PGCIL net profit up 20% to Rs 3,094 crore in September quarter

State-owned Power Grid Corporation of India Ltd on Wednesday posted an over 20 per cent rise in consolidated net profit to Rs 3,094.10 crore in the September quarter, mainly due to higher revenues.

State-owned Power Grid Corporation of India Ltd (PGCIL) on Wednesday posted an over 20 per cent rise in consolidated net profit to Rs 3,094.10 crore in the September quarter, mainly due to higher revenues.

The consolidated net profit was Rs 2,571.10 crore in the quarter ended on September 30, 2019, the company said in a BSE filing.

Total income during the period under review rose to Rs 9,831 crore from Rs 9,260.46 crore in the same period a year ago.

The Group is mainly engaged in the business of transmission of electricity.

The company said there has been no material impact of the COVID-19 pandemic on the operations of the group for the half year ended September 30, 2020.

However, the company said it has given a consolidated one-time rebate of Rs 1,078.64 crore to discoms and power departments of States or Union Territories for passing on to end consumers on account of the COVID-19 pandemic against the billing of April 2020 and May 2020.

Due to the said consolidated one-time rebate, there is a reduction in the profit for the current half year and the same has been disclosed under "exceptional items" in the statement of financial results, it added.