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Q1 FY 2021-22: Power Grid posts robust performance as net profit zooms 207% y-o-y

Power Grid has posted a robust 207 percent rise in net profit on standalone basis in Q1 of FY 2021-22 year-on-year at Rs 6,085 crore
Q1 FY 2021-22: Power Grid posts robust performance as net profit zooms 207% y-o-y
Q1 FY 2021-22: Power Grid posts robust performance as net profit zooms 207% y-o-y
  • In terms of quarter-on-quarter basis as well, Power Grid has registered a growth of 73.09 percent in the June quarter
  • On a consolidated basis as well, PGCIL’s performance has been robust as it has a recorded a growth of 193 percent in net profit year-on-year

New Delhi: State-run Power Grid Corporation of India Ltd (PGCIL) has posted a robust 207 percent rise in net profit on standalone basis in Q1 of FY 2021-22 year-on-year at Rs 6,085 crore. In terms of quarter-on-quarter basis as well, Power Grid has registered a growth of 73.09 percent in the June quarter. On a consolidated basis as well, PGCIL’s performance has been robust as it has a recorded a growth of 193 percent in net profit year-on-year and a growth of 70.10 percent on quarter-on-quarter basis.

Power Grid’s total income rises by 7 percent in Q1 FY 2021-22

On year-on-year basis, Power Grid posted a 7 percent rise in standalone total income in Q1 of FY 2021-22 at Rs 10,285.38 crore, up from Rs 9,620.13 crore recorded in the June quarter of the previous fiscal. On quarter-on-quarter basis, the growth was around 4 percent. Power Grid’s consolidated total income for the quarter has grown by close to 6 percent on year-on-year basis and has dipped by around 4 percent on quarter-on-quarter basis.

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During the quarter, POWERGRID completed the first asset monetisation by a CPSE through the Infrastructure Investment Trust (InvIT) route. PGInvIT, sponsored by POWERGRID, came out with an Initial Public Offer of its Units comprising fresh issue of Rs 4,993 crore and Offer for Sale (OFS) by POWERGRID amounting to Rs 2,742 crore and got listed on BSE & NSE on May 14. The company transferred 74 percent shares in the five SPVs to the InvIT and the profit on sale of its stake in the five SPVs, amounting to Rs 3,014 crore (on consolidated basis) was recognised as an exceptional income. 

Power Grid incurred capex of Rs 1,110 crore in Q1 FY 2021-22

The Company incurred a Capital Expenditure of Rs 1,110 crore and capitalised assets worth Rs 5,642 crore (excluding FERV) on consolidated basis. POWERGRID’s Gross Fixed Assets on consolidated basis stood at Rs 2,47,421 crore as on June 30. With the use of state-of-the-art maintenance techniques, automation and digitisation, Power Grid maintained average transmission system availability of 99.77 percent for Q1 FY 2021-222. 

1,716 ckm transmission lines added in Q1 FY 2021-22

During the quarter, 1,716 ckm transmission lines and 9,400 MVA transformation capacity have been added, which include commissioning of cross-border interconnections with neighbouring countries — 400kV D/C Jigmeling (Bhutan) – Alipurduar (India) with Bhutan and 400kV D/C Baharampore (India)-Bheramara (Bangladesh) ckt-I of 2nd D/C line (Indian portion) with Bangladesh. 

Further, with commissioning of ± 320kV Pugalur - Thrissur HVDC (1000MW) VSC Monopole-I during the quarter, Pugalur - Thrissur 2000 MW VSC based HVDC System has been fully commissioned. This system enables power transfer of 2000 MW from WR (Chhattisgarh) to SR (Kerala) through Raigarh – Pugalur –Thrissur HVDC link. Other major transmission elements commissioned include 400kV D/C Wardha-Aurangabad transmission line. 

All elements under TBCB subsidiaries, POWERGRID Ajmer-Phagi Transmission Limited and POWERGRID Jawaharpur Firozabad Transmission Limited, 400kV D/C Sitamarhi-Motihari transmission line, 400kV D/C Sitamarhi-Darbhanga transmission line have been completed.

During the quarter, Ministry of Power, Government of India transferred 220 kV Srinagar-Drass-Kargil-Khaltsi-Leh Transmission System to POWERGRID. The project which was initially executed by POWERGRID on consultancy basis under PMRP Scheme was re-designated as Inter-State Transmission System (ISTS). The transfer is effective from the date of formation of the two UTs of J&K and Ladakh

At the end of Q1 FY 2021-22, the total transmission assets of Power Grid and its subsidiaries stood at 1,68,457 ckm of transmission lines, 259 substations and 4,40,310 MVA of transformation capacity.

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