Power Grid Corporation of India rallied 5.62% to Rs 283 after the company's consolidated net profit increased 10.50% to Rs 4,028.25 crore in Q3 FY24 as compared with Rs 3,645.29 crore posted in corresponding quarter last year.
Revenue from operations rose 2.56% YoY to Rs 11,549.79 crore in the quarter ended 31 December 2023.
Profit before tax stood at Rs 4,705.30 crore in Q3 FY24, up 25.69% from Rs 3,701.60 crore posted in corresponding quarter last year.
Total expenses shed 9.12% year on year (YoY) to Rs 7,076.49 crore during the quarter. Employee benefits expense was Rs 607.99 crore (down 0.76% YoY) and finance costs stood at Rs 2,446.13 crore (down 18.78% YoY) during the period under review.
On the segmental front, revenue from the transmission business stood at Rs 11,314.24 crore (up 2.34% YoY), telecom stood at Rs 185.74 crore (down 11.38% YoY) and consultancy business was at Rs 174.74 crore (up 0.64% YoY) during the period under review.
Meanwhile, the companys board approved second interim dividend of Rs 4.50 per share for financial year 2023-2024 and the same shall be paid on 5 March 2024.
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 December 2023, the Government of India owned a 51.34% stake in the company.
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