Power Grid reports poor Q1 result

Power Grid Corporation of India's consolidated net profit fell 18.15% to Rs 2,048.42 crore on 9.24% rise in total income to Rs 10,258.67 crore in Q1 June 2020 over Q1 June 2019.

The company has given a consolidated one-time rebate of Rs 1,075 crore to DISCOMs and Power Departments of States / Union Territories for passing on to end consumers on account of COVID-19 pandemic against the billing of April 2020 and May 2020. Due to this consolidated one-time rebate, there is a reduction in the profit for the current quarter.

The announcement was made after market hours yesterday, 10 August 2020. Shares of Power Grid Corporation of India rose 0.8% to settle at Rs 177.30 yesterday.

 

Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India.

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