India Grid Trust Reports 57% Drop in Q4 FY24 Profit

India Grid Trust reported a 57% decline in consolidated profit for the March 2024 quarter to Rs 58.4 crore, impacted by higher expenses. The company's total income increased to Rs 824.2 crore, but expenses rose significantly. Despite this, the company continues to expand its renewable and transmission portfolios.

India Grid Trust on Friday reported a 57 per cent fall in consolidated profit to Rs 58.4 crore for the March 2024 quarter, dragged by higher expenses.

It had clocked Rs 137.1 crore profit in the year-ago period, the company said in an exchange.

The company's total income rose to Rs 824.2 crore from Rs 624.8 crore in January-March FY23.

During the period under review, its expenses stood at Rs 758.1 crore against Rs 500.5 crore a year ago.

The company's board also announced ''Q4 FY24 distribution of Rs 3.55 per unit comprising Rs 2.7361 per unit in the form of interest, Rs 0.8139 per unit in the form of dividend. The record date for this distribution will be May 30, 2024, and payment will be made on or before June 8, 2024''.

For the full year, the company reported a profit of Rs 296.4 crore from Rs 465.7 crore a year ago.

In a separate statement, Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said, ''FY24 has been a transformational year for us. We have not only grown our renewable portfolio but also expanded our development portfolio in the transmission space in a significant manner while delivering sizable DPU (distribution per unit) growth vis-a-vis FY23. Sizable pipeline on transmission sector bids and successful commissioning of our first TBCB (tariff-based competitive bidding) foray have fuelled further growth opportunities''.

During the quarter, IndiGrid operationalised Kallam Transmission Limited (Kallam).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)