Power Grid Q3 Results: Profit Beats Estimates On Higher Other Income
Power Grid Corporation of India Ltd.’s earnings for the quarter ended December beat estimates on the back of higher other income.
Net profit of the state-run power transmission utility jumped 14.6 percent year-on-year in the third quarter to Rs 2,673.5 crore, according to its exchange filing. That’s higher than the Rs 2,505.7-crore estimate of analysts tracked by Bloomberg. The company’s other income rose 23.5 percent on a yearly basis to Rs 504.9 crore.
Revenue rose 6 percent over last year to Rs 8,992 crore in the three months through December—compared to the Rs 9,064.2-crore estimate by analysts.
The transmission utility last Friday moved the Supreme Court against Department of Telecom’s demand of around Rs 22,000 crore in past dues, saying its revenue from the telecom business was only 2 percent of its turnover.
“In the opinion of management and based upon legal opinion received, the said judgement dated Oct. 24, 2019 of Supreme Court is not applicable to the company,” it said in an exchange filing.
Earnings before interest, taxes, depreciation and amortisation rose 3.9 percent to Rs 7,876.2 crore year-on-year.
Shares of the company fell 3.8 percent to Rs 186.85 apiece on Friday.