Power Grid of India (POWERGRID) Q1 24/25 earnings summary

Executive summary

• India's largest power transmission utility operates 1,507 transmission lines, 177,790 circuit km, and 278 substations, with a transformer capacity of 528,761 MVA and inter-regional capacity of 99,580 MW, covering 84% of the national grid and a market cap exceeding ₹3 trillion, with operations in 23 countries.

• Transmits 45% of India's power and maintains system availability above 99.80%, benchmarked as world-class for reliability and cost optimization.

• Q1 FY25 consolidated revenue was ₹11,280 crore, with profit after tax at ₹3,724 crore, up 4% year-over-year.

• Won six out of ten major transmission projects in recent tenders, securing 70% of total tariffs awarded and emerged as L1 bidder in three major ISTS TBCB projects.

• Strategic focus on green energy, international interconnections, digital infrastructure, and AI/robotics for operations, with MoU signed with ISRO and industry awards for innovation.

Financial highlights

• Q1 FY25 consolidated income: ₹11,280 crore (up from ₹11,258 crore YoY); PAT: ₹3,724 crore (up from ₹3,597 crore YoY); standalone PAT: ₹3,412 crore.

• Gross fixed assets as of June 30: ₹2,77,213 crore; work in progress: ₹21,758 crore.

• Debt: ₹1,23,465 crore; net worth: ₹90,913 crore; EPS: ₹4 per share; book value: ₹97.75.

• Debt-to-equity ratio: 58:42; average borrowing cost: 7.76%.

• Telecom segment Q1 income: ₹219 crore (up from ₹191 crore YoY); 35 new customers added.

Outlook and guidance

• CapEx plan for FY25 raised to ₹18,000 crore due to new project wins; estimated capex up to 2032 is ₹2,07,500 crore, with ₹1,90,500 crore for transmission.

• Over ₹1,14,139 crore work in hand, with ₹1,00,000 crore+ in the bidding pipeline; 70-80% of pipeline expected to be cleared in FY25.

• Business outlook driven by India's $5 trillion economy target, 500 GW non-fossil capacity by 2030, and green hydrogen mission requiring 125 GW RE evacuation.