Its net profit increased 9.7% to ₹4,546.3 crore from ₹4,143 crore last year. The remeasurement of deferred tax balanced aided its profit after tax (PAT).
Its revenue declined 5% to ₹11,666 crore from ₹12,275 crore in the fourth quarter last fiscal. Its other expenses were high at ₹1,899 crore from ₹1,283 crore last year.
Power Grid’s earnings before interest, tax, depreciation and amortization (EBITDA) declined 11.3% to ₹9,066 crore from ₹10,224 crore in the previous year.
Its margins contracted to 78% from 83% in the year-ago period.
Its planned capex for FY27-FY28 is ₹82,000 crore. The project capitalization for FY27 and FY28 is ₹65,000 crore.
Power Grid’s deferred tax assets on the books has been reduced by ₹3,200 crore. Earlier, it was expected to be recovered from the consumer once materialized. Clarity regarding the same is awaited.
Conference call highlights
The company, in its post-earnings conference call, said it has beat the upgraded capex and commissioning guidance of FY26. It said the FY26 start capex guidance was at ₹32,000 crore, which was increased to ₹35,000, and it delivered ₹39,967 crore. It said its FY27 capex guidance is at ₹37,000 crore.
Power Grid said its FY26 start capitalization guidance was at ₹22,000 crore, which was increased to ₹25,000 crore, and it delivered ₹28,206 crore. Its capitalization guidance for FY27 is at ₹30,000 crore, which it said is likely to beat as well.
The company said it expects the HVDC to materialize over the next 18-24 months.
Power Grid also said the decline in EBITDA was primarily due to the competition of 12 years of operation of the asset. Works in hand improved to ₹170 lakh crore compared to ₹150 lakh crore sequentially.
Power Grid shares declined 4.4% to hit an intraday low of ₹292.25 apiece at 10.45 am on Monday. The stock has declined 8.8% in the past month but has gained 9.2% this year, so far.
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