Power Grid quarterly profit falls 8 pc to Rs 1,042 crore

State-owned Power Grid Corp saw its net profit slide nearly eight per cent to Rs 1,042.04 crore in the three months ended December 2013, mainly due to higher finance costs and tax expenses.
The power transmission utility had a net profit of Rs 1,129.06 crore in the same period a year ago, according to a regulatory filing today.
However, total income from operations jumped to Rs 3,684.55 crore in the third quarter of current financial year from Rs 3,368.93 crore in the year-ago period.
The company's finance costs rose to Rs 787.35 crore in the latest December quarter from Rs 684.82 crore in the year-ago period.

During the quarter under review, the company also had deferred tax of Rs 107.99 crore whereas the same stood at Rs 81.03 crore in the same period a year ago.
Shares of the company rose over one per cent to close at Rs 96.55 on the BSE.