Power Grid posts 32% increase in profit to Rs 1,872 crore in Q2 FY17

State-owned Power Grid Corporation of India Limited (PGCIL) posted a net profit of Rs 1872 crore for the second quarter of FY 2016-17 (July-Sept  period), an increase of 32% against Rs 1418 crore during the corresponding quarter FY16.

Total income for second-quarter increased by 30% to Rs 6,480 crore over second-quarter during last fiscal.

Holding close to 90% of the market, the company added about 2,780 km of transmission lines and 6 substations and aggregate transformation capacity of 19,000 MVA during period Apr 16-Oct 16 of the current financial year. Power Grid's total Income for the half year (Apr-Sept, 2016) period rose to Rs 12,739 crore, up 30% from Rs 9,782 crore in the corresponding year-ago period.

During the period, Power Grid also commissioned Pole-II of ±800kV HVDC NER-Agra transmission line thereby increasing the inter-regional power transfer capacity of National Grid by 1,500MW.

With this, Power Grid's physical assets as on 31st October 2016, include more than 132,300 ckm, 213 substations with transformation capacity of more than 273,800 MVA.

The company said that the availability of transmission system during the year 2015-16 was maintained at 99.72% and during the current year, the same has been maintained at 99.78% for the period Apr16-Sep16.