New Delhi, 31 July 2024: State-owned Power Grid Corporation of India reported a 3.7% year-on-year (YoY) decrease in net profit for the first quarter ending June 30, 2024, with earnings amounting to ₹3,412.2 Crore.
In the same quarter of the previous year, the company recorded a net profit of ₹3,542 Crore, according to a regulatory filing. The company’s revenue from operations declined by 1.7% to ₹10,068.1 Crore, compared to ₹10,244.6 Crore in the corresponding period of the previous fiscal year.
At the operating level, EBITDA dropped by 2.9% to ₹8,744.1 Crore in the first quarter of this fiscal year, down from ₹9,099 Crore in the same quarter of the previous fiscal year.
The EBITDA margin stood at 86.9% for the reporting quarter, compared to 87.9% in the corresponding period of the previous fiscal year. EBITDA represents earnings before interest, tax, depreciation, and amortization.
At the time of writing on July 29, 2024 at 10:29 am, shares of Power Grid Corporation of India is currently trading at ₹341 which is a 0.93% dip than the previous close. Shares of Power Grid Corporation of India has witnessed a 70% gain in the last one year, and 43% gain since the beginning of the year.
Power Grid Corporation of India Limited is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India. Headquartered in Gurugram, it is primarily engaged in the transmission of bulk power across various states of India. Power Grid transmits approximately 50% of the total power generated in India through its transmission network.
The company was incorporated on October 23, 1989, under the Companies Act, 1956, with an authorized share capital of ₹5,000 Crore, which was later increased to ₹10,000 Crore in the financial year 2007-08. As of December 31, 2020, the Government of India holds a 51.34% stake in the company, making it the principal electric power transmission company for the country
