Power Grid Corporation Q3 results: Net profit rises 11% to Rs 4,028 crore

State-owned Power Grid Corporation on Wednesday posted a 10.5 per cent rise in consolidated net profit to Rs 4,028.25 crore in the December quarter, mainly on the back of higher revenues.

Its consolidated net profit stood at Rs 3,645.29 crore in the year-ago period, the company said in a regulatory filing. Its total income increased to Rs third quarter 11,819.70 crore in the of FY24 from Rs 11,530.22 crore a year ago.

The company's board of directors, in their meeting on Wednesday, approved the payment of a second interim dividend of Rs 4.50 per equity share of Rs 10 each (at the rate of 45 per cent of the paid-up equity share capital) for 2023-24. The second interim dividend will be paid to members on March 5, 2024.

This is in addition to the interim dividend of Rs 4 per equity share for the FY 2023-24. The interim dividend for the year thus amounts to Rs 8.5 per equity share of Rs 10 each, which is 13.33 per cent higher than that of the previous year's interim dividend, adjusted for bonus issue, Powergrid said in a separate statement.

The company utilised a capital expenditure of Rs 7,690 crore on a consolidated basis during the first nine months of FY24. Powergrid's gross fixed assets on a consolidated basis stood at Rs 2,74,543 crore as of December 31, 2023.

In Q3 FY24, under tariff-based competitive bidding, Powergrid was declared the successful bidder for six inter-state transmission system (ISTS) projects with an estimated cost of Rs 20,479 crore.

At the end of Q3 FY24, the total transmission assets of Powergrid and its subsidiaries stood at 1,76,530 ckm (circuit kilometre) of transmission lines, 276 substations and 5,17,860 MVA (megavolt-amperes) of transformation capacity.

Powergrid maintained an average transmission system availability of 99.86 per cent during the first nine months of FY24.

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