POWERGRID posts 18% profit growth in 1st quarter of FY’2020-21

• Maharatna power PSU Power Grid has posted a Profit After Tax (PAT) of Rs 2,048 crore in Q1FY'21

• Power Grid has maintained average transmission system availability of 99.83 percent for Q1 of FY'21

New Delhi: (Power Grid Q1FY'21 Results) Experts viewed that the real impact of the economic slowdown due to COVID-19 will be visible only in the first quarter of FY'21. However, Power Grid seems to be moreover unaffected of such predictions. Power Grid Corporation of India Limited (POWERGRID), a 'Maharatna' PSU under the Ministry of Power and the 'Central Transmission Utility (CTU)' of the country, has posted a Profit After Tax of Rs 2,048 crore and total income of Rs 9,817 crore on a consolidated basis for the first quarter of the FY 2020-21. On a standalone basis, the company posted profit after tax (PAT) and total income of Rs 1,979 crore and Rs 9,620 crore respectively for first quarter FY'2020-21. During the quarter, the company recognised as an exceptional item, the one-time consolidated rebate of Rs 1,075 crore to DISCOMs / Power Departments of the states and union territories for passing on to the end-consumers on account of Coronavirus (Covid-19) pandemic against the billing of April 2020 and May 2020. Excluding the impact of this one-time rebate, the company's profit increased by 18 percent over the corresponding period of FY'2019-20 on a standalone basis.

For the quarter, the company incurred a capital expenditure of about Rs 1,906 crore and capitalized assets worth Rs 1,184 crore (excluding FERV) on a consolidated basis. POWERGRID's Gross Fixed Assets on a consolidated basis stood at about Rs 2,28,856 crore as on June 30, 2020.

Major transmission elements commissioned during the quarter include 400 kV D/C Hiriyur-Mysore line and ICTs at Meerut, Koteshwar and Balipara substations of POWERGRID.  Further, long pending 400kV D/C Rajarhat-Gokarna transmission line was also commissioned in July'2020.

Eight TBCB subsidiaries were operational and eleven TBCB subsidiaries were under implementation as at the end of June 30, 2020.

With the use of state-of-the-art maintenance techniques, automation and digitization, POWERGRID maintained average transmission system availability of 99.83 percent for Q1 of FY'2020-21.

As at the end of the first quarter of the current fiscal, the total transmission assets of POWERGRID and its subsidiaries stood at 163,695 ckm of transmission lines, 248 substations and more than 413,950 MVA of transformation capacity.

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