the year ending on 31-MAR-2009.
04-05-2010 Power Grid Corporation Of India Limited has informed the Exchange that the proposed resolution is circulated for approval of the members of the company to be accorded by Postal Ballot in accordance with the provisions of Section 192A of the Companies Act, 1956 read with the companies (Passing of Resolution by Postal Ballot) Rules, 2001, The following is the resolution : Transfer of movable assets of regional load despatch centres (RLDCs) & National Load despatch centre (NLDC) to power system operation corporation limited (Book Value of Rs. 184.78 crore as on March 31, 2009).
19-04-2010 Power Grid Corporation Of India Limited has informed the Exchange that "The Board of Directors of POWERGRID during their meeting held on 15.04.2010 have approved the Investment approval for "Transmission System for Development of Pooling Station in Northern Part of West Bengal and Transfer of Power from Bhutan to NR/WR" at an estimated cost of Rs.4,404.57 Crore, with commissioning schedule of 57 months tentatively from the date of investment approval, subject to CERC concurrence such that additional Return on Equity @ 0.5% is admissible". -
01-04-2010 Power Grid Corporation Of India Limited has informed the Exchange that the following resolution is circulated for approval of the members of the company to be accorded by Postal Ballot in accordance with the provision of Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001: Enhancement of borrowing limits from Rs. 50,000 crore to 80,000 crore.
25-03-2010 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors of the Company during their meeting held on March 16, 2010 have approved the Investment approval for "Fibre Optic Communication System in lieu of existing ULDC Microwave links in Northern Region" at an estimated cost of Rs. 161.31 Crore, with commissioning schedule of within 30 months from the date of investment approval matching with Department of Telecommunications (DoT) requirement. -
17-03-2010 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors of POWERGRID during their meeting held on March 16, 2010 have approved the following: (1) Investment approval for "Northern Regional Transmission Strengthening Scheme" at an estimated cost of Rs. 965.58 Crore, with commissioning schedule of within 32 months from the date of investment approval, (2) Investment approval for "Transmission System associated with Kalpakkam PFBR (500 MW)" at an estimated cost of Rs. 138.58 Crore, with commissioning schedule of within 24 months from the date of investment approval, (3) Investment approval for "Transmission System of Vindhyachal-IV (1000 MW) and Rihand-III (1000 MW) Generation Projects" at an estimated cost of Rs. 4672.99 Crore, with commissioning schedule of within 32 months from the date of investment approval. -
25-02-2010 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors of POWERGRID during their meeting held on February 25, 2010 have approved the following investment approvals: 1) Investment approval for System Strengthening in Southern Region-XII at an estimated cost of Rs.232.34 Crore, with commissioning schedule of within 28 months from the date of investment approval. 2) Investment approval for Mauda Transmission System at an estimated cost of Rs. 469.38 Crore, with commissioning schedule of within 32 months from the date of investment approval. 3) Investment approval for Transmission System associated with Pallatana Gas Based Power Project and Bongaigaon Thermal Power Station (TPS) at an estimated cost of Rs.2144.00 Crore, with commissioning schedule of within 34 months progressively from the date of investment approval. -
27-01-2010 Power Grid Corporation Of India Limited has informed the Exchange that "The POWERGRID Board of Directors in their meeting held on 25.01.2010 have accorded: (a) approval to investment approval for 'Immediate evacuation System for Nabinagar TPS' (1000 MW) at an estimated cost of Rs.215.86 crore, with commissioning schedule of within 28 months from the date of investment approval, and (b) In Principle approval to 'Follow on Public Offer' (FPO) of equity shares of 10% of paid up capital from domestic/external market for augmenting resources of Company to fund its investment programme. This will be subject to approval by Government of India and approvals as required for FPO". -
25-01-2010 Power Grid Corporation of India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2009 as follows: Net Sales of Rs. 152541 lacs for quarter ending on 31-DEC-2009 against Rs. 147744 lacs for the quarter ending on 31-DEC-2008. Net Profit / (Loss) of Rs. 48784 lacs for the quarter ending on 31-DEC-2009 against Rs. 37235 lacs for the quarter ending on 31-DEC-2008. -
14-01-2010 Power Grid Corporation Of India Limited has informed the Exchange that the Board of Directors in their meeting held on January 06, 2010 have accorded approval: 1)"POWERGRID's Equity Participation of 26% in the Joint Venture Company 'Power Transmission Company Nepal Ltd.' with Nepal Electricity Authority and IL&FS as other partners for establishment of Dhalkebar-Bathanaha Section (Nepal Portion-about 39 kms.) of 400 KV D/C Muzaffarpur Dhalkebar Transmission Line," 2) Investment approval for 'Transmission System associated with Simhadri-II Generation Project - Line connecting the Generation to the Grid' at an estimated cost of Rs.38.41 Crore, with commissioning schedule of within 18 months from the date of investment approval.
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