Power Grid Q2 net profit inches up 4% to Rs 3,781 crore on lower expenses

Power Grid Corporation of India on November 7 said its consolidated net profit for the quarter ended September 30, 2023 rose 3.59 percent to Rs 3,781.42 crore from Rs 3,650.29 crore a year ago. Relatively lower expenses drove profits higher but higher taxes offset them partly.

The Central Public Sector Undertaking (CPSU) also declared an interim dividend of Rs 4 per equity share of Rs 10 each (at 40 percent of the paid-up equity share capital) for the financial year 2023-24. The interim dividend will be paid to the members on December 6.

Its revenue from operations came in at Rs 11,267.07 crore, up 1.04 percent against Rs 11,150.57 crore in the corresponding quarter last year. Consolidated revenue marginally increased to Rs 11,530.43 crore in the three months ending September from Rs 11,349.44 crore in the year-ago quarter, a rise of 1.6 percent.

The company's earnings before interest, tax, depreciation, and amortization (EBITDA) rose 5.7 percent to Rs 10,171.73 crore in the second quarter of this fiscal over Rs 9,624.72 crore in the year-ago period. The EBITDA margin stood at 88.2 percent in the reporting quarter compared to 84.8 percent in the corresponding period in the previous fiscal.