Power Grid stock soars over 5% after firm reported above-estimate Q3 numbers; brokerages raise targets

Power Grid Share Price: Power Grid soared over five per cent in morning trading session on Thursday (February 8, 2024) after the company reported above Zee Business research estimate December quarter numbers. 

The stock of the power company was soaring higher by 5.62 per cent, or Rs 15.05, at Rs 283.00 at 10:25 am on Thursday. 

Power Grid Q3 results

The company's consolidated profit after tax (PAT) for the December quarter was higher by 10.5 per cent to Rs 4028.25 crore from Rs 3645.34 crore Year-on-Year (YoY) against Zee Business research estimates of Rs 3732 crore. 

Revenue from operations was up by 2.6 per cent to Rs 11549.79 crore against Rs 11261.78 crore, compared to estimates of Rs 11438 crore. 

Power Grid's EBITDA for the December quarter was up by 3.2 per cent to Rs 10212.89 crore compared to Rs 9893.44 crore in the corresponding quarter last fiscal.

It was slightly below analyst estimates of Rs 9950 crore.

What do brokerages say about Power Grid?

CLSA has maintained an 'outperform' rating on the firm, raising target to Rs 285 from Rs 261

Citi has also maintained a 'buy' rating, raising the target to Rs 300 from Rs 251.

Morgan Stanley has maintained an 'overweight' rating on the firm with a target of Rs 235.