PowerGrid's Q4 net up 7% to Rs 1,109 cr

Plans capex of Rs 20,000 cr in 2013-14

The Central Transmission Utility PowerGrid Corporation’s Q4 net profit rose by 7% to Rs 1,109 crore against Rs 1,032 crore in the corresponding period of last year while its total income increased to Rs 3,616 crore against Rs 3,409 crore, a rise of 6% during the same period. For the fiscal 2012-13, the company’s net increased 30.1% to Rs 4,235 crore compared to Rs 3,255 crore in 2011-12. The total income grew by 24% to Rs 13,328 crore against Rs 10,785 crore.

The company, which had declared interim dividend of 16.1%, has now proposed a final dividend of 11.4% for 2012-13 against 21.1% total dividend paid in the last fiscal. PowerGrid Corporation’s share on NSE closed at Rs 113.50.

PowerGrid Corporation chairman and managing director RN said the company proposes to invest Rs 20,000 crore each during the 12th five year plan to increase the  inter regional power transfer capacity to 65,500 MW. At present, the national grid with inter regional power transfer capacity is 31,850 MW.

Further, Nayak informed that of the proposed capital outlay of Rs 1 lakh crore during 12th five year plan, investment of Rs 90,500 crore has already been approved and Rs 80,000 crore worth contracts were awarded.

He said that out of the proceeds of follow on public offer (FPO) made in FY 2011, a sum of Rs 750 crore was utilised in FY 2013 for part financing of capital expenditure on the projects specified for utilization resulting in complete utilization of funds amounting to Rs 3721.17 crore raised through FPO.  He has ruled out further FPO in the near future.