Power Grid quarterly profit climbs to Rs 1,129 crore

Written by PTI | New Delhi | Updated: Feb 12 2013, 22:56pm hrs
PowerThe transmission utility's higher bottom line was mainly on account of increased transmission charges. (Reuters)
State-run Power Grid Corp today posted nearly 40 per cent jump in net profit at Rs 1,129 crore in the three months ended December 2012.

The transmission utility's higher bottom line was mainly on account of increased transmission charges and receiving payment of previous wage revision arrears.

Power Grid Corp had a net profit of Rs 809 crore in the third quarter of 2011-12 fiscal.

In the 2012 December quarter, the company's total income surged to Rs 3,490 crore from Rs 2,577 crore in the year-ago period.

The performance in the third quarter (of 2012-13 period) was good. This quarter the firm benefitted from receiving the payment of wage arrears, that were cleared during 2007-09 period, Power Grid Director (Finance) R T Agarwal said.

The company raked in transmission charges to the tune of Rs 3,238 crore in the latest December quarter compared to Rs 2,340 crore in the same period a year ago.

Announcing the results here, Power Grid Chairman and Managing Director R N Nayak said the company is actively looking for business opportunities overseas as well as within the country.

The company would soon enter into a USD 16 million contract with Ethiopian Electric Power Corp. The management consultancy project would be for a period of two years.

"Our people are going to Ethiopia to sign the contract in the coming days... The Ethiopian company is vertically integrated company and is into generation and distribution (among others)," Nayak said.

Besides, Power Grid is looking to implement a project in Bangladesh on BOOT (Build Own Operate Transfer) basis.

At present, the firm is working in eleven countries including Nepal, Afghanistan, Sri Lanka, Myanmar, UAE, Nigeria and Kenya.

The transmission utility is also working on implementing the "National Knowledge Network and the National Optic Fiber Network".

To strengthen the monitoring of transmission lines in the country, Nayak said the company would be introducing helicopter patrolling of the lines next year.

Meanwhile, the company plans to raise about Rs 2,000 crore to Rs 3,000 crore before March 31 from the domestic market. Already, it has mopped up about Rs 10,000 crore so far this fiscal.