By PTI

Mumbai: State-run transmission utility Power Grid Corporation of India Ltd (PGCIL) is likely to raise another 3,000 crore soon under its second round of fund raising plan through domestic bonds to meet working capital expenditure. “We have already raised 3,000 crore through a bond issue in May. We will again hit the domestic bond market for raising another 3,000 crore soon," Power Grid director (finance) R.T. Agarwal said on Tuesday.

The Navratna PSU reported a 20.2% rise in June quarter standalone net profit at 1,366.51 crore against 1,136.51 crore in the corresponding period last fiscal, helped by higher income from operations. Total income from operations during the first quarter ended 30 June increased by 19.6% to 4,717.55 crore from 3,941.85 crore in the same period a year ago.

This fund raising is a part of the 22,456-crore capital expenditure planned by the company for FY16, he said. “We are optimistic that we will receive a good response for the issue from the domestic market. Yet, we are not in hurry to raise funds. We are ready to wait till we get the right coupon rate for our bonds," he said. The company has already received an approval for raising 10,000 crore through debt. “We have floated the new issue in the market and on the basis of responses we get from this, we will decide on raising the remaining 4,000 crore," Agarwal added. The central utility’s revenue from transmission business shot up to 4,540.16 crore from 3,812.94 crore in the year-ago quarter.

Revenues from the telecom segment stood at 87.83 crore compared with 64.50 crore in the corresponding quarter of the previous fiscal. With regard to consultancy, revenues increased to 89.02 crore from 60.98 crore in the year-ago period. Currently, Power Grid is operating about 117,600 ckm of transmission lines along with 197 sub-stations with transformation capacity of more than 2,39,000 MVA.

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