{"id":368163,"date":"2020-08-17T12:41:29","date_gmt":"2020-08-17T07:11:29","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=368163"},"modified":"2020-08-17T12:41:29","modified_gmt":"2020-08-17T07:11:29","slug":"power-grid-rating-buy-rebate-impacted-profitability-in-q1","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/power-grid-rating-buy-rebate-impacted-profitability-in-q1\/","title":{"rendered":"Power Grid rating: Buy \u2014 Rebate impacted profitability in Q1"},"content":{"rendered":"<p>Power Grid\u2019s (PWGR\u2019s) results highlight the impact of rebate (Rs 10.75 bn), with reported S\/A PAT declining 18.5% y-o-y to Rs 28.1 bn. Adjusted for the same and prior-period revenue, PAT was up 21% y-o-y. Rs 234-bn worth of awards would be bid out under various schemes, but we expect some delays. In this context, a declining order book does present the risk of growth slowdown. However, valuations at 1.3x FY22e P\/BV and ~9% FY22e dividend yield remain attractive for a company with steady RoEs of ~17%. Maintain Buy, with DCF-based TP of Rs 221\/sh.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Power Grid\u2019s (PWGR\u2019s) results highlight the impact of rebate (Rs 10.75 bn), with reported S\/A PAT declining 18.5% y-o-y to Rs 28.1 bn. Adjusted for the same and prior-period revenue, PAT was up 21% y-o-y. Rs 234-bn worth of awards would be bid out under various schemes, but we expect some delays. In this context, a declining order book does present the risk of growth slowdown. However, valuations at 1.3x FY22e P\/BV and ~9% FY22e dividend yield remain attractive for a company with steady RoEs of ~17%. Maintain Buy, with DCF-based TP of Rs 221\/sh.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-368163","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/368163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=368163"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/368163\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=368163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=368163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=368163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}