Power Demand Lifts Power Grid Profit By 32% In Second Quarter
Power Grid posted 32 percent jump in its net profit at Rs 1,872 crore in the quarter-ended September.
Buoyed by power demand growth coupled with higher income from consultancy services and telecom segment, Power Grid Corporation Ltd. posted 32 percent jump in its net profit at Rs 1,872 crore in the quarter-ended September.
The company's standalone net profit was Rs 1,418 crore in July-September quarter in the previous fiscal, Power Grid Corp Chairman and Managing Director IS Jha told reporter at a press conference.
Elaborating further Jha stated in a detailed presentation that the income from transmission charges grew at 28 percent in the quarter to Rs 5,971 crore from Rs 4,670 crore in year ago period mainly due to 7-8 percent growth in electricity consumption per annum in the country.
Jha also said that the per capita consumption will rise to 4,000 units per annum by 2030 at the compounded average growth rate of 10 per cent in the backdrop of higher economic growth of the country.
He further explained that the income from consultancy services rose by 56 percent at Rs 154 crore whereas the telecom segment revenue increased by 34 percent to Rs 130 crore in the quarter compared to year ago period.
As per the financial results of the firm, the total income increased to Rs 6,480.2 crore in the quarter under review by 30 percent from over Rs 4,990 crore in the year ago period.
Jha also told that the company has commissioned projects worth Rs 11,000 crore so far in this fiscal with capex of Rs 5,291 crore in the second quarter alone compared to Rs 5,111 crore in the year ago period.
However, the company's capex was Rs 10,876 crore in the first half of this fiscal compared to Rs 11,523 crore last year.
The company got investment approvals for Rs 26,948 crore in the first half of this fiscal as against 9,490 crore year ago. The company has awarded contracts worth Rs 18,094 crore in April-September period this fiscal compared to Rs 10,632 crore last year.
The total planned capital (expenditure) outlay of the company for 12th Plan (2012-17) period was Rs 1,10,000 crore.
The company has already deployed Rs 99,111 crore so far and likely to exceed the target set under 12th Plan, Jha told reporters.
Against the target of adding 40,000 circuit km of transmission line in 12th Plan period, the company has already achieved 38,635 ckm during April, 2012 to October, 2016.
The company's ongoing projects are worth Rs 1.16 lakh crore whereas its total works in hand are of worth Rs 1.46 lakh crore. It has already incurred capex of Rs 46,000 crore out of the total works in hand of Rs 1.46 lakh crore.
Power Grid, the central transmission utility, is engaged in bulk power transmission.