Power Grid posts Rs 3,793 crore Q2 net profit, declares interim dividend

New Delhi: State-owned Power Grid Corporation of India on Wednesday announced a consolidated net profit at Rs 3,793.02 crore in the July-September quarter of the current financial year in a regulatory filing.

The second quarter profit of the power transmission giant remained flat as it had reported a consolidated net profit of Rs 3,781.42 crore in the quarter ended on September 30, 2023.

The Power Grid board also approved payment of the first interim dividend of Rs 4.50 per equity share of Rs 10 each for the financial year 2024-25. The dividend will be paid to shareholders on December 4. The company has fixed November 14 as the record date for the purpose of payment of determining the eligibility of shareholders.

The total revenue of the company rose to Rs 11,845.93 crore in the quarter under review from Rs 11,530.43 crore in the same period a year ago. Its total expenses during the second quarter increased to Rs 7,309 crore from Rs 6,977 crore in the corresponding quarter of the previous year.

The company's shares closed 0.44 per cent higher at Rs 318 on the NSE on Wednesday.

Last month, Power Grid shares had shot up 2 per cent after the company was declared the successful bidder to establish an inter-state transmission system. The contract was awarded under tariff-based competitive bidding to establish an Inter-State transmission system for “Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3)” on build, own, operate and transfer (BOOT) basis in Gujarat.

Under the project, Power Grid will install STATCOMs, which are electronic devices that regulate voltage and improve the stability of power grids, at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3) along with associated bay extension work in Gujarat.

Earlier in August this year, Power Grid won a project-specific special purpose vehicle for evacuation of power from Bhadla-III power station in Rajasthan. The company emerged as the successful bidder for the said project after competing with other private sector players in a tariff-based competitive bidding process.