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Power Grid Corporation of India

BSE: 532898|NSE: POWERGRID|ISIN: INE752E01010|SECTOR: Power - Generation & Distribution
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Chairman's Speech (Power Grid Corporation of India) Year : Mar '19

LETTER TO SHAREHOLDERS

Dear Shareholders,

It gives me immense pleasure to share with you the progress made by your company during the year 2018-19.

Friends, India has become the 6th largest economy* now. The GDP of the country has grown at 6.8% during the year 2018-19. The real GDP growth of India for the year 2019-20 is projected at 7%.

Fiscal 2019 was another year of remarkable performance on various fronts for your Company.

I am glad to share with you that your Company along with its subsidiaries has added 8,468 circuit km (ckm.) of Extra High Voltage (EHV) transmission lines, 40,119 Mega Volt Ampere (MVA) transformation capacity and 10 new substations during the year. The Assets capitalized (including TBCB projects) were about ?27,325crore (inclusive of FERV) and Capital expenditure has been ?25,807crore against the target of ?25,000Crore. A number of large and important projects were commissioned/completed during the year including 765kV Double Circuit (D/C) Jharsuguda-Dharamjaygarh line (between Eastern and Western Regions); 765kV D/C Banaskantha-Chittorgarh line (between Western and Northern Regions) & Banaskantha Substation; 765kV Single Circuit (S/C) Dharampuri-Madhugiri (Tumkur) line; 765kV D/C Bhuj Pool-Banaskantha line & Bhuj substation; 765kV D/C Angul-Jharsuguda transmission line; 765kV D/C Orai-Aligarh transmission line (2nd Ckt.) & Orai ICT; and 400kV D/C (Quad) Punatsangchu-Alipurduar transmission line (Indian Portion of Indo-Bhutan transmission line).

As on March 31, 2019, your Company along with its subsidiaries owns & operates a transmission network of 1,58,298 ckm of inter-State transmission lines, 245 nos. of EHVAC & HVDC sub-stations with transformation capacity of 371,912 MVA. The Gross Fixed Assets of your Company & its subsidiaries stood at ?2,07,214.57crore as on March 31, 2019 as against ?1,79,889.67crore as on March 31, 2018.

On the operational front, your Company maintained availability of the transmission network at 99.71% with number of tripping per line contained at 0.46.

In Fiscal 2019, your Company displayed an impressive financial performance. On a standalone basis, your Company registered a Total Income of ?35,618.07crore and Profit after Tax (PAT) of -9,938.55 crore, a growth of 15.77% and 20.55%, respectively over the corresponding Total Income and PAT in Fiscal 2018. On a Consolidated basis, your Company registered a Total Income and Profit after Tax (PAT) of ?35,661.32crore and ?10,333.52crore, respectively.

Your Company also made impressive progress in its Telecom business. The revenue from Telecom business increased to ?663.25crore, registering an increase of 9.34% over the previous year. Total Telecom network coverage increased by about 27% to more than 60,900 km from 47,735 km in the previous year.

On the Consultancy front, the revenues moderated as a number of assignments including the prestigious and challenging 220kV Srinagar Leh Transmission System Project have been completed during the year. The revenue from Consultancy stood at ?610.93crore during the year. The new assignments (domestic / international) secured during the year and some of the earlier assignments are under implementation.

Under Tariff Based Competitive Bidding (TBCB), your Company secured its first Intra-State Transmission Project viz. ''Establishment of Transmission System for Evacuation of Power from 2 X 660 MW Jawaharpur Thermal Power Project and Construction of 400kV Substation at Firozabad along with associated Transmission Lines'' during the year. With this, your Company has secured 13 projects as on March 31, 2019 through TBCB. I am glad to share with you that seven of these projects have since been successfully completed and elements in other projects are being completed progressively. The TBCB projects'' contribution to the revenues of your Company surpassed the ?1,000crore mark during the year.

Your Company has been working towards implementation of Green Energy Corridors (GEC) for integration of Renewable Energy Resources with the Grid by way of setting up of Inter-State Transmission System (ISTS) at 765kV and 400kV level in renewable resource rich states in the country. Your Company as CTU has also evolved a comprehensive transmission plan for grid integration of various Renewable Energy Zones (66.5 GW) in the country.

Towards fulfilling the commitment towards the goal of sustainable development, your Company continued to take various initiatives including adoption of modern techniques for selection of most optimum route for transmission lines and construction of high voltage levels transmission system ±800kV HVDC, 765kV etc. Further, your Company is in the process of installing 5 MWp Rooftop Solar PV Systems in its premises, covering more than 50 locations.

Friends, as a step forward to promote use of electric vehicles in the country your Company has set up its first public eV fast-charging station in Hyderabad at Miyapur Metro station on pilot basis. Based on the experience, your Company is also exploring other locations / cities.

As a part of Corporate Social Responsibility(CSR), your Company continued to contribute to society at large with main focus on inclusive social-economic growth for development of marginalized & under-privileged sections of the society residing around its areas of operation. Focus area of the Company''s CSR activities during the year were Education and Health initiatives in line with Govt. of India targets besides implementation of projects for construction of community centres, installation of solar street lights and other projects in areas of Rural development, Infrastructure development, Skill development, Health, Education, etc. In addition, as part of ''Swachh Bharat Abhiyan'', your Company has carried out construction of toilet blocks in Government schools, construction of individual households'' toilets for development of primitive tribal groups, etc. Also, gaining experience from setting up of ''POWERGRID Vishram Sadan'' at AIIMS, New Delhi which has been applauded, your Company is implementing seven more ''POWERGRID Vishram Sadans'' in Govt. hospitals at Lucknow, Patna, Guwahati, Ranchi, Bengaluru, Darbhanga and Vadodara. Your Company has spent ?195.52crore on CSR activities during FY 2018-19.

Your Company has received recognition in the form of awards on various fronts during the year and some of the significant and recent awards/ recognition include -

- ''Fastest Growing Electric Utility'' in Asia- for the fifth successive year since 2014, based on Platts Top 250 Global Energy Company Rankings. Globally, the Company was positioned as the 3rd Fastest Growing Electric Utility;

- One of the Top 25 Most Innovative Companies in India at the Fifth CII Industrial Innovation Awards 2018;

- CBIP Award 2019 for ''Best Performing Transmission Utility'' and CBIP Special Jury Award for ''Innovation Excellence in Power Transmission'';

- Platinum Prize (1st prize) in Power Sector Category at the Rs,6th FICCI Quality Systems Excellence Awards'';

- Rs,2018 EEI Asia-Oceania Index Award'' at EEI (Edison Electric Institute) Global Electrification Forum, for Highest Total Shareholder Returns in Gold Large Capitalization category;

- ''Good Corporate Citizen Award'' category at PHD Annual Awards for Excellence 2018;

- Featured in Top 100 in India''s Best Place To Work list for 2019.

On behalf of the Company, I thank shareholders for their continued confidence and support. I would also like to express my appreciation to all our employees, for their contribution towards the performance of the Company. I am confident that with a dedicated and committed resource of employees and valuable support of our esteemed stakeholders, your Company will continue to deliver its responsibilities and enhance value to its stakeholders.

With best wishes, Yours sincerely

(Ravi P. Singh) Director (Personnel) & CMD

Date: 19th July, 2019 Place: New Delhi

Source : Dion Global Solutions Limited
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