External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

Power Grid Corporation of India / Equity Bottom-Up

Power Grid Corporation of India (PWGR IN)

<ul><li>Powergrid is India’s largest power transmission utility with transmission lines of 172190 ckt km and 46900 MVA of transformation capacity</li><li>Powergrid transmits about 50% of the total power generated in India on its transmission network</li><li>Target Price and Valuation: We value the stock at Rs 210 at 1.9x FY24E book value</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Powergrid is India’s largest power transmission utility with transmission lines of 172190 ckt km and 46900 MVA of transformation capacityPowergrid transmits about 50% of the total power generated in India on its transmission networkTarget Price and Valuation: We value the stock at Rs 210 at 1.9x FY24E book valueContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul>
<li>Power Grid transmits about 50% of total power generated in India to its transmission network</li>
<li>It also undertakes transmission related consultancy to more than 150 domestic clients and owns and operates 71673 km of telecom network</li>
<li>Maintain BUY rating on the stock. We value the stock at Rs 220 i.e. 1.9x FY23E book value</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Power Grid transmits about 50% of total power generated in India to its transmission network
It also undertakes transmission related consultancy to more than 150 domestic clients and owns and operates 71673 km of telecom network
Maintain BUY rating on the stock. We value the stock at Rs 220 i.e. 1.9x FY23E book value

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>PSP Projects: PSP Projects (PSP) reported revenue/EBITDA/APAT at INR 5/0.6/0.4bn for the quarter, largely in line with our estimate. The company witnessed turnaround in terms of order inflow as it bagged projects worth INR 22bn during the quarter. With that, the order book stood at INR 41bn at the end of FY21. PSP has guided for INR 20/18bn inflow/revenue and 11-12% EBITDA margin for FY22. As the Surat Diamond Bourse (SDB) project is coming to an end, PSP would qualify for the larger projects, leading to rerating of the stock.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PSP Projects: PSP Projects (PSP) reported revenue/EBITDA/APAT at INR 5/0.6/0.4bn for the quarter, largely in line with our estimate. The company witnessed turnaround in terms of order inflow as it bagged projects worth INR 22bn during the quarter. With that, the order book stood at INR 41bn at the end of FY21. PSP has guided for INR 20/18bn inflow/revenue and 11-12% EBITDA margin for FY22. As the Surat Diamond Bourse (SDB) project is coming to an end, PSP would qualify for the larger projects, leading to rerating of the stock.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Power Grid Corporation of India, Indostar Capital Finance, PSP Projects

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>It bagged INR90-100b in awards in recent months, which is a positive sign, given a declining order book. Nevertheless, the capex trajectory is on a decline. With proceeds from InvIT, we see strong scope for higher dividends. Valuations at 1.6x FY22E P/BV and 7-8% dividend yield remains attractive for a company with steady RoEs of 17-18%. We maintain our Buy...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

It bagged INR90-100b in awards in recent months, which is a positive sign, given a declining order book. Nevertheless, the capex trajectory is on a decline. With proceeds from InvIT, we see strong scope for higher dividends. Valuations at 1.6x FY22E P/BV and 7-8% dividend yield remains attractive for a company with steady RoEs of 17-18%. We maintain our Buy...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Power Grid Corporation of India Limited is a central public sector undertaking primarily engaged in the transmission of bulk electric power across different states of India through its extensive network of transmission lines and substations. It also offers consultancy services and operates in the telecom sector through its brand POWERTEL. The company is headquartered in Gurugram, Haryana, India, and was founded on October 23, 1989.

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Power Grid Corporation of India (PWGR IN)

Power Grid: Steady Performance

Powergrid is India’s largest power transmission utility with transmission lines of 172190 ckt km and 46900 MVA of transformation capacity

ICICI Securities Limited

Power Grid: Strong Capitalisation, Capex

Reported revenues came in at Rs 9929.2 crore vs. our estimate of Rs 10028.5 crore, implying growth of 9.6% YoY. However, transmission segment...

ICICI Securities Limited

HSIE Results Daily: Power Grid Corporation of India, Indostar Capital Finance, PSP Projects

PSP Projects: PSP Projects (PSP) reported revenue/EBITDA/APAT at INR 5/0.6/0.4bn for the quarter, largely in line with our estimate. The company...

HDFC Securities

Profit aided by other income

It bagged INR90-100b in awards in recent months, which is a positive sign, given a declining order book. Nevertheless, the capex trajectory is on a...

Motilal Oswal

HSIE Results Daily: Power Grid Corporation of India, Indostar Capital Finance, PSP Projects

PSP Projects: PSP Projects (PSP) reported revenue/EBITDA/APAT at INR 5/0.6/0.4bn for the quarter, largely in line with our estimate. The company...

HDFC Securities

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