Power Grid Corporation Q3 net profit rises nearly 11% to Rs 3,645 crore

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State-run Power Grid Corporation on Tuesday posted a nearly 11 per cent rise in its consolidated net profit to Rs 3,645.34 crore in the December quarter compared to a year ago mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 3,292.97 crore in the quarter ending December 31, 2021, a BSE filing showed.

The total income of the company rose to Rs 11,530.22 crore in the quarter from Rs 10,723.61 crore in the same period a year ago.

The board of directors in a meeting held on 31st January 2023 approved the payment of a second Interim Dividend of Rs 5 per equity share of Rs 10 each (or 50 per cent of the paid-up equity share capital) for the Financial Year 2022-23.

The company incurred a capital expenditure of Rs 5,429 crore and capitalized assets worth Rs 5,190 crore (excluding FERV) on a consolidated basis till 9MFY23, a company statement said.

The company's Gross Fixed Assets on a consolidated basis stood at Rs 2,68,903 crore as on December 31, 2022, it stated.

During Q3FY23, 800 ckm (circut kilometer) transmission line and 6,450 MVA transformation capacity has been added, it also stated.

The total transmission assets of POWERGRID and its subsidiaries at the end of the quarter stood at 1,73,790 ckm of transmission lines, 270 substations and 4,93,000 MVA of transformation capacity.

With the use of state-of-the-art maintenance techniques, automation and digitization, it maintained average transmission system availability of 99.81 per cent for 9MFY23, it stated.