Power Grid net profit dips marginally to Rs 4,166 crore in Q4

New Delhi: State-owned Power Grid Corporation of India Limited (PGCIL) on Wednesday reported a nearly four percent dip in its consolidated net profit to Rs 4,166.33 crore in the March 2024 quarter, mainly due to a marginal decline in income.

The company reported a consolidated net profit of Rs 4,322.87 crore in the quarter ended on March 31, 2023, a BSE filing showed.

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Total income declined to Rs 12,305.39 crore in the quarter as compared to Rs 12,557.44 crore in the same period a year ago.

For fiscal 2023-24, the consolidated net profit rose to Rs 15,573.16 crore from Rs 15,419.74 crore a year ago.

Total income in the fiscal rose to Rs 46,913.12 crore as against Rs 46,605.64 crore in the year-ago period.

The board also recommended a final dividend of Rs 2.75 per share (i.e. 27.5 percent on the paid-up equity share capital) for the financial year 2023-24 subject to the approval of the shareholders at the ensuing annual general meeting of the company.

The final dividend will be paid within 30 days from the date of its declaration at the AGM.

This final dividend is in addition to the first interim dividend of Rs 4 per share i.e. 40 percent on the paid-up equity share capital paid on December 6, 2023, and the second interim dividend of Rs 4.50 per share (i.e. 45 percent on the paid-up equity share capital) paid on March 5, 2024, for the financial year 2023-24.

The board also approved to raise Rs 5,000 crore from a consortium of bankers.

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