Power Grid rises on appointing G. Ravisankar as CFO

Power Grid Corporation of India rose 1.02% to Rs 206.99 announced that its board approved the appointment of G. Ravisankar as chief financial officer (CFO) of the company with effect from 26 September, 2022.

He was previously working as director of finance with the company before being appointed as chief financial officer.

Ravisankar has post qualification experience of 32 years, serving predominantly in Powergrid (after a brief stint in NLC India) in construction office, sub-stations, regional headquarters and corporate centre located in various parts of India.

The PSU company said, He is not related to the directors or key managerial personnel of the company and is also not debarred from holding the office of CFO by virtue of any SEBI order or any other authority.

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

On consolidated basis, Power Grid Corporation of India's net profit tumbled 36.6% to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore recorded in Q1 FY22.

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