Powergrid and REC brought in late results for Q1 2011 or Q4 FY11 with Powergrid building a fresh order book of INR 1.2 Tln and H2 orders of $11 bln almost eclispsing old guard infra construction giant L&T in order pipelines. With BHEL and Coal down in front of their FPO and DLF and construction struggling in a depression bubble that is keeping real prices sky high, the Infra financiers and new age public vehicles like IDFC, REC and PGCIL remain at the front of the good looking queue.

Powergrid likely carries an asset base of $12 bln with not more than 10% of its assets in Telco lines , the rest carrying more than 105 GW capacity nationally of which 22% carries inter grid traffic for power balancing. The 105 GW would be more than half the national generated power for distribution with Power plants installed capacity at 90GW

A turnover of nearly $2.5 billion for the year does not preclude further growth in assets, sales and profits at a double digit CAGR till 2015 when India's late blooming in Infrastructure takes a critical shape Its capital raising continues at a Rs 500 cr per quarter rate raising half a billion dollars this year for further capacity augmentation. Last quarter's halfa billion dollar revenue from transmission sales was generated with only 15% in non depreciation costs implying greater profitability ahead after assets have been fully depreciated. Interest charges are anther 20% of sales

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