Q3 FY23: PGInvIT registers 10% decline in its net profit

New Delhi: State-owned PowerGrid Infrastructure Investment Trust (PGInvIT) declared its financial results on Tuesday, stated the company in a regulatory filing. The filing also clearly depicts that the company has registered a decline of 10 percent in its net profit in the quarter that ended on December 31, 2022. The company has reported PAT of Rs 2,439.01 crore in Q3FY23 crore as compared to Rs 2,727.72 crore in the corresponding period a year ago, registering a decline of 10 percent in its PAT on y-o-y basis.

On q-o-q basis, the company managed to recover its loss of Rs 9,223.85 crore in Q2FY23 and made a profit of Rs 2,439.01 crore. On y-o-y basis, its revenue from operations declined by six percent from Rs 2,742.62 crore in Q3FY21 to Rs 2,569.29 crore in Q3FY22.

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For a nine-month period, the company incurred a loss of Rs 4,209.29 crore as compared to Rs 5,369.86 crore in the corresponding period of the last fiscal year. The PAT for a nine-month period witnessed a steep decline of 178.38 percent.

On q-o-q basis, the company's expenditure came down from 11,978.40 crore in Q2FY23 to Rs 140.02 crore in Q3FY23. On yearly basis, the company's expenditure increased from 23.09 crore in Q3FY22 to Rs 140.02 crore in the Q3FY23, registering a percentage change of 506.41 percent. For the period of nine months, expenditure increased from Rs 1,549.07 crore in the corresponding period of FY22 to Rs 12,231.28 crore in FY23.

Additionally, the filing also stated that the board of directors have announced distribution of Rs three per unit for the quarter ended December 31, 2022, comprising Rs 2.01 per unit as interest, Rs 0.43 per unit as taxable dividend, Rs 0.25 per unit as exempt dividend, Rs 0.30 per unit as repayment of SPV Debt and Rs 0.01 per unit as treasury income.

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