Buy Power Grid; target of Rs 249: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Power Grid

Power Grid’s (PWGR) PAT increased ~8% YoY to INR23.1b (our estimate: INR23.9b) in 2QFY19, as growth in Transmission was partly offset by a decline in Consultancy and Telecom businesses. PAT adjusted for prior period and wage revision impact increased ~10% YoY. Capitalization stood at ~INR84b in 1HFY19, as against ~INR138b in 1HFY18. Capitalization also includes the foreign exchange rate variation (FERV) impact of ~INR25b in 1HFY19, which does not earn RoE. Execution was slow in 1H (excluding FERV), which increases the asking rate for 2HFY19. PWGR incurred capex of ~INR122b in 1HFY19.

Outlook

Maintain Buy with a DCF-based target price of INR249/share.

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