Power Grid net profit at 2,048 crore in Q2

Hyderabad: State-owned Power Grid Corporation of India Ltd posted an over 18 per cent fall in its consolidated net profit to Rs 2,048.42 crore for the June 2020 quarter. The company's consolidated net profit had stood at Rs 2,502.80 crore in the corresponding quarter of the previous financial year 2019-20.

Its total income rose to Rs 9,816.72 crore in the April-June 2020 period, compared with Rs 9,361.72 crore in the year-ago period. Expenses rose to Rs 6,277.29 crore, from Rs 5,982.30 crore a year ago.

Power Grid transmits about 50 per cent of the total power generated in India on its transmission network. During the quarter, the company recognized as an exceptional item, the one-time consolidated rebate of Rs 1,075 crore to Discoms / Power Departments of the States and Union Territories for passing on to the end-consumers on account of Covid-19 pandemic against the billing of April 20 & May 20. Excluding the impact of this one-time rebate, the company's profit increased by 18 per cent over the corresponding period of FY20 on standalone basis. For the quarter, the company incurred a capital expenditure of about Rs 1,906 crore and capitalized assets worth Rs 1,184 crore (excluding FERV) on consolidated basis. Powergrid's gross fixed assets on a consolidated basis stood at about Rs 2,28,856 crore as on June 30, 2020.

Major transmission elements commissioned during the quarter include 400kV D/C Hiriyur-Mysore line and ICTs at Meerut, Koteshwar and Balipara substations of PowerGrid. Further, long pending 400kV D/C Rajarhat-Gokarna transmission line was also commissioned in July.