Power Grid Corp Reports Stable Profits Amid Expansion Moves

State-owned Power Grid Corporation of India reported a nearly unchanged consolidated net profit for Q3 2024 at Rs 3,793.02 crore. The company's total income rose, and the board declared an interim dividend. Approvals were made to transfer residual equity in four associate companies, expanding its asset base.

The State-owned Power Grid Corporation of India (PGCIL) recorded a consolidated net profit of Rs 3,793.02 crore for the September 2024 quarter, a figure nearly identical to last year's Rs 3,781.42 crore at the same time. This information was disclosed through a regulatory filing on Wednesday.

PGCIL's total income for the quarter experienced growth, reaching Rs 11,845.93 crore compared to Rs 11,530.43 crore in the previous year. In a noteworthy development, the board sanctioned the payment of a first interim dividend of Rs 4.50 per equity share for the fiscal year 2024-25.

The board also greenlighted the sale, assignment, and transfer of a 26% residual equity shareholding in four associate firms to POWERGRID Infrastructure Investment Trust (PGInvIT). As of September 30, PowerGrid's transmission assets spanned 1,78,195 circuit kilometres and 5,37,276 MVA of capacity, with significant success in securing eight new projects under competitive bidding.

(With inputs from agencies.)