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Business News/ Companies / Company Results/  Q4 results: PowerGrid’s net profit falls 4% at 4,166.33 crore, declares final dividend of 2.75 per share
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Q4 results: PowerGrid’s net profit falls 4% at ₹4,166.33 crore, declares final dividend of ₹2.75 per share

PowerGrid’s total income declined to ₹12,305.39 crore in the fourth quarter as compared to ₹12,557.44 crore in the same period a year ago

Shares of Power Grid Corporation closed at ₹325.80, up 0.11 per cent on the BSE on Wednesday. MintPremium
Shares of Power Grid Corporation closed at 325.80, up 0.11 per cent on the BSE on Wednesday. Mint

Power Grid Corporation of India Limited (PowerGrid) on Wednesday announced its financial results for the fourth quarter (Q4) ended March 31, 2024 of fiscal year 2024 (FY24).

The state-owned company reported a nearly 4 per cent fall in its consolidated net profit at 4,166.33 crore in the March quarter, mainly due to a marginal decline in income.

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Its consolidated net profit stood at 4,322.87 crore in the same quarter a year ago.

In a stock exchange filing, PowerGrid said its total income declined to 12,305.39 crore in the fourth quarter as compared to 12,557.44 crore in the same period a year ago.

For full fiscal year 2024, PowerGrid’s consolidated net profit rose to 15,573.16 crore from 15,419.74 crore a year ago.

Its total income for FY24 surged to 46,913.12 crore as compared with 46,605.64 crore in the FY23.

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Dividend

PowerGrid said that its board of directors recommended a final dividend of 2.75 per equity share (i.e. 27.5 per cent on the paid-up equity share capital) for the financial year 2023-24, subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the company.

The final dividend will be paid within 30 days from the date of its declaration at the AGM, added the company.

This final dividend is in addition to the first interim dividend of 4 per equity share (i.e. 40 per cent on the paid-up equity share capital) paid on December 6, 2023, and the second interim dividend of 4.50 per equity share (i.e. 45 per cent on the paid-up equity share capital) paid on March 5, 2024.

Fundraise

The company also said that its board has approved fund raising of 5,000 crore from a consortium of bankers.

Shares of Power Grid Corporation closed at 325.80, up 0.11 per cent on the BSE on Wednesday.

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Published: 22 May 2024, 09:33 PM IST
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