Powergrid Q1 profit falls 5% to Rs 3,597 cr on subdued transmission demand

Power Grid Corporation of India Ltd (Powergrid) on Monday posted over a 5 per cent decline in consolidated net profit to Rs 3,597.16 crore due to increased finance costs.

It had reported a net profit of Rs 3,801.29 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing.

The company's total income, however, rose to Rs 11,257.60 crore from Rs 11,168.54 crore in the year-ago quarter.

Finance cost increased to Rs 2,057.23 crore from Rs 1,959.70 crore a year ago.

In a separate statement, the company said it incurred a capital expenditure of Rs 1,506 crore during Q1 FY24.

The company's gross fixed assets on a consolidated basis stood at Rs 2,70,757 crore as of June 30, 2023, against Rs 2,64,838 crore a year ago.

During the quarter, the company, along with its subsidiaries, added 4,435 MVA (Mega Volt Amp) transformation capacity, two GIS sub-stations and 1,428 ckm transmission lines.

As on June 30, 2023, the total transmission assets of Powergrid and its subsidiaries stood at 1,74,625 ckm (circuit kilometre) of transmission lines, 274 sub-stations and 5,08,350 MVA of transformation capacity.

Powergrid, under the Ministry of Power, is India's largest electric power transmission utility.

Shares of the company on Monday ended at Rs 266 apiece, up 3 per cent from its previous close on BSE.