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CMP 95.05
Target Price 105.00
ISIN: INE752E01010
NOVEMBER 30th
2013
POWER GRID CORPORATION OF INDIA LTD
Result Update: Q2 FY14
BUYBUYBUYBUY
Index Details
Stock Data
Sector Electric Utilities
BSE Code 532898
Face Value 10.00
52wk. High / Low (Rs.) 121.05/86.70
Volume (2wk. Avg. Q.) 169000
Market Cap (Rs. in mn.) 440055.84
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY13A FY14E FY15E
Net Sales 127578.50 155645.77 178992.64
EBITDA 115320.00 136295.13 155364.89
Net Profit 42345.00 49449.86 56377.39
EPS 9.15 10.68 12.18
P/E 10.39 8.90 7.81
Shareholding Pattern (%)
1 Year Comparative Graph
POWER GRID CORP INDIA LTD BSE SENSEX
SYNOPSIS
Power Grid Corporation Of India Limited is the
Central Transmission Utility (CTU) of the country
under Ministry of Power is one amongst the largest
Power Transmission utilities in the world.
The company own and operate more than 1,02,540
Ckt. kms network of transmission lines, 1,76,323
MVA transformation capacity and 173 nos.
substations
The company’s net sales registered 29.61% increase
and stood at a record Rs. 39994.90 million from Rs.
30857.70million over the corresponding quarter
last year.
Net Profit has increased from Rs. 11258.90 million
for the quarter ended Sep 30, 2012 to Rs. 12392.00
million for the quarter ended Sep 30, 2013.
Total Income has increased from Rs.32427.50
million in Q2 FY13, to Rs. 41044.30 million in Q2
FY14.
Agreements with Bihar & Odisha with a total project
cost of ~Rs. 87900.00 million finalized.
During the quarter the company has added 5 new
clients in Telecom, 1 from Govt sector 4 from Pvt.
Sector and added 4 new orders in domestic
consultancy; 1 from Govt sector 3 from pvt. Sector.
Net Sales and PAT of the company are expected to
grow at a CAGR of 21% and 20% over 2012 to
2015E respectively.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Power Gird Corporation of India Ltd 95.05 440055.84 9.15 10.39 1.68 27.50
NTPC Ltd 147.35 1214969.20 14.55 10.13 1.51 57.50
Reliance Infrastructure Ltd 429.00 112822.70 75.23 5.70 0.56 74.00
Torrent Power Company Ltd 124.65 58890.70 1.76 70.82 0.97 65.00
QUARTERLY HIGHLIGHTS (STANDALONE)
Results updates- Q2 FY14,
Power Grid Corporation of India Limited
(POWERGRID) is one amongst the largest Power
Transmission utilities in the world. The company
owns and operates about 1,02,540 ckt kms of
transmission lines and the transformation capacity
of about 1,76,323 MVA as on 31st October 2013 has
reported its financial results for the quarter ended
30 SEPTEMBER, 2013.
The company has achieved a turnover of Rs. 39994.90 million for the 2nd quarter of the current year 2013-14 as
against Rs. 30857.70 millions in the corresponding quarter of the previous year. The company has reported an
EBITDA of Rs. 34881.30 millions an increase of 22.81% in the corresponding quarter of the previous year and a
net profit of Rs. 12392.00 million against Rs. 11258.90 million reported respectively in the corresponding
quarter of the previous year. The company has reported an EPS of Rs. 2.68 for the 2nd quarter as against an EPS of
Rs. 2.43 in the corresponding quarter of the previous year.
Break up of Expenditure:
During the quarter Total Expenses rose by 27 per
cent mainly on account of Increase in Transmission,
Administration & Other Expenses with employee
benefit expenses and Depreciation & Amortization
expenses, when compared to previous quarter Q2
FY13. Total expenditure in Q2 FY14 was at Rs.
15767.90 million as against Rs. 12416.60 million in
Q2 FY13. Transmission, Administration & Other
Expenses is Rs. 2660.40 million in Q2 FY14 against
Rs. 1997.50 million in the correspondent quarter of
the previous year. Employee Benefits expenses were
at Rs. 2298.80 mn in Q2 FY14 against Rs. 2167.60
mn in Q2 FY13, whereas Depreciation &
amortization is at Rs. 9659.80 mn against Rs.
8251.50 mn in Q2 FY13 whereas Purchase of stock
in trade stood at Rs. 1148.90 mn in Q2 FY14 are the
primarily attributable to growth of expenditure.
Months SEP-13 SEP-12 % Change
Net Sales 39994.90 30857.70 29.61
PAT 12392.00 11258.90 10.06
EPS 2.68 2.43 10.06
EBITDA 34881.30 28402.40 22.81
Segment Revenue
Latest Updates
• During the quarter the company has added 5 new clients in Telecom, 1 from Govt sector 4 from Pvt. Sector
and added 4 new orders in domestic consultancy; 1 from Govt sector 3 from pvt. Sector.
• In FY13 and H1FY14 (18 months), 28.2% of XIIth Plan capex target has been achieved.
• Agreements with Bihar & Odisha with a total project cost of ~Rs. 87900.00 million finalized.
• Ease of access to low cost debt – international ratings capped at sovereign ratings and domestically highest
rating by CRISIL, ICRA & CARE.
Pace of Capacity Addition has increased
• 9,754 ckm added in the last 30 months (April ’11 –September ‘13) as compared to 82,355 ckm added in
first 252 months (Inception – March ’11).
• 79,328 MVA capacity added in the last 30 months (April ’11 – September ‘13) as compared to 93,050
MVA added in first 252 months (Inception – March ’11).
Major Projects Commissioned in FY14-15
• Common Scheme for 765 KV Pooling Station and Network associated with DVC & Maithon Right Bank
Project.
• Transmission System associated with Mundra UMPP.
• Transmission System of Vindhyachal-IV and Rihand-III (1000MW each) Generation Projects.
• Transmission System for Phase-I Generation Projects in Orissa,Jharkhand and West Bengal - Part-B.
• Supplementary Transmission System associated with DVC & Maithon Right Bank Project.
• Transmission System for Phase-I Generation Projects in Orissa - Part-A, in Jharkhand and West Bengal -
Part-A2.
• Kudankulam - APP Transmission System (Balance lines).
• Transmission System associated with Pallatana Gas Based Power Project and Bongaigaon Thermal Power
Station (BTPS).
• Transmission System strengthening in Western part of WR for IPP Generation Projects in Chhattisgarh -
Part-D.
COMPANY PROFILE
POWER GRID CORPORATION OF INDIA LIMITED (POWERGRID), the Central Transmission Utility (CTU) of the
country under Ministry of Power is one amongst the largest Power Transmission utilities in the world. In October
1992, the National Power Transmission Corporations name was changed to Power Grid Corporation of India
Limited, as we know of it today.
POWERGRID is a ‘Navratna’ Company and the ‘Central Transmission Utility (CTU)’ of the country. An innovation
in Technical & Managerial fields has resulted in coordinated development of power transmission network and
effective operation and management of Regional and National Grid.
The company has Deploying best known practices in Operation & Maintenance with Preventive Maintenance,
Condition Monitoring, Modern Techniques viz. online equipment monitoring, Aerial patrolling, Emergency
restoration system, Residual Life Analysis, Remote operation of Sub-station etc. Pursuing its Global vision and
successfully consolidating its presence as a strong player in emerging markets of South Asia, Middle-east Asia CIS
& African countries.
Business
� Power System Management
Our core business is the transmission of electric power. As on 31st October 2013, we own and operate more
than 1,02,540 Ckt. kms network of transmission lines, 1,76,323 MVA transformation capacity and 173 nos.
substations that constitutes most of India’s interstate and inter-regional electric power transmission system
and carries electric power across India. Total Inter-regional power transfer capacity is 32,000 MW. This
gigantic transmission network, spread over length and breadth of the country, is consistently maintained at
an availability of over 99%.
� Telecom
POWERGRID with its brand name ‘POWERTEL’ in Telecom business is the only utility in the Country having
overhead optic fibre network using Optical Ground Wire on power transmission lines. POWERGRID has an all
India Broad Band Telecom Network of about 29279 Kms and intra city network connecting 290 cities across
india.
POWERGRID enabled to create additional economic value by stimulating the development of Indian Telecom
Sector especially in the difficult terrain of North East Region and Jammu & Kashmir.
Business Segments
National Long Distance
Internet Service Provider
Infrastructure Provider
� International Business
International Business Department is created with the objective to spread POWERGRID’s engineering
services in Power Transmission Business across the world.
Global Consultant
Through implementation of huge transmission networks in India and abroad and by adopting latest
technology in multifarious topology and environment, POWERGRID has emerged as a renowned consultant
in Power Sector globally.
POWERGRID has been entrusted with more than 300 consultancy assignments in India and 45 assignments
other countries and provides consultancy in the areas – Transmission; Distribution/Rural
Electrification/Sub-transmission; Load Despatch & Communication; Grid Management; Telecom & Smart
Grid.
POWERGRID has 20 international consultancy projects execution experience in following countries:
Afghanistan, Bangladesh, Bhutan, Ethiopia, Nigeria, Nepal, Kenya, Myanmar, Srilanka, Tajikistan, UAE, Kyrgyz
Republic, Pakistan and Congo. Consultant for EPC and O&M agencies for CASA–1000 project
Services
a) System Engineering & Feasibility Studies
b) Environmental & Social Impact Assessment
c) Design and Engineering
d) Contract Services
e) Project Management and Construction
Supervision
f) Owner's & Lender's Engineer
g) Other Services
Major International Clients
� Domestic Consultancy
POWERGRID has a large network of primary transmission system of 168 EHV substations and over 100600
circuit kms of transmission lines. Building upon its un-matched techno-managerial excellence in various
fields of power system, POWERGRID has been providing one stop consultancy services to State owned
utilities, Private utilities, Central Public Sector Undertakings and Government departments. It has a client
base of around 125 in power sector and is expanding. Over 115 domestic projects under execution and
Signed agreement with 6 NER states to provide technical / managerial support for intra-state T&D system
improvement.
Major Domestic Clients
� Joint Ventures
• Power links Transmission Ltd
• Torrent Power Grid Ltd
• Jaypee Power Grid Ltd
• Teestavalley Power Transmission Ltd
• North-East Transmission Company Ltd
• Parbati-Koldam Transmission Company Ltd
• National High Power Test Laboratory Pvt.
Ltd
• Energy Efficiency Services Ltd
• Cross Border Power Transmission Company
Ltd.
• Kalinga Bidyut Prasaran Nigam Private Ltd.
• Power Transmission Company Nepal Ltd.
(PTCN not include as POWERGRID is yet to
infuse capital in to the company).
� Subsidiaries
• Nagapattinam – Madhugiri Transmission Company Ltd (NMTCL).
• Vemagiri Transmission System Ltd (VTSL)
• Power System Operation Corporation Ltd (POSOCO).
• Vizag Transmission Ltd
FINANCIAL HIGHLIGHT (STANDALONE) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as at March31, 2012 -2015E 2012A 2013A 2014E 2015E
I. EQUITY AND LIABILITIES:
A) Shareholders’ Funds:
a) Share Capital 46297.30 46297.30 46297.30 46297.30
b) Reserves and Surplus 188580.50 216097.40 265547.26 321924.65
Sub -Total Net worth 234877.80 262394.70 311844.56 368221.95
B) Deferred Revenue 27762.70 37176.00 52418.16 57659.98
C) Non-Current Liabilities:
a) Long-term borrowings 491191.90 630762.70 775522.74 930627.29
b) Deferred Tax Liabilities [Net] 16008.80 19591.60 22922.17 26360.50
c) Other Long Term Liabilities 14317.30 9899.30 14650.96 20804.37
d) Long Term Provisions 4214.90 4426.30 5090.25 5751.98
Long term Liabilities 525732.90 664679.90 818186.12 983544.13
D) Current Liabilities:
a) Short-term borrowings 16500.00 20000.00 22000.00 23760.00
b) Trade Payables 2007.80 2467.30 3010.11 3612.13
c) Other Current Liabilities 84635.60 116934.60 141490.87 168374.13
d) Short Term Provisions 10566.70 7683.10 7836.76 7915.13
Sub -Total Current Liabilities 113710.10 147085.00 174337.73 203661.39
TOTAL EQUITY AND LIABILITIES (A + B + C + D) 902083.50 1111335.60 1356786.58 1613087.44
II. ASSETS:
E) Non-Current Assets:
a) Fixed Assets
i. Tangible Assets 473397.80 608776.90 754883.36 895111.05
ii. Intangible Assets 3225.20 5229.50 6955.24 8902.70
iii. Capital work In progress 154998.90 189213.00 217594.95 261113.94
iv. Intangible Assets Under development 736.10 1936.20 2807.49 3874.34
b) Construction Stores 126100.40 157086.20 196283.10 239465.39
c) Non Current Investments 11011.90 9642.40 10028.10 10328.94
d) Deferred Foreign currency fluctuation asset 13166.70 17162.90 32266.25 46786.07
e) Long Term Loans and Advances 56147.60 59634.00 61423.02 62651.48
Sub -Total Non-Current Assets 838784.60 1048681.10 1282241.50 1528233.89
F) Current Assets:
a) Current Investments 1832.60 1832.60 1832.60 1832.60
b) Inventories 4403.10 5515.30 6673.51 7741.28
c) Trade Receivables 14974.90 14340.90 16205.22 17825.74
d) Cash and Bank Balances 23368.80 16619.70 20109.84 23729.61
e) Short Term Loans and Advances 4259.60 5950.30 6545.33 7068.96
f) Other Current Assets 14459.90 18395.70 23178.58 26655.37
Sub -Total Current Assets 63298.90 62654.50 74545.08 84853.55
TOTAL ASSETS (E +F) 902083.50 1111335.60 1356786.58 1613087.44
Annual Profit & Loss Statement for the period of 2012 to 2015E
Value(Rs.in.mn) FY12A FY13A FY14E FY15E
Description 12m 12m 12m 12m
Net Sales 100353.30 127578.50 155645.77 178992.64
Other Income 7496.80 5708.90 3996.23 4116.12
Total Income 107850.10 133287.40 159642.00 183108.75
Expenditure -16716.10 -17967.40 -23346.87 -27743.86
Operating Profit 91134.00 115320.00 136295.13 155364.89
Interest -19432.60 -25352.20 -29915.60 -34402.94
Gross profit 71701.40 89967.80 106379.54 120961.96
Depreciation -25725.40 -33519.20 -38547.08 -43943.67
Profit Before Tax 45976.00 56448.60 67832.46 77018.29
Tax -13426.50 -14103.60 -18382.60 -20640.90
Net Profit 32549.50 42345.00 49449.86 56377.39
Equity capital 46297.30 46297.30 46297.30 46297.30
Reserves 188580.50 216097.40 265547.26 321924.65
Face value 10.00 10.00 10.00 10.00
EPS 7.03 9.15 10.68 12.18
Quarterly Profit & Loss Statement for the period of 31st Mar, 2013 to 31st Dec, 2013E
Value(Rs.in.mn) 31-Mar-13 30-June-13 30-Sep-13 31-Dec-13E
Description 3m 3m 3m 3m
Net sales 33806.60 35599.60 39994.90 42794.54
Other income 2348.40 740.70 1049.40 1206.81
Total Income 36155.00 36340.30 41044.30 44001.35
Expenditure -5310.30 -4947.80 -6163.00 -6419.18
Operating profit 30844.70 31392.50 34881.30 37582.17
Interest -6747.20 -7598.50 -8014.10 -9007.85
Gross profit 24097.50 23794.00 26867.20 28574.32
Depreciation -9048.90 -9644.00 -9659.80 -10142.79
Profit Before Tax 15048.60 14150.00 17207.40 18431.53
Tax -3954.20 -3746.60 -4815.40 -4902.79
Net Profit 11094.40 10403.40 12392.00 13528.75
Equity capital 46297.30 46297.30 46297.30 46297.30
Face value 10.00 10.00 10.00 10.00
EPS 2.40 2.25 2.68 2.92
Ratio Analysis
Particulars FY12A FY13A FY14E FY15E
EPS (Rs.) 7.03 9.15 10.68 12.18
EBITDA Margin (%) 90.81 90.39 87.57 86.80
PBT Margin (%) 45.81 44.25 43.58 43.03
PAT Margin (%) 32.43 33.19 31.77 31.50
P/E Ratio (x) 13.52 10.39 8.90 7.81
ROE (%) 13.86 16.14 15.86 15.31
ROCE (%) 15.74 16.30 15.76 15.07
Debt Equity Ratio 2.16 2.48 2.56 2.59
EV/EBITDA (x) 10.14 9.31 8.93 8.82
Book Value (Rs.) 50.73 56.68 67.36 79.53
P/BV 1.87 1.68 1.41 1.20
Charts
OUTLOOK AND CONCLUSION
� At the current market price of Rs.95.05, the stock P/E ratio is at 8.90 x FY14E and 7.81 x FY15E respectively.
� Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.10.68 and
Rs.12.18 respectively.
� Net Sales and PAT of the company are expected to grow at a CAGR of 21% and 20% over 2012 to 2015E
respectively.
� On the basis of EV/EBITDA, the stock trades at 8.93 x for FY14E and 8.82 x for FY15E.
� Price to Book Value of the stock is expected to be at 1.41 x and 1.20 x respectively for FY14E and FY15E.
� We expect that the company surplus scenario is likely to continue for the next three years, will keep its
growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of
Rs.105.00 for Medium to Long term investment.
INDUSTRY OVERVIEW
India has the world’s fifth-largest electricity generation capacity and demand is expected to surge in the coming
years owing to growth in the economy. The power sector is high on India's priority as it offers tremendous
potential for investing companies based on the sheer size of the market and the returns available on investment
capital.
The Indian power sector is one of the most diversified sectors in the world. Power in India is generated from
commercial sources like coal, lignite, natural gas, oil, hydro and nuclear power as well as other viable non-
conventional sources like wind, solar, agriculture and domestic waste. The demand for electricity in the country
has been growing at a rapid rate and is expected to increase further in the years to come. In order to meet the
increasing requirement of electricity, massive addition to the installed generating capacity in the country is
required.
The country offers unlimited growth potential for solar photovoltaic (PV) industry as well. India is endowed with
vast potential of solar energy and is quickly developing itself as a major manufacturing hub for solar power
plants. Besides, it is expected that, the annual PV-installed capacity will grow at a compound annual growth rate
(CAGR) of around 49.5 per cent during 2010-2014 to reach 1,500 megawatt (MW) by the end of 2014.
Market Size
Electricity production in India stood at 911.6 terra watt hour (TWh) in FY13, a four per cent growth over the
previous fiscal. Over FY07–13, electricity production has expanded at a CAGR of 5.5 per cent. The Planning
Commission’s 12th Plan projects that total domestic energy production would reach 669.6 million tonnes of oil
equivalent (MTOE) by 2016–17 and 844 MTOE by 2021–22.
As of April 2013, total thermal installed capacity stood at 151.7 gigawatt (GW), while hydro and renewable
energy installed capacity totalled 39.6 GW and 27.5 GW, respectively. Nuclear energy capacity remained broadly
constant from that in the previous year, at 4.8 GW. For the 12th Five-Year Plan, a total of 88.5 GW of power
capacity addition is targeted, of which 72.3 GW constitutes thermal power, 10.8 GW of hydro power and 5.3GW
of nuclear power. The capacity addition target for 2013–14 is 1,198 MW of hydro power, 15,234 MW of thermal
power and 2,000 MW of nuclear power. Total capacity target is 18,432 MW.
Investments
The investment climate is very positive in the power sector. Due to surge in the sector, the power sector has
witnessed higher investment flows than envisaged. The Ministry of Power has set a target for adding 76,000 MW
of electricity capacity in the 12th Five Year Plan (2012-17) and 93,000 MW in the 13th Five Year Plan (2017-
2022).
The industry attracted foreign direct investment (FDI) worth Rs 37,335.68 crore (US$ 6.01 billion) during April
2000 to July 2013.
Some of the major investments made into the Indian power sector are as follows:
• Welspun Energy Ltd has launched a 55 MW solar plant in Rajasthan. The Rs 500 crore (US$ 80.60
million) project, stated to be Asia's largest single-location solar plant
• Sterlite Grid has commissioned a 23 km 400 kilo volt (KV) double-circuit quad transmission line
connecting Purnia and Bihar Sharif district substations in Bihar, with an investment of Rs 500 crore (US$
80.60 million)
• NHPC Ltd plans to take over private hydropower projects and is ready to invest equity worth Rs 20,000
crore (US$ 3.22 billion) over the next five years
• Suzlon Energy has won orders to supply wind turbines totalling 48 MW from French energy company
Valorem
• Sanofi India has signed an agreement with Suzlon Energy Ltd (SEL) for a 2.1 MW offsite windmill
installation, to generate renewable power for captive consumption at its Ankleshwar manufacturing site
• GE Energy Financial Services India has invested Rs 257 crore (US$ 41.43 million) in the hydropower
project developed by Gati Ltd in Sikkim
Government Initiatives
The Government of India has set a target to generate 10,000 MW of power through solar energy by 2017. The
Phase I of the Jawaharlal Nehru National Solar Mission has been very successful, wherein 1,685 MW of solar
power was generated according to Union Ministry of New and Renewable Energy, Government of India.
In order to attract foreign investments in the power sector, FDI up to 100 per cent is permitted under the
automatic route for projects of electricity generation (except atomic energy), transmission, distribution and
power trading.
Under the Union Budget 2013-14, the government plans to construct a transmission system from Srinagar to Leh
at an investment of Rs 1,840 crore (US$ 296.63 million).
Some of the initiatives taken by the Government of India to boost the power sector are:
• To facilitate flow of renewable energy into the national grid, the Government of India plans to roll out Rs
43,000 crore (US$ 6.93 billion) 'green energy corridor' project
• Ministry of Power and Ministry of Water Resources have drawn up a framework for speedy technical
clearances to power projects by Central Electricity Authority (CEA) and Central Water Commission
(CWC)
• The Government of India plans to set up 4,000 MW of solar thermal power capacity in Rajasthan. "We
have discussed the plant with the Rajasthan government and we aim to set up a solar thermal capacity
near the Sambhar salt lake in Jaipur," said Mr Farooq Abdullah, Union Minister for New and Renewable
Energy, Government of India
• India plans to strengthen its ties with Iraq in the energy sector. A formal memorandum of understanding
(MoU) on cooperation in the sector would be signed during the four-day visit of Mr Nouri al-Maliki, Prime
Minister of Iraq, to India
• The Government of United Kingdom (UK) has agreed in principle to share the best practices with the
Government of Andhra Pradesh (AP) in energy efficiency and energy conservation initiatives
• Hydro Projects worth 2,500 MW across various states have been given clearance by the Forest Advisory
Committee (FAC) and Ministry of Environment and Forest (MoEF)
Road Ahead
Renewable energy is fast emerging as a major source of power. Wind energy is the largest source of renewable
energy in India; it accounts for an estimated 87 per cent of total installed capacity in renewable energy. The
country aims to increase the importance of wind power even further; there are plans to double wind power
generation capacity to 20 GW by 2022.
Biomass is the second largest source of renewable energy, accounting for 12 per cent of total installed capacity in
renewable energy. There is strong upside potential in biomass in the coming years.
Solar energy accounts for one per cent of total renewable energy installed capacity. However, the share is not
indicative of the country’s true potential, which stands at an estimated 5,000 TWh per annum.
Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale
of any financial instrument or as an official confirmation of any transaction. The information contained herein is
from publicly available data or other sources believed to be reliable but do not represent that it is accurate or
complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall
not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. This document is provide for assistance only and is not intended to be and must
not alone be taken as the basis for an investment decision.
Firstcall India Equity Research: Email – [email protected]
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