Power Grid Corporation of India slipped 4.07% to Rs 312.55 after the company's consolidated net profit declined 3.62% to Rs 4,166.33 crore on 2.5% fall in revenue from operations to Rs 11,978.11 crore in Q4 FY24 over Q4 FY23.
Profit before tax stood at Rs 5,300.89 crore in March 2024 quarter, down 1.12% from Rs 5,360.86 crore posted in corresponding quarter last year.On the segmental front, revenue from the transmission business stood at Rs 11,766.40 crore (down 4.24% YoY), telecom stood at Rs 249.68 crore (up 19.57% YoY) in Q4 FY23. Consultancy business revenue was at Rs 234.91 crore as against negative revenue of Rs 13.58 crore in corresponding period last year.
On a full year basis, the consolidated net profit rose marginally to Rs 15,573.16 crore in FY24 from Rs 15,419.74 crore in FY23.
Revenue from operations increased to Rs 45,843.10 crore in financial year ended March 2024 as against Rs 45,603.11 crore a year ago.
Meanwhile, the companys board recommended a final dividend of Rs 2.75 per share for financial year 2023-2024, subject to the approval of the shareholders.
Further, the board of directors approved raising of funds up to Rs 5,000 crore through rupee term loan / line of credit (bank facility) from consortium of bankers of Power Grid Corporation.
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. The firm is a Maharatna' company under Ministry of Power, GoI. As of 31 March 2024, the Government of India owned a 51.34% stake in the company.
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