Street positive on long-term capex plans of Power Grid Corporation

The Q1FY24 saw adjusted net profit decline 5 per cent YoY and 17 per cent QoQ to Rs 3,600 crore

Despite enduring a weak first quarter of the 2023-24 financial year (Q1FY24), Power Grid Corporation (PGCIL) has laid out an ambitious capex plan going forward. It is looking to invest around Rs 1.8 trillion on an existing asset base of Rs 2.7 trillion to aim at keeping over 50 per cent market share in the transmission market. This includes opportunities from the Rs 2.4 trillion green energy corridor.  

The Q1FY24 saw adjusted net profit decline 5 per cent year-on-year (YoY) and 17 per cent quarter-on-quarter (QoQ) to Rs 3,600 crore. Operating profit was at Rs 9,337 crore, down 12.6 per