Net profits are on the up for Power Grid Corporation of India
Government-owned power transmission company Power Grid Corporation of India (PGCIL) posted a 23% increase in its net profit to R870 crore for the first quarter ended June, against R705 crore in the corresponding quarter last year on the back of higher revenues.
Total income during the quarter surged by 27% to R2,980 crore from R2,341 crore in the year-ago quarter. Transmission charges grew by 32% to R2,774 crore, consultancy was up by 7% to R60 crore, telecom rose by 20% to R54 crore. Gross Ebidta margins of the company were up by 30% to R2,556 crore against R1,959 crore in the April to June quarter last year.
During the quarter, the company added 2,028 circuit kilometres of transmission lines against 2,078 ckt kms in the corresponding quarter last year. “In number terms the lines might have gone down but more power has been transmitted with higher grid capacities,” RN Nayak, CMD, PGCIL, said.