Powergrid Corporation of India Ltd (PGCIL), the country’s largest power transmission utility, has posted a 156 per cent jump in net profit for the quarter ended March 2009, following clearance of past transmission charges by the regulator.
The company posted a net profit of Rs 616 crore in the quarter, against a net profit of Rs 240 crore in the corresponding quarter the previous year.
“We got some arrears of transmission charges cleared from the Central Electricity regulatory Commission (CERC) in the last quarter of 2008-09. This has pushed up the profit,” said a senior official from the company.
Total income of the company in the quarter has also increased 35 per cent at Rs 2,334 crore as compared to Rs 1,729 crore posted in the corresponding quarter the previous year.
For the financial year ended March 2009, the transmission utility has posted a 17 per cent jump in net profit at Rs 1,690 crore. Total income for the year has also increased 38 per cent at Rs 7,028 crore.
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