Power Grid Corporation, a ‘Maharatna’ company under Power Ministry, posted profit after tax (PAT) of ₹5,998 crore for Q1FY22, 193 per cent higher on a year-on-year basis. Meanwhile, its total income for the April-June quarter stood at ₹10,392 crore, 6 per cent more as compared with the income of the same quarter of previous year. Sequentially, the company’s PAT rose 70 per cent as it stood at ₹3,526 crore in the previous quarter.
On a standalone basis, the company posted PAT and total income of ₹6,085 crore and ₹10,285 crore respectively registering a YoY growth of 207 per cent and 7 per cent, respectively for Q1FY22. It is to be noted that during the April-June quarter, Power Grid completed the first asset monetisation by a CPSE through the Infrastructure Investment Trust (InvIT) route.
“PGInvIT, sponsored by POWERGRID, came out with an initial public offer of its units comprising fresh issue of ₹ 4,993 crore and offer for sale by POWERGRID amounting to ₹ 2,742 crore and got listed on BSE & NSE on May 14,. The company transferred 74 per cent shares in the 5 special purpose vehicles (SPVs) to the InvIT and the profit on sale of its stake in the five SPVs amounting to ₹3,014 crore (on consolidated basis) was recognized as an exceptional income,” the company said.
Meanwhile, the company incurred a capital expenditure of ₹1,110 crore and capitalised assets worth ₹5,642 crore (excluding foreign exchange rate variation) on a consolidated basis. Its gross fixed assets on a consolidated basis stood at ₹2,47,421 crore as on June 30.
“During the quarter, 1,716 ckm transmission lines and 9,400 MVA transformation capacity has been added, which include commissioning of cross-border interconnections with neighbouring countries - 400kV D/C Jigmeling (Bhutan) – Alipurduar (India) with Bhutan and 400kV D/C Baharampore (India)-Bheramara (Bangladesh) ckt-I of 2nd D/C line (Indian portion) with Bangladesh. Further, with commissioning of ± 320kV Pugalur - Thrissur HVDC (1000MW) VSC Monopole-I during the quarter, Pugalur - Thrissur 2000 MW VSC based HVDC System has been fully commissioned,” the release said.