Power Grid Corp Q1 PAT drops 37% YoY to Rs 3,801 cr

On consolidated basis, Power Grid Corporation of India's net profit tumbled 36.6% to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore recorded in Q1 FY22.

Consolidated revenue from operation stood at Rs 10,905.21 crore in Q1 FY23, rising 6.7% from Rs 10,218.58 crore posted in the corresponding quarter previous year.

Profit before tax slumped 41.4% to Rs 4,331.26 crore in the first quarter as against Rs 7,391.98 crore reported in the same period a year ago.

Total expenses rose 5.57% to Rs 6,910.94 crore in Q1 FY23 over Q1 FY22. Finance costs was at Rs 1,959.70 crore (down 11.56% YoY) while employee benefits expense stood at Rs 562.83 crore (up 6.83% YoY).

The company's revenue from Transmission stood at Rs 10,702.98 crore (up 5.9% YoY), revenue from Consultancy was at Rs 235.39 crore (up 50.61% YoY) and revenue from Telecom stood at Rs 190.32 crore (up 60.18% YoY) in Q1 FY23.

On the margins front, the PSU company's operating margin remained consistent at 90% in Q1 FY23 as against the corresponding quarter last year. Net profit margin declined to 35% in Q1 FY23 from 59% recorded in Q1 FY22.

Meanwhile, the company said that it has fixed Monday, 22 August 2022 as the record date for determining the entitlement of the members for payment of final dividend. The final dividend on equity shares, if declared by the members at the 33rd Annual General Meeting scheduled to be held on 29 August 2022, will be paid/dispatched on 20 September 2022, it added.

Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 30 June 2022, the Government of India owned a 51.34% stake in the company.

Shares of Power Grid Corporation of India declined 0.81% to close at Rs 221.70 on Monday, 8 August 2022.

The domestic equity market is closed today (9 August 2022) on account of Muharram.

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