Power Grid Q3 net profit increases 10.5% to Rs. 4,028cr
Power Grid Corporation of India reported a 10.5% increase in consolidated net profit for the quarter ending December 31, 2023, reaching Rs. 4,028.25 crore compared to Rs. 3,645.29 crore last year. The public sector company also announced a second interim dividend of Rs. 4.5 per equity share for the financial year 2023-24, set to be paid out on March 5. Power Grid's operational revenue experienced a 2.6% growth, amounting to Rs. 11,549.79 crore in Q3.
Power Grid's revenue and EBITDA growth in Q3
The company's consolidated revenue rose by 2.5% to Rs. 11,819.70 crore from Rs. 11,530.22 crore in the year-ago quarter. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 3.2% to Rs. 10,482.8 crore in Q3 FY24 compared to Rs. 10,161.88 crore during the same period last year. The EBITDA margin improved to 89%, up from 88% in the previous fiscal's corresponding quarter.
Power Grid's income from transmission and telecom business performance
Power Grid's transmission business saw an increase in Q3 FY24, reaching Rs. 11,314.24 crore from Rs. 11,055.39 crore during the same period last year. Earnings from its telecoms business also rose to Rs. 209.6 crore from Rs. 185.74 crore. Despite these positive results, the company's shares closed 2.3% lower today at Rs. 267.95. Analysts had expected a decline in Power Grid's profit due to increased transmission costs and projected a subdued quarter for the company.
