Powergrid Shares Rise Over 5% After Q3 Profit Beat
The company's consolidated net profit rose 10.5% year-on-year to Rs 4,028.3 crore in the quarter ended December, beating Bloomberg's estimate of Rs 3,731.65 crore.
Shares of Power Grid Corp. rose on Thursday after its third-quarter profit beat analysts' estimates.
The company's consolidated net profit rose 10.5% year-on-year to Rs 4,028.3 crore in the quarter ended December, according to an exchange filing. A Bloomberg poll of analysts' estimate pegged net profit at Rs 3,731.65 crore.
Revenue rose 2.55% to Rs 11,549.8 crore.
Power Grid Corp. Q3 FY24 Highlight (Consolidated, YoY)
Revenue up 2.55% at Rs 11,549.8 crore. (Bloomberg estimate Rs 11,438.44 crore).
Ebitda up 3.22% at Rs 10,212.9 crore. (Bloomberg estimate Rs 9,950.12 crore).
Margin up 57 bps at 88.42% vs 87.85%, (Bloomberg Estimate 87%).
Net profit up 10.5% at Rs 4,028.3 crore. (Bloomberg estimate Rs 3,731.65 crore).
Shares of the company rose 5.78% to 283.45 apiece, the highest level since Feb. 6. It was trading 4.59% higher at Rs 280.25 apiece as of 9:33 a.m. This compares to a 0.32% advance in the NSE Nifty 50 Index.
It has risen 75.44% in the last 12 months. Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 72 indicating it was overbought.
Out of 20 analysts tracking the company, 11 maintain a 'buy' rating, four recommend a 'hold', and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 77%.
