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Business News/ Companies / Company Results/  PowerGrid to announce dividend, Q2 results on November 7; fixes record date
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PowerGrid to announce dividend, Q2 results on November 7; fixes record date

PowerGrid’s board of directors will meet on November 7 to announce the earnings for the quarter ended September 2023 and an interim dividend.

PowerGrid had said last month that increasing the limit would provide more headroom for FII investments in the company. Photo: Pradeep Gaur/MintPremium
PowerGrid had said last month that increasing the limit would provide more headroom for FII investments in the company. Photo: Pradeep Gaur/Mint

Power Grid Corporation of India, the state-run power transmission company, will announce its financial results for the second quarter of FY24 on November 7, Tuesday. The company’s board will also declare an interim dividend in the quarterly earnings.

PowerGrid’s board of directors will meet on November 7 to announce the earnings for the quarter ended September 2023 and an interim dividend, it said in a release. The company has also fixed 16th November, 2023 as the record date for the dividend, it added.

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“... a Meeting of Board of Directors of POWERGRID is scheduled to be held on Tuesday, 7th November, 2023 to consider and approve amongst other items of Agenda, the Unaudited Financial Results of the Company for the quarter and half year ended 30th September, 2023 after these results are reviewed by the Audit Committee and the declaration of Interim Dividend out of the profits of the Company for the FY 2023-24," PowerGrid Corporation of India said in a regulatory filing. 

Further, it informed that the company has fixed Thursday, 16th November, 2023 as the 'Record Date' for the purpose of ascertaining the eligibility of the shareholders for payment of Interim Dividend, if declared, by the Board of Directors.

Meanwhile, Power Grid Corporation of India announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 31, reporting a decline of 5.9% in standalone net profit at 3,542.7 crore, compared to 3,766 crore in the corresponding period last year.

Read here: Power Grid Q1 Results: Net profit declines 5.9% to 3,542 crore; board approves bonus shares, fundraising

The state-owned power major's revenue from operations during the first quarter of the current fiscal stood at 10,436 crore, registering a marginal decline of 0.1%, compared to 10,446 crore in the year-ago period.

The company’s board had recommended the issue of bonus shares in the ratio of 1:3, which means that for every three shares investors hold, they will get one additional share.

The board had also approved raising of funds up to 12,000 crore from the domestic market through bonds under private placement during fiscal 2024-25 in one or more tranches.

At 2:30 pm, PowerGrid Corporation of India shares were trading 0.43% higher at 200.45 apiece on the BSE

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Published: 25 Oct 2023, 02:33 PM IST
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