Power Grid Corp Q3 results: PAT dips 4% to Rs 3,682 cr on weak demand

Power Grid Corporation of India missed third-quarter profit estimates on Monday, largely because of sluggish power demand. 

The state-run energy transmission company's consolidated net profit fell 4% to 38.62 billion rupees ($443.5 million) in the three months to Dec. 31. 

Revenue from operations fell 3% to 112.33 billion rupees, falling short of analysts' expectations. 

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KEY CONTEXT 

A slowdown in India's economy had dragged on the rise in power demand. 

Power generation in the second half of 2024 grew to about a quarter of the total growth seen in the first half of the year. 

India's power generation grew by only 3% from October to December, compared to a 12% rise a year earlier. 

Overall, the power generation growth in 2024 was the slowest since the COVID-19 pandemic. 

The average market clearing price on the Indian Energy Exchange last quarter specify fell 26% year-on-year.  (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)