Power Grid of India (POWERGRID) Q2 24/25 earnings summary

Executive summary

• Operates one of the world's largest transmission networks with 280 substations and over 178,000 km of lines, maintaining 99.80% system availability as of Q2 FY25.

• Strong international presence in 23+ countries, with cross-border links to Nepal, Bhutan, Bangladesh, and Myanmar.

• Emerged as L1 bidder in 12 ISTS TBCB projects in Q2FY25 and Oct-Nov'24, with levelized tariffs totaling ₹7,215.67 Cr.

• Major projects commissioned in Q2 include high-capacity transformers and transmission lines, notably in Rajasthan and Navi Mumbai.

• Ongoing and new projects support India's renewable energy transition and cross-border interconnections.

Financial highlights

• Consolidated Q2 FY25 income: ₹11,846 crore (up from ₹11,530 crore YoY); PAT: ₹3,793 crore (up from ₹3,781 crore YoY).

• H1 FY25 consolidated income: ₹23,126 crore; PAT: ₹7,517 crore.

• Standalone Q2 FY25 income: ₹11,383 crore; PAT: ₹3,711 crore.

• Gross fixed assets: ₹2,78,983 crore; net worth: ₹92,061 crore.

• Earnings per share (consolidated): ₹8.08 for H1 FY25; book value per share: ₹98.98.

Outlook and guidance

• CapEx for FY25 targeted at ₹18,000 crore, with works in hand valued at ₹1,43,295 crore as of Nov 2024.

• Project pipeline expected to exceed ₹3 trillion by 2032, with 85-90% from interstate projects.

• Annual capitalization expected to rise to ₹35,000–40,000 crore from FY2027.

• Growth driven by India's $5 trillion economy vision, renewable integration, and major grid expansion plans.

• Transmission income provisionally recognized based on new CERC tariff norms for 2024-29.