Power Grid Corporation of India Q2 Results: Net profit almost flat at Rs 3,793 crore

State-owned Power Grid Corporation of India (PGCIL) on Wednesday reported an almost flat consolidated net profit at Rs 3,793.02 crore for the September 2024 quarter. The company had reported a consolidated net profit of Rs 3,781.42 crore in the quarter ended September 2023, the company said in a regulatory filing.

Its total income rose to Rs 11,845.93 crore in the quarter under review from Rs 11,530.43 crore a year ago.

The board also approved the payment of the first interim dividend of Rs 4.50 per equity share of Rs 10 each for 2024-25.

The board also approved the proposal to sell, assign, and transfer 26 per cent residual equity shareholding in four associate companies -- POWERGRID Kala Amb Transmission, POWERGRID Parli Transmission, POWERGRID Warora Transmission and POWERGRID Jabalpur Transmission to POWERGRID Infrastructure Investment Trust (PGInvIT).

As of September 30, the total transmission assets of PowerGrid and its subsidiaries stood at 1,78,195 ckm (circuit kilometre) of transmission lines, 279 substations strategically placed across the country and 5,37,276 MVA of transformation capacity, the company said in a separate statement.

Its gross fixed assets on a consolidated basis stood at Rs 2,78,983 crore as of September 30, 2024.

In Q2 FY25, under tariff-based competitive bidding, PowerGrid also emerged successful bidder for eight projects with an estimated cost of Rs 38,575 crore.