PowerGrid shares tumble as PSU power generator's Q1 results miss Street estimates

PowerGrid share price: PowerGrid shares suffered sharp losses on Tuesday, a day after the PSU power generator reported a five per cent year-on-year drop in its consolidated net profit for the April-June period to Rs 3,597.2 crore amid higher finance costs. The PowerGrid stock slipped as much as Rs 15.5 or 5.8 per cent to Rs 250.5 apiece on NSE. The stock finished at Rs 252.3 apiece, down by 5.17 per cent on NSE.

PowerGrid Q1 results

After market hours on Monday, the company reported a 5.4 per cent year-on-year decrease in net profit to Rs 3,801.2 crore for the first quarter of the current financial year. Its total income, however, grew to Rs 11,257.6 crore for the June quarter, from Rs 11,168.54 crore a year ago, according to a regulatory filing.

The company's finance costs increased to Rs 2,057.2 crore from Rs 1,959.7 crore a year.

PowerGrid said it incurred a capital expenditure of Rs 1,506 crore during Q1 FY24. Its gross fixed assets on a consolidated basis stood at Rs 2,70,757 crore as of June 30, 2023, against Rs 2,64,838 crore a year ago. Read more on PowerGrid Q1 earnings

During the quarter, the company, along with its subsidiaries, added 4,435 MVA (Mega Volt Amp) transformation capacity, two GIS sub-stations and 1,428 ckm transmission lines. PowerGrid, under the Ministry of Power, is India's largest electric power transmission utility. 

PowerGrid shares: Past movement 

PowerGrid shares have grown more than 15 per cent in the last 12 months, in line with a rally of nearly 14 per cent in the headline Nifty index.

Catch latest minute-by-minute stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.