Power Grid Corporation (PGCIL) has surged 3.6% to Rs 126 on the BSE after reporting a jump of 6% in net profit at Rs 1,175.8 crore for the quarter ended March 31 as against a net profit of Rs 1,109.4 crore during the same quarter in the previous year. The hike in profits is supported with an increase in income from transmission and consultancy services businesses.
The company's income from the transmission vertical stood at Rs 3,699.6 crore compared to Rs 3,191.3 crore in the same period last year. In addition, the income from its consultancy services stood at Rs 147.3 Crore as against Rs 35.2 crore in the year-ago period.
The total income PGCIL obtained from operations during the quarter was Rs 3,986.2 crore compared to Rs 3,380.6 crore in the corresponding period last fiscal.
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Furthermore, PGCIL posted a net profit after taxes of Rs 4,547.5 crore for the year ended March 31, 2014 compared to Rs 4,312.6 crore for the year ended March 31, 2013. Also, the total income rose from Rs 13,727.1 crore for the year ended March 31, 2013 to Rs 16,146.1 crore for the year ended March 31, 2014.
Meanwhile, the Board of Directors of the company announced a dividend of Rs 1.31 per share in addition to an interim dividend of Rs 1.27 per share paid in March, 2014.
The stock opened at Rs 121.6, touched a high of Rs 126.4 and a low of Rs 121.6 on the BSE. Over 3,368,208 shares have been traded on both the stock exchanges so far.