Power Grid Corporation of India (PGCIL), the central transmission utility, on Tuesday said that the company’s net profit for the quarter ending June 30 was Rs 2,056.27 crore, a rise of 13% from the same period a year ago. The company’s revenue increased by 17.3% to Rs 7,181.35 crore in the period. Earnings before interest taxes, depreciation and amortisation (Ebitda) was up by 14.4% to Rs 6,200.3 crore in the quarter.
Profit from the transmission segment, which is the state-owned company’s main business area, went up by 12% to Rs 4,011.64 crore. Transmission revenue increased by 16.5% to Rs 6,930.45 crore. With total inter-regional power transfer capacity of 75,050 MW, PGCIL’s transmission networks wheels about 45% of the total power generated in the country. PGCIL’s profit from its consultancy business increased by more than 75% to Rs 156.36 crore, reflecting its push into the area. The state-backed transmission firm provides consultancy services to state owned utilities, private utilities, CPSUs and government departments. It has around 175 clients in the power sector.
PGCIL spent Rs 86.2 crore on payment revision which took effect from the start of the ongoing calendar year, pushing up employee benefits expenses in the quarter by more than 48% to Rs 403.6 crore.