PGCIL’s Q1 net profit falls 36% to Rs 3,801 cr; total income rises 7% – EQ Mag Pro
The PAT (Profit After Tax) of Rs 5,998 crore included an exceptional item of Rs 3,014 crore (Rs 2,657 crore net of tax) on account of monetisation of assets.
State-owned Power Grid Corporation of India (PGCIL) on Monday said its consolidated net profit dipped over 36 per cent to Rs 3,801.19 crore in the April-June quarter of FY23.
The consolidated net profit of the company was Rs 5,998.28 crore in the quarter ended on June 30, 2021, a BSE filing said.
Total income of the company increased to Rs 11,168.54 crore in the quarter under review from Rs 10,391.61 crore in the same period a year ago.
The company explained in a statement that in the first quarter of FY22, the PAT (Profit After Tax) of Rs 5,998 crore included an exceptional item of Rs 3,014 crore (Rs 2,657 crore net of tax) on account of monetisation of assets.
It also stated that the PAT for Q1FY23 (April-June 2022) on a consolidated basis is Rs 3,801 crore, which is 14 per cent over Q1FY22 (excluding exceptional items) on comparable basis.
The company incurred a capital expenditure of Rs 1,482 crore and capitalised assets worth Rs 1,345 crore (excluding FERV-Foreign Exchange Rate Variation) on consolidated basis during Q1FY23 (April-June 2022).
The company’s gross fixed assets on a consolidated basis stood at Rs 2,64,838 crore as on June 30, 2022.
The company has added a new 765/400/220 kV Bhuj-II GIS sub-station along with augmentation of transformation capacity at Bhadla and Fatehgarh to facilitate evacuation of renewable energy generation.
The total transmission assets of Power Grid and its subsidiaries at the end of the quarter stood at 1,72,662 ckm of transmission lines, 267 substations and 4,85,777 MVA of transformation capacity.
With the use of state-of-the-art maintenance techniques, automation and digitisation, Power Grid maintained average transmission system availability of 99.79 per cent for Q1FY23.
The company acquired two TBCB (Tariff Based Competitive Bidding) subsidiaries — Khetri-Narela Transmission Ltd and Mohanlalganj Transmission Limited — during Q1FY23.