Power Grid posts net profit of Rs 15,573 crores for FY'24; announces dividend

New Delhi: Power Grid Corporation of India Limited (PGCIL) has announced its financial results for the period ending fourth quarter (Q4 FY'24) and for the financial year 2023-23 (FY'24).

For Q4 of FY'24, on standalone basis, the company has reported a net profit of Rs 4,128 crores and total income of Rs 12,254 crores. On a consolidated basis, the company has reported a net profit of Rs 4,166 crores and total income of Rs 12,305 crores.

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For FY'24, on standalone basis, the company posted net profit of Rs 15,475 crores and total income (including discontinued operations) of Rs 46,215 crores. On a consolidated basis, the company posted net profit of Rs 15,573 crores and a total income of Rs 46,913 crores.

The Board of the company has proposed a final dividend of 27.50 percent (Rs 2.75 per share on a face value of Rs 10/- each) in addition to first and second interim dividends of Rs 8.50/- per share already paid for the FY'24. The total dividend for the year thus amounts to Rs 11.25 per share which is 1.69 percent higher than that of previous year total dividend, adjusted of bonus issue.

In FY'24, the Power Grid along with its subsidiaries added 19,720 MVA transformation capacity, 6 sub-stations and 4,036 circuit kilometres of transmission lines. Power Grid has successfully commissioned its five tariff-based competitive bidding (TBCB) subsidiaries i.e POWERGRID Ramgarh Transmission Limited, POWERGRID Bikaner Transmission System Limited, POWERGRID Meerut Simbhavali Transmission Limited, POWERGRID Gomti Yamuna Transmission Limited and POWERGRID Neemuch Transmission System Limited.

During FY'24, the Power Grid incurred a capital expenditure of Rs 12,500 crore and capitalized assets worth Rs 7,618 crore (excluding FERV) on consolidated basis. Power Grid’s Gross Fixed Assets on a consolidated basis stood at Rs 2,75,991crore as on March 31, 2024.

In FY'24, under Tariff based competitive bidding, Power Grid has acquired 10 ISTS TBCB subsidiaries with an estimated cost of approx. Rs 26,872 crore

At the end of FY'24, the total transmission assets of Power Grid and its subsidiaries stood at 1,77,699 ckm of transmission lines, 278 substations and 5,27,446 MVA of transformation capacity.

Power Grid maintained an average transmission system availability of 99.85 percent during FY'24.

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