Power Grid posts 26% rise in net profit to Rs 3,368 cr on higher revenues

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Power Grid Corporation on Thursday posted 26 per cent rise in consolidated net profit at Rs 3,367.71 crore for December quarter 2020-21 mainly on the back of higher revenues.

The net profit of the company was Rs 2,672.03 crore in the year-ago period, a BSE filing said.

Total income rose to Rs 10,359.48 crore in the quarter from Rs 9,541.13 crore in the same period a year ago.

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

It said there has been no material impact of the pandemic on the operations of the group during April-December period of this fiscal year.

However, Power Grid said it has given a consolidated one-time rebate of Rs 1,078.64 crore to distribution companies and power departments of states and union territories for passing on to the end consumers on account of the pandemic against the billing of April- May, 2020.

Due to this rebate, there is a reduction in the profit for April-December 2020. The Group will continue to monitor any material changes to future economic conditions, it added.