State-owned Power Grid Corporation Ltd (PGCIL) on August 8 reported a 36.6 percent year-on-year (YoY) decline in consolidated net profit at Rs 3,801.2 crore for the first quarter ended June 30, 2022.
In the corresponding quarter last year, the company posted a consolidated net profit of Rs 5,998.3 crore.
Total revenue stood at Rs 10,905.2 crore during the period under review, up 6.7 percent against Rs 10,218.6 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 2.8 percent to Rs 9,249.2 crore in the first quarter of this fiscal over Rs 9,000.7 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 84.8 percent in the reporting quarter compared to 88.1 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation and amortisation.
The company explained in a statement that in the first quarter of FY22, the PAT (Profit After Tax) of Rs 5,998 crore included an exceptional item of Rs 3,014 crore (Rs 2,657 crore net of tax) on account of monetisation of assets.
It also stated that the PAT for Q1FY23 (April-June 2022) on a consolidated basis is Rs 3,801 crore, which is 14 percent over Q1FY22 (excluding exceptional items) on a comparable basis.
The company incurred a capital expenditure of Rs 1,482 crore and capitalised assets worth Rs 1,345 crore (excluding FERV-Foreign Exchange Rate Variation) on a consolidated basis during Q1FY23 (April-June 2022).
The company's gross fixed assets on a consolidated basis stood at Rs 2,64,838 crore as of June 30, 2022. The company has added a new 765/400/220 kV Bhuj-II GIS sub-station along with augmentation of transformation capacity at Bhadla and Fatehgarh to facilitate the evacuation of renewable energy generation.
The total transmission assets of Power Grid 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-the-art maintenance techniques, automation and digitisation, Power Grid maintained average transmission system availability of 99.79 percent for Q1FY23.
The company acquired two TBCB (Tariff Based Competitive Bidding) subsidiaries -- Khetri-Narela Transmission Ltd and Mohanlalganj Transmission Limited -- during Q1FY23.
The results came after the close of the market hours.
(Edited by : Shoma Bhattacharjee)
First Published: Aug 8, 2022 7:53 PM IST
