Powergrid Q2 results: Revenue slightly increases, but net profit rises 3.6% YoY to Rs 3,781 crore

8 Nov 2023 , 11:12 AM

As per the financial data released by the state-run firm on November 7, Powergrid Corporation of India recorded a consolidated net profit of Rs 3,781.4 crore in the second quarter of fiscal year 2023-24 (Q2FY24).

When compared to the Rs 3,650.3 crore recorded in the same time last year, the net profit increased by 3.6%. Comparing the net profit sequentially, it increased by 5% from Rs 3,597.1 crore reported in the current fiscal year’s first quarter.

During the September 2023 quarter, the consolidated revenue from operations grew slightly to Rs 11,267 crore. Comparing this to Rs 11,150.5 crore in the same quarter of the previous fiscal year, there was a 1% increase.

Operational revenue increased sequentially by 2% compared to the Rs 11,048.1 crore recorded in the quarter that ended in June 2023.

Compared to Rs 9,425.9 crore in the same time last year, Powergrid’s profits before interest, taxes, depreciation, and amortization (EBITDA) increased by 5.1% to Rs 9,908.4 crore in Q2FY24. The company recorded a margin of 87.9% for the quarter, up from 84.5% in Q2FY23.

The total expenses for the second quarter were Rs 6,977 crore, which was less than Rs 7,229.4 crore from the same period last year, but more than Rs 6,688.5 crore in the previous quarter.

From Rs 11,257.6 crore in Q1FY24 and Rs 11,349.4 crore in Q2FY23, the overall income increased slightly to Rs 11,530.4 crore.

Additionally, Powergrid notified the stock markets that an interim dividend of Rs 4 per equity share, valued at Rs 10 apiece, has been approved by its board of directors. The statement said, ‘The interim dividend shall be paid to the members on December 6, 2023.’

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