Power Grid Corporation of India Ltd.’s net profit rose in the quarter ended March but fell short of analyst estimates.
The state-owned power transmission company’s net profit in the reporting period increased 4.6 percent over last year to Rs 2,004.7 crore, according to its exchange filing today. Analysts tracked by Bloomberg had pegged the bottom line at Rs 2,258 crore.
Revenue rose 16.5 percent to Rs 7,810 crore, exceeding Bloomberg’s consensus estimate of Rs 7,724.7 crore.
Total expenses rose 21 percent from last year to Rs 4,707.91 crore.
Earnings before income, tax, depreciation and amortisation was 16.2 percent higher at Rs 6,524.3 crore. Operating margins contracted 600 basis points from last year to 83.5 percent.
Power Grid’s stock closed flat at Rs 207 apiece ahead of the earnings announcement. Its shares had declined 3.5 percent in the three months to March compared with a 3.9 percent fall in the benchmark Nifty 50 index.
- Transmission revenue increased 13 percent to Rs 7,518.85 crore.
- Consultancy revenue rose 29 percent to Rs 197 crore.
- Revenue from the telecom segment grew 19 percent to Rs 172.70 crore.