{"id":401373,"date":"2021-02-20T12:14:12","date_gmt":"2021-02-20T06:44:12","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=401373"},"modified":"2021-02-20T12:39:58","modified_gmt":"2021-02-20T07:09:58","slug":"power-grid-rating-buy-strong-show-by-transmission-segment","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/power-grid-rating-buy-strong-show-by-transmission-segment\/","title":{"rendered":"Power Grid rating \u2013 Buy: Strong show by transmission segment"},"content":{"rendered":"<p>Power Grid (PWGR)\u2019s result highlights strong underlying numbers for its Transmission segment\u2014implying ~18% y-o-y growth. Reported S\/A PAT was further aided by higher other income, resulting in a 24% y-o-y rise. PWGR has won Rs 90-100 bn of awards in Q3, which is a positive, given a declining order book. Valuations at 1.5x FY22e P\/BV and ~7% FY22e dividend yield remain attractive for a company with steady RoEs of ~17%. Maintain Buy, with DCF-based TP of Rs 248\/sh.<\/p>\n<p>Profit boosted by higher other income<br \/>\nPWGR\u2019s adj. S\/A PAT was up 25.4% y\/y to Rs 33 bn (16% ahead of our est.) on account of higher other income. Even adjusted for the same, underlying transmission numbers are strong and imply ~18% y-o-y growth, in our view. Other income was up 25.7% y-o-y to Rs 6.4 bn. This was led by higher late payment surcharge income and higher dividends from subsidiaries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Power Grid (PWGR)\u2019s result highlights strong underlying numbers for its Transmission segment\u2014implying ~18% y-o-y growth. Reported S\/A PAT was further aided by higher other income, resulting in a 24% y-o-y rise. PWGR has won Rs 90-100 bn of awards in Q3, which is a positive, given a declining order book. Valuations at 1.5x FY22e P\/BV and ~7% FY22e dividend yield remain attractive for a company with steady RoEs of ~17%. Maintain Buy, with DCF-based TP of Rs 248\/sh. Profit boosted by higher other income PWGR\u2019s adj. S\/A PAT was up 25.4% y\/y to Rs 33 bn (16% ahead of our [&hellip;]<\/p>\n","protected":false},"author":44,"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-401373","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\/401373","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=401373"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/401373\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=401373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=401373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=401373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}