Companies

PowerGrid Q3 net rises 26% to ₹3,367 crore

Our Bureau New Delhi | Updated on February 12, 2021

Power Grid Corporation of India Ltd (PGCIL) reported a consolidated net profit of ₹3,367.71 crore for the October-December quarter of the ongoing financial year, charting a year-on-year rise of 26 per cent.

The company’s board of directors on December 12 last year declared an interim dividend of ₹5 per share, with a face value of ₹10 each, which was paid on January 8.

The company’s total income in the third quarter rose 8.6 per cent year-on-year to ₹10,359.48 crore.

 

For the initial nine months of the ongoing financial year, the company’s net profit stood at ₹8,510.23 crore, 10 per cent higher on a year-on-year basis, and total income for the period was ₹30,007.20 crore, 6.5 per cent higher on a year-on-year basis.

Profit for nine months would have been higher, if not for the rebate of ₹1,078.64 crore that PGCIL had given to electricity distribution companies and power departments of states and union territories to pass on to the end-consumer on account of Covid-19, against the billing of April and May last year, the company said in a statement.

“As per the Government of India guidelines, transmission units and services fall under the category of essential services and are exempted from the lockdown,” the statement said. As a result, “there has been no material impact on the operations of the group for the nine months ended December 31.”

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Published on February 12, 2021
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