Power Grid Corporation of India Ltd. (PGCIL)|Q2FY15 First Cut Analysis | EBITDA margin above our expectation :: India Nivesh

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
Power grid reported Q2 FY15 (Standalone) EBITDA margin above our expectation.
PAT came at Rs 12.01 bn, slightly above our expectation of Rs 11.88 bn due to
higher EBITDA and other income. Total Revenue increased by 4.5% y-o-y and 6%
q-o-q to Rs. 41.78 bn due to higher income from transmission business though
offset by lower income from consultancy and telecom business. Transmission
business grew 9.1% y-o-y to Rs. 40.29 bn led by higher capitalization of assets.
However, Consultancy income decreased significantly by 71.4% y-o-y to Rs 610
mn and income from Telecom businesses de-grew by 15% y-o-y to Rs 625 mn.
EBITDA margin above our expectation
EBITDA margins for the quarter went up 120 bps y-o-y to 85.9 %( vs. our expectation
of 84.8%) led by absence of purchase of stock in trade during the quarter. Though,
company registered de-growth of 3.1% y-o-y (up 5.7% q-o-q) in net profit to
Rs. 12.01bn due to higher interest expenses and depreciation, but it is still above
our expectation of Rs 11.88 bn. We will come out with the detail analysis post
Analyst meet scheduled on 12th November 2014.

LINK
http://www.indianivesh.in/Admin/Upload/635513801638567500_Power%20Grid%20Corporation_Q2FY15%20First%20Cut%20Analysis.pdf