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Power Grid Q3 net profit jumps over 39 percent

Source : IANS
Last Updated: Tue, Feb 12, 2013 13:50 hrs

New Delhi, Feb 12 (IANS) State-run transmission company Power Grid Corporation of India (PGCIL) Tuesday reported a year-on-year growth in net profit of 39.52 percent at Rs.11.29 billion for the quarter ended December 2012.

Company net sales increased by 36.29 percent to Rs.33.61 billion for the third quarter of this fiscal from Rs.24.66 billion in the same period a year ago.

The operating profit margin increased 406 basis points to 61.21 percent during the quarter in question from 57.14 percent for the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 39 percent year-on-year to Rs.29.23 billion. EBITDA margin improved 180 basis points year-on-year to 87 percent in the quarter ended December.

The company's other income increased to Rs.1.28 billion from Rs.1.09 billion year-on-year.

PGCIL was incorporated in 1989 for transmission of electric power across the country. The government holds 69.42 percent stake in the company.

PGCIL has declared an interim dividend of 16.1 percent, or Rs.1.61 per share of Rs.10 each, to be paid on March 4.

Shares of the company closed at Rs.112.85 Tuesday, gaining 0.53 percent over its previous close on the Bombay Stock Exchange.

--Indo-Asian News service

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