Power Grid Reports Q2 Profit of Rs 3,793 Crore, Announces Interim Dividend.

State-owned Power Grid Corporation of India on Wednesday reported a consolidated net profit of Rs 3,793.02 crore for the July-September quarter of the current financial year, according to a regulatory filing.

The second-quarter profit remained largely unchanged from the Rs 3,781.42 crore reported in the same quarter last year, ending September 30, 2023.

The Power Grid board also approved the payment of the first interim dividend of Rs 4.50 per equity share of Rs 10 each for the financial year 2024-25. The dividend will be paid to shareholders on December 4, with November 14 set as the record date to determine eligibility.

Total revenue for the company increased to Rs 11,845.93 crore during the quarter, up from Rs 11,530.43 crore in the same period last year. However, total expenses also rose to Rs 7,309 crore, compared to Rs 6,977 crore in the corresponding quarter of the previous year.

The company’s shares closed 0.44% higher at Rs 318 on the NSE on Wednesday.

Last month, Power Grid’s shares surged 2% after the company was awarded a contract to establish an inter-state transmission system. The project was won under tariff-based competitive bidding and involves setting up dynamic reactive compensation at Khavda Pooling Stations 1 (KPS1) and 3 (KPS3) in Gujarat.

As part of the project, Power Grid will install STATCOMs (electronic devices that regulate voltage and improve power grid stability) at both pooling stations, along with associated bay extension work.

Earlier this year, in August, Power Grid won a special-purpose vehicle project to evacuate power from the Bhadla-III power station in Rajasthan. The company emerged as the successful bidder after competing with private sector players in a tariff-based competitive bidding process.