Power Grid of India (POWERGRID) Q3 24/25 earnings summary

Executive summary

• Achieved top rank in net profit and dividend among Indian public enterprises and service sector CPSEs for FY 2023-24; international credit rating at BBB-/sovereign level and domestic at AAA/highest safety.

• Transmission system spans 179,594 circuit km, 280 substations, and 552,961 MVA capacity, with 99.81% system availability and 84% of interstate system owned.

• Significant project wins and execution in renewable energy evacuation, grid strengthening, and major HVDC projects; 7 ISTS TBCB projects won in Q3.

• Implemented dynamic line rating, e-vegetation management, and signed $200M green loan and 10-year R&D agreement with EPRI USA.

• Multiple awards for disaster management, women empowerment, and CSR initiatives; 50% renewable energy consumption target by 2025.

Financial highlights

• Q3FY25 standalone income: INR 11,609 crore; PAT: INR 3,894 crore. Consolidated income: INR 11,743 crore; PAT: INR 3,862 crore.

• 9MFY25 standalone income: INR 33,843 crore; PAT: INR 11,017 crore. Consolidated income: INR 34,869 crore; PAT: INR 11,379 crore.

• Telecom subsidiary income: INR 236 crore in Q3FY25, INR 722 crore for 9MFY25, up 22% YoY.

• EBITDA for nine months: INR 30,148 crore; transmission charges: INR 32,368 crore; telecom income up 22% YoY.

• Interim dividends totaling INR 7.75 per share declared for FY25 (INR 4.50 and INR 3.25 per share); payout moderated due to higher CapEx.

Outlook and guidance

• CapEx plan: FY25 INR 23,000 crore, FY26 INR 28,000–30,000 crore, FY27 INR 35,000 crore; major focus on TBCB and RTM projects.

• Capitalization target for FY25: INR 18,000 crore; similar or higher for FY26 and FY27.

• Pipeline includes INR 1,47,000 crore of projects in hand and INR 52,000 crore under bidding; works in hand valued at ~INR 1,43,749 crore as of Jan 31, 2025.

• Sector growth driven by India's $5T economy target, 500 GW RE capacity, Green Hydrogen Mission, energy storage, and international interconnections.