Power Grid Corporation of India Ltd (PowerGrid or PGCIL) on February 7 reported a consolidated net profit of Rs 4,028.25 crore, up 10.5 percent, for the quarter ended December 31, 2023, from Rs 3,645.29 crore a year ago.
The Central Public Sector Undertaking (CPSU) also declared a second interim dividend of Rs 4.5 per equity share of Rs 10 each (at 45 percent of the paid-up equity share capital) for the financial year 2023-24. The interim dividend will be paid to the members on March 5.
Its revenue from operations came in at Rs 11,549.79 crore, up 2.6 percent against Rs 11,261.78 crore in the corresponding quarter last year. Consolidated revenue increased marginally to Rs 11,819.70 crore in the three months ending December from Rs 11,530.22 crore in the year-ago quarter, registering a rise of 2.5 percent.
Analysts had anticipated that Power Grid's net profit may fall because of a rise in transmission costs. They had predicted a muted quarter for the company despite optimism in the power segment.
The company's earnings before interest, tax, depreciation, and amortization (EBITDA) rose 3.2 percent to Rs 10,482.8 crore in the third quarter of this fiscal over Rs 10,161.88 crore in the year-ago period. The EBITDA margin stood at 89 percent in the reporting quarter compared to 88 percent in the corresponding period in the previous fiscal.
The company's transmission business saw an increase to Rs 11,314.24 crore in the third quarter of FY24 from Rs 11,055.39 crore during the same period last year. Earnings from its telecom business rose to Rs 185.74 crore from Rs 209.6 crore.
The company's shares closed 2.3 percent lower at Rs 267.95 on the NSE on February 7.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
