Finace And Stock

Buy Power Grid Corporation of India, target price Rs 225: ICICI Securities

has buy call on Corporation of India Ltd. with a target price of Rs 225. The current market price of Power Grid Corporation of India is Rs 191.05.

Time period given by analyst is one year when Power Grid Corporation of India Ltd. price can reach defined target.

Power Grid Corporation of India Ltd., incorporated in the year 1989, is a Large Cap company (having a market cap of Rs 133824.06 Crore) operating in Power sector.

Power Grid Corporation of India Ltd. key Products/Revenue Segments include Transmission Revenue, Other Operating Revenue, Income From Telecom and Consultancy Income for the year ending 31-Mar-2020.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 10391.61 Crore, down -3.93 % from last quarter Total Income of Rs 10816.33 Crore and up 5.86 % from last year same quarter Total Income of Rs 9816.72 Crore. Company reported net profit after tax of Rs 5981.03 Crore in latest quarter.

Investment Rationale
Further, once 33kV systems move into the purview of state transmission companies, the brokerage expects many of them to form JVs with PGCIL for capex in this segment, which will be a good growth opportunity for PGCIL. It reinitiates coverage on PGCIL with BUY rating and DCF-based target price of Rs225/sh.

Promoter/FII Holdings
Promoters held 51.3 per cent stake in the company as of June 30, 2021, while FIIs held 28.3 per cent, DIIs 13.9 per cent and public and others 6.5 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.


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