Power Grid Corp Q2 PAT rises 8% YoY to Rs 3,650 cr

On consolidated basis, Power Grid Corporation of India's net profit rose 8.1% to Rs 3,650.16 crore on 8.6% increase in revenue from operations to Rs 11,150.57 crore in Q2 FY23 over Q2 FY22.

Consolidated profit before tax added 2.3% to Rs 4,059.72 crore in the quarter ended 30 September 2022 as against Rs 3,968.30 crore reported in the same period last year.

Total expenses jumped 15.94% year on year to Rs 7,229.40 crore in Q2 FY23. Finance costs was at Rs 2,187.37 crore (up 16.07% YoY) while employee benefits expense stood at Rs 657.59 crore (up 23.24% YoY).

The company's revenue from Transmission stood at Rs 10,920.50 crore (up 8.62% YoY), revenue from Consultancy was at Rs 141.18 crore (down 25.61% YoY) and revenue from Telecom stood at Rs 205.01 crore (up 7.36% YoY) in Q2 FY23.

On the margins front, the PSU company's operating margin declined to 88% in Q2 FY23 as against 91% reported in Q2 FY22. Net profit margin was constant at 33% in Q2 FY23 as compared to Q2 FY22.

Meanwhile, the company's board has approved the payment of interim dividend of Rs 5 per equity share for the financial year 2022-23. The dividend shall be paid to the members on 30 November 2022.

Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 30 September 2022, the Government of India owned a 51.34% stake in the company.

Shares of Power Grid Corporation of India shed 0.83% to close at Rs 226.15 on Friday, 4 November 2022.

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