Power Grid Corporation net profit rises 4 pc to Rs.4,320 crore in March qtr

New Delhi: State-owned Power Grid Corporation on Friday posted a nearly four per cent rise in consolidated net profit at Rs 4,320.43 crore in the March 2023 quarter, mainly on the back of higher revenues.

The company had reported a consolidated net profit of Rs 4,156.44 crore in the year-ago period, according to a BSE filing.

The total income in the quarter under review increased to Rs 12,557.44 crore from Rs 11,067.94 crore a year ago.

In the financial year 2022-23, the consolidated net profit declined to Rs 15,417.12 crore from Rs 16,824.07 crore in FY22.

The total income rose to Rs 46,605.64 crore in 2022-23 from Rs 42,697.90 crore in 2021-22.

The company's board, in its meeting held on Friday, has recommended a final dividend of Rs 4.75 per share for the financial year 2022-23.

This final dividend is in addition to the first interim dividend of Rs 5 per share and the second interim dividend of Rs 5 per share for the financial year 2022-23.

In a statement, the company stated that it has proposed a final dividend of 47.50 per cent (Rs 4.75 per share on a face value of Rs 10 each) in addition to the first and second interim dividend of Rs 10 per share already paid for the FY23.

The total dividend for the year thus amounts to Rs 14.75 per share, which is the same as that for the previous year.

The company incurred a capital expenditure of Rs 9,212 crore and capitalised assets worth Rs 7,413 crore (excluding FERV) on a consolidated basis during the financial year.

Its Gross Fixed Assets on a consolidated basis stood at Rs 2,70,107 crore as on March 31, 2023, against Rs 2,62,726 crore as on March 31, 2022.

In FY23, it along with its subsidiaries added 24,900 MVA transformation capacity, 7 sub-stations and 1,676 ckm (circuit km) transmission lines.

Powergrid has successfully commissioned its 4 TBCB subsidiaries i.e. Powergrid Rampur Sambhal Transmission Limited, Powergrid Bhind Guna Transmission Limited, Powergrid Medinipur-Jeerat Transmission Limited and Powergrid Bhuj Transmission Limited.

As of March 31, 2023, the total transmission assets of Powergrid and its subsidiaries stood at 1,74,110 ckm of transmission lines, 272 sub-stations and 4,99,360 MVA of transformation capacity.

During the year, it has acquired one Intra State Transmission System and eleven Inter State Transmission System TBCB subsidiaries with an estimated cost of approx Rs 9,500 crore.

The company continued to maintain high average transmission system availability of over 99.80 per cent in FY23 also.

The average transmission system availability in FY23 was 99.82 per cent.

Powergrid has been ranked in the first quadrant for both Line and Substation Maintenance in the International Transmission Operation and Maintenance Study (ITOMS) for 2021-22.

Ranking in the first quadrant is indicative of asset maintenance being carried out at a low cost with high-performance levels.

In another BSE filing the company stated that 'Committee of Directors on Investment on Projects' of Powergrid in its meeting held on May 19, 2023, has accorded investment approval for 'Capital Expenditure for procurement of Customer Premises Equipment (CPE) for augmentation of Telecom Access network for providing connectivity to new customers at an estimated cost of Rs 258.70 crore with a commissioning schedule of 24 months from the date of award.