BackPower Grid Q4FY23 Results: Net profit up 4% at ₹4,320.43 crore, dividend declared
Power Grid Q4FY23 Results: The company reported an 4% year-on-year rise in its consolidated net profit for the fiscal's fourth quarter ended March (Q4FY23) to ₹4,320.43 crore.
PremiumPower Grid Corporation of India Ltd on Friday reported an 4% year-on-year rise in its consolidated net profit for the fiscal's fourth quarter ended March (Q4FY23) to ₹4,320.43 crore. The company had reported a profit of ₹4,156.44 crore in the year-ago period. Sequentially, the consolidated net profit was up 18%. Power Grid Corporation of India Ltd share price closed at ₹233.80 apiece, down 0.64% on BSE.
For the quarter ended Q4FY23, the consolidated revenue from operations rose 14.8% year-on-year to ₹12,263.72 crore from ₹10,686.77 crore in Q4FY22. Sequentially, it grew 8.9%.
Other income during the quarter fell 23% on year to ₹293.72 crore. The total expenses during the quarter rose 6.4% on year to ₹7,143.22 crore from ₹6,715.21 crore.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose nearly 16.8% on-year to ₹10,909.6 crore, and operating margin improved 750 basis points to 89%.
On the standalone level, the net profit for Q4FY23 fell 2.5% on year to ₹4,214.40 crore from ₹4,320.64 crore. Revenue from operations grew 12.5% on year to ₹11,494.90 crore from ₹10,222 crore.
The board has recommended a final dividend of ₹4.75/- per share (i.e. at 47.5% on the paid up equity share capital) for the Financial Year 2022-23.
The final dividend, as stated by the business in an exchange filing, will be paid within 30 days of the AGM's date on which it was declared. This final dividend is in addition to the first interim dividend of ₹5 per share, or at 50% on the paid up equity share capital, paid on November 30, 2022, and the second interim dividend of ₹5 per share, or at 50% on the paid up equity share capital, paid on February 24, 2023, both for the Financial Year 2022–2023.
The shares of the company opened at ₹235.25 apiece on BSE, and touched an intraday high of ₹235.25 and low of ₹232 on Friday's trade.
“After its recent strong run, prices witnessed correction during this week as prices were down more than 3% this week. On the weekly chart, we are seeing an Evening Star bearish formation indicating further weakness in the near term. Next key support is in the range of 225 - 220 whereas 240 may continue to act as hurdle," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.
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