POWERGRID posts net profit of `3,801 crore for FY23 June qtr

NEW DELHI: Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ Company under Ministry of Power, GoI, has announced on consolidated basis, total income of Rs 11,169 crore for Q1FY23, which is 7 per cent higher compared to Rs 10,392 crore in the Q1 of the previous year.

The PAT for Q1FY23 on a consolidated basis is Rs 3,801 crore, which is 14 per cent over Q1FY22 (excluding exceptional items) on comparable basis. In Q1FY22, PAT of Rs 5,998 crore included an exceptional item of Rs 3,014 crore (Rs 2,657 crore net of tax) on account of monetization of assets.

The Company incurred a

Capital Expenditure of Rs 1,482 crore and capitalized assets worth Rs 1,345 crore (excluding FERV) on consolidated basis during Q1FY23. The Company’s Gross Fixed Assets on a consolidated basis stood at Rs 2,64,838 crore as on June 30, 2022.

The Company has added a new 765/400/220 kV BhujII GIS sub-station along with augmentation of transformation capacity at Bhadla and Fatehgarh

to facilitate evacuation of renewable energy generation. The total transmission assets of POWERGRID and its subsidiaries at the end of the quarter stood at 1,72,662 ckm of transmission lines, 267 substations and 4,85,777 MVA of transformation capacity.

With the use of state-of-theart maintenance techniques, automation and digitization, POWERGRID maintained average transmission system availability of 99.79 per cent for Q1FY23. The company acquired two TBCB subsidiaries viz Khetri – Narela Transmission Limited and Mohanlalganj Transmission Limited during Q1FY23.