Power Grid's Q1 profit falls 18 pc to Rs 2,048 crore

Source :ANI
Author :ANI
Last Updated: Wed, Aug 12th, 2020, 11:49:45hrs
Power Grid

New Delhi: Government-owned Power Grid Corporation has posted 18 per cent fall in its consolidated profit after tax of Rs 2,048 crore during the April to June quarter.

In Q1 FY20, the profit after tax stood at Rs 2,503 crore. However, its revenue from operations in Q1 FY21 went up to Rs 9,457 crore from Rs 9,180 crore in the same period of the previous year.

During the quarter ended June, the company recognised as an exceptional item the one-time consolidated rebate of Rs 1,075 crore to distribution companies and power departments of states and union territories.

This was for passing on the benefit to end-consumers on account of Covid-19 pandemic against the billing of April and May.

Power Grid incurred a capital expenditure of Rs 1,906 crore and capitalised assets worth Rs 1,184 crore on a consolidated basis. Its gross fixed assets on a consolidated basis stood at Rs 2.28 lakh crore as on June 30.

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

A total of eight tariff-based competitive bidding subsidiaries were operational and 11 were under implementation as at the end of June. With the use of maintenance techniques, automation and digitisation, Power Grid maintained average transmission system availability of 99.83 per cent for Q1 FY21.

The total transmission assets stood at 1.63 lakh circuit km of transmission lines, 248 substations and more than 4.13 lakh MVA of transformation capacity.