Dolat Capital's research report on Power Grid Corporation
Revenue from operations increased 16.5% YoY from ` 67.1bn to ` 78.1bn; up 4.1% QoQ from ` 75.1bn. EBITDA grew 16.2%YoY from ` 56.2bn mn to ` 65.2bn; declined 3.2% QoQ from ` 67.4bn. EBITDA Margin declined by 24 bps YoY to 83.5%; a decrease of 624 bps QoQ. Other cost grew 47.8% YoY to ` 8.1bn from ` 5.5bn, a growth of 121.5% QoQ. The employee cost declined 12.1% YoY to ` 4.7bn from ` 5.3bn, an increase of 17.9% QoQ.
Outlook
We maintain Buy Rating with TP ` 250 with valuation at P/BV 1.7x FY20E.
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