Wednesday 22nd May 2024

POWERGRID posts Profit After Tax (PAT) of ₹2,048 crore for Q1FY21.

Aug 11th, 2020 9:28 pm | By | Category: LATEST NEWS

Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ Company under Ministry of Power, GoI and the ‘Central Transmission Utility (CTU)’ of the country, has posted a Profit After Tax of ₹2,048 crore and Total Income of ₹9,817 crore on consolidated basis for Q1FY21. On standalone basis, the Company posted Profit After Tax and Total Income of ₹1,979 crore and ₹9,620 crore respectively for Q1FY21. During the quarter, the Company recognized as an exceptional item, the one-time consolidated rebate of ₹1,075 crore to DISCOMs / Power Departments of the States and Union Territories for passing on to the end-consumers on account of Covid-19 pandemic against the billing of Apr’20 & May’20. Excluding the impact of this one-time rebate, the Company’s profit increased by 18% over the corresponding period of FY2019-20 on standalone basis.

As per a statement issued by POWERGRID, for the quarter, the Company incurred a Capital Expenditure of about ₹1,906 crore and capitalized assets worth ₹1,184 crore (excluding FERV) on consolidated basis. POWERGRID’s Gross Fixed Assets on a consolidated basis stood at about ₹2,28,856 crore as on June 30, 2020.

Major transmission elements commissioned during the quarter include 400kV D/C Hiriyur-Mysore line and ICTs at Meerut, Koteshwar and Balipara substations of POWERGRID. Further, long pending 400kV D/C Rajarhat-Gokarna transmission line was also commissioned in July’2020.

Eight TBCB subsidiaries were operational and eleven TBCB subsidiaries were under implementation as at the end of June 30, 2020. With the use of state-of-the-art maintenance techniques, automation and digitization, POWERGRID maintained average transmission system availability of 99.83% for Q1FY21. As at the end of Q1FY21, the total transmission assets of POWERGRID and its subsidiaries stood at 163,695 ckm of transmission lines, 248 substations and more than 413,950 MVA of transformation capacity.

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