Q1 FY'24: Power Grid posts net profit of Rs 3,597 crore

New Delhi: Power Grid Corporation of India Limited (PGCIL), a ‘Maharatna’ company under the Ministry of Power, has announced a net profit and total income of Rs 3,597 crore and Rs 11,258 crore respectively for Q1 of FY'24 on a consolidated basis.

The company incurred a capital expenditure of Rs 1,506 crore and capitalized assets worth Rs 1,615 crore (excluding FERV) on consolidated basis during Q1 of FY'24. The company’s gross fixed assets on a consolidated basis stood at Rs 2,70,757 crore as on June 30, 2023 as against Rs 2,64,838 crore as on June 30, 2022.

Power Grid board has recommended issuance of common shares of the company as bonus shares in the ratio of 1:3 i.e one bonus share for every three shares held to its shareholders.

During the quarter, the company along with its subsidiaries added 4,435 MVA transformation capacity, two GIS sub-stations and 1,428 ckm transmission lines.

As on June 30, the total transmission assets of Power Grid and its subsidiaries stood at 1,74,625 ckm of transmission lines, 274 sub-stations and 5,08,350 MVA of transformation capacity.

The company continued to maintain high average transmission system availability, for Q1 of FY'24 Power Grid average availability is 99.86 percent.

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