Power Grid's Q1 profit jumps 10 pc to Rs 2,503 crore year-on-year

Government-owned Power Grid Corporation said on Friday its net profit for the quarter ended June jumped 9.8 per cent to Rs 2,503 crore as against Rs 2,278 crore in the year-ago period.

Its total income moved up by 11.7 per cent to Rs 9,362 crore from Rs 8,376 crore in Q1 FY19. Earnings per share work out to Rs 4.78 for Q1 FY20 as compared to Rs 4.35 for the period ended June 30 last year, the company said in a statement.

However on sequential basis (quarter-on-quarter basis), the net profit of Rs 2,503 crore in Q1 FY 20 was down 18 per cent from Rs 3,061 crore in January to March (Q4 FY19).

Total income fell 3.4 per cent to Rs 9,362 crore in Q1 FY20 from Rs 9,688 crore in Q4 FY19. Earnings per share too dipped by over 18 per cent to Rs 4.78 from Rs 5.85 for the period ended March 31 (Q4 FY19).

Power Grid is a government-owned electric utility company and transmits about 50 per cent of the total power generated in India on its network. It is planning to raise about Rs 10,000 crore from domestic market through the issue of bonds in a bid to fund its capital requirements.

Power Grid recently formed a joint venture company with public sector utility NTPC to accelerate the pace of power distribution reforms. Both companies will have 50:50 equity base in the National Electricity Distribution Company.

.