Powergrid Corporation of India (PGCIL), the country’s largest power transmission utility, has posted 6.79 per cent increase in net profit for the quarter ended September 2008. The company has posted a net profit of Rs 396.43 crore in the quarter compared with Rs 371.22 crore in the corresponding quarter last year.
“There is a change in the accounting of foreign exchange rate variation by us. If not for this, our profit would have been about Rs 420 crore, 25 per cent higher than the net profit in the same quarter last year,” said J Sridharan, director (finance) of the company. Total income increased by 51 per cent to Rs 1.672.97 crore in the quarter, as compared to Rs 1,108.10 in the corresponding quarter last year.