February 13, 2017 / 17:03 IST
Power Grid reported yet another set of strong Q3FY17 results wherein the company reported stronger-than-expected numbers across all parameters. The key surprise was from stronger-than-expected growth in the transmission segment. Revenues were at Rs 6629.76 crore, up 22.6% YoY (I-direct estimate of Rs 6501.1 crore). Key beat came in from transmission segment revenues that were at Rs 6208.8 crore vs. our estimate of Rs 6171.3 crore.
Outlook
Consistency in asset capitalisation and achievement of capex targets have been a hallmark for the company. Consequently, the company is commanding premium valuations in the sector. We continue to maintain BUY recommendation on the stock and value it at 2x FY18E book value with a target price of Rs 220/share.
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