Q3 Results: Power Grid’s Profit Jumps 14%, Meets Estimate
Power Grid Corporation of India Ltd.’s profit for the December quarter met analyst estimates as the utility registered steady growth in all its segments.
Net profit rose 14 percent year-on-year to Rs 2,331.17 crore for the three-month period, in-line with the Rs 2,351.4-crore consensus estimate of analysts tracked by Bloomberg.
Revenue rose 12.8 percent to Rs 8,471.17 crore, slightly lower than Rs 8,565.5-crore consensus estimate, the state-run power transmission company said today.
Earnings before income, tax, depreciation and amortisation jumped 12 percent to a record Rs 7,569.4 crore. Operating margin contracted 40 basis points from the year-ago period to 89.4 percent.
The company’s board had approved investment proposals worth Rs 379.5 crore earlier this month.
Shares of Power Grid closed slightly higher at Rs 188.65 apiece before the earnings announcement.