Power Grid's Q1 profit falls 18 pc to ₹2,048 cr

In Q1 FY20, the profit after tax stood at ₹2,503 crore. However, its revenue from operations in Q1 FY21 went up to ₹9,457 crore from ₹9,180 crore in the same period of the previous year.

During the quarter ended June, the company recognised as an exceptional item the one-time consolidated rebate of ₹1,075 crore to distribution companies and power departments of states and union territories.

This was for passing on the benefit to end-consumers on account of Covid-19 pandemic against the billing of April and May.

Power Grid incurred a capital expenditure of ₹1,906 crore and capitalised assets worth ₹1,184 crore on a consolidated basis. Its gross fixed assets on a consolidated basis stood at ₹2.28 lakh crore as on June 30. Major transmission elements commissioned during the quarter include 400kV D/C Hiriyur-Mysore line and ICTs at Meerut, Koteshwar and Balipara substations. Further, long pending 400kV D/C Rajarhat-Gokarna transmission line was commissioned in July.

A total of eight tariff-based competitive bidding subsidiaries were operational and 11 were under implementation as at the end of June. With the use of maintenance techniques, automation and digitisation, Power Grid maintained average transmission system availability of 99.83 per cent for Q1 FY21.

The total transmission assets stood at 1.63 lakh circuit km of transmission lines, 248 substations and more than 4.13 lakh MVA of transformation capacity.

This story has been published from a wire agency feed without modifications to the text.