Shares of Power Grid Corp of India gained at open after the company posted better-than-expected third quarter earnings.
The scrip jumped 3.85% to Rs 225 at open, with volume at 2.8 times the 30 day average. The relative strength index stood at 53.
Of the 23 analysts tracking the company, 17 maintained ‘buy’, five suggested ‘hold’ and only one analyst recommended ‘sell’. The 12-month consensus price target implied a potential upsid of 12.1%.
Power Grid Corporation Q3 FY23 (Consolidated, YoY)
- Revenue up 8% at Rs 11,261.7 crore (Bloomberg estimate: Rs 10,946.4 crore)
- Ebitda up 9% at Rs 9,893.4 crore (Bloomberg estimate: Rs 9,036.4 crore)
- Ebitda margin 87.8% vs 87.3% (Bloomberg estimate: 82.6%)
- Net profit up 11% at Rs 3,645.3 crore (Bloomberg estimate: Rs 3,519.3 crore)
- The company declared an interim dividend of Rs 5 per share.
Source: Exchange filing
