Add Power Grid Corporation of India, target price Rs 256: HDFC Securities

HDFC Securities has add call on Power Grid Corporation of India with a target price of Rs 256. The current market price of Power Grid Corporation of India is Rs 213.3.

Power Grid Corporation of India, incorporated in the year 1989, is a Large Cap company (having a market cap of Rs 148437.64 Crore) operating in Power sector.

Power Grid Corporation of India key Products/Revenue Segments include Transmission Revenue, Other Operating Revenue, Consultancy Income and Income From Telecom for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 11530.22 Crore, up 1.59 % from last quarter Total Income of Rs 11349.44 Crore and up 7.52 % from last year same quarter Total Income of Rs 10723.61 Crore. Company has reported net profit after tax of Rs 3645.18 Crore in latest quarter.

The company’s top management includes Mr.K Sreekant, Mr.Dilip Nigam, Mr.K N Onkarappa, Mr.Ram Naresh Tiwari, Mr.Chetan Bansilal Kankariya, Mr.Ravisankar Ganesan, Mr.Abhay Choudhary, Mr.Vinod Kumar Singh, Mr.Ravindra Kumar Tyagi, Mr.Mohammad Afzal. Company has P S D & Associates as its auditors. As on 31-12-2022, the company has a total of 698 Crore shares outstanding.

Investment Rationale
The brokerage maintains ADD, with a TP of Rs 256, factoring in a consistently healthy order book and robust project pipeline ahead.

Promoter/FII Holdings
Promoters held 51.34 per cent stake in the company as of 31-Dec-2022, while FIIs owned 32.76 per cent, DIIs 12.73 per cent.