Power Grid Corporation (PGCIL) is planning to invest Rs 22,500 crore this fiscal to fuel its expansion plans.
“We are very well on track on our capex plans. This fiscal, we have earmarked an expenditure of Rs 22,500 crore for FY16, which we will use for expansion,” company’s Chairman and Managing Director R N Nayak told reporters here today.
The company has earmarked a capital expenditure of up to Rs 1 lakh crore for five years, ending 2016—17.
“Out of the capex for FY16, we have already spent Rs 4,000 crore in the last two months for undertaking various projects. We plan to maintain 70:30 debt equity ratio,” Nayak said.
The company has also planned to raise up to Rs 12,000 crore through domestic bonds during the year.
“This is a regular phenomenon. We keep raising funds as and when we require for two—three months. We have already raised Rs 3,000 crore. We will raise the remaining in tranches as and when the markets and rates of interest are favourable,” company’s Director (Finance) R T Agarwal said.
He said the company has completely utilised the Rs 5,300—crore fund which it raised last year through follow—on public offer (FPO).
The Navratna company has reported a 20 per cent rise in its standalone net profit at Rs 1,412.48 crore for the quarter ended March 31 against Rs 1,175.84 crore last fiscal.
Its total income for the quarter increased to Rs 4,703.22 crore from Rs 3,986.28 crore in the corresponding period of previous year.
For the year, the company reported a standalone net profit of Rs 4,979.17 crore and Rs 17,177.23 crore in revenues against Rs 4,497.42 crore and Rs 15,230.28 crore in FY13—14.