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Power Grid Corporation of India Ltd (PowerGrid) has posted a ₹2,048-crore consolidated profit after tax for the first quarter of FY20-21, down from the ₹ 2,502.80 crore net profit reported by the company in the same quarter of fiscal 2019-2020.
The lower profit is on account of a one-time consolidated rebate of ₹1,075 crore to power distribution companies (Discoms) for passing on to the end-consumers on account of Covid-19 pandemic against April 2020 and May 2020 billing. This has been recognised by the company as an exceptional item a filing to the BSE.
Consolidated total income was reported at ₹9,816.72 crore in the quarter under review, up from ₹9,361.72 crore in the comparable quarter of the previous fiscal.
Significant transmission elements commissioned during the quarter include 400kV D/C Hiriyur-Mysore line and ICTs at Meerut, Koteshwar and Balipara substations of PowerGrid. Further, long pending 400kV D/C Rajarhat-Gokarna transmission line was also commissioned in July 2020, a company statement said.
PowerGrid maintained an average transmission system availability of 99.83 per cent for the first quarter. As at June 2020 end, the total transmission assets of PowerGrid and its subsidiaries stood at 163,695 circuit kilometres of transmission lines, 248 substations and more than 413,950 mega-volt ampere (MVA) of transformation capacity, the company said.
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