Powergrid Q3 net profit rises 20% at Rs. 1,930 Cr

State-run Power Grid Corp has announced a net profit of Rs. 1,930 crore for the third quarter of FY 2016-17 (Oct-Dec, 2016), an increase of 20 per cent against Rs. 1,606 crore reported during the corresponding quarter ended 31st December 2015.

Total income (turnover) for third quarter (Oct-Dec, 2016), rose to Rs. 6,788 crore, up by 24 per cent from Rs. 5,477 crore in the corresponding year-ago period.

For the nine month period (Apr-Dec, 2016), total income and profit after tax were Rs. 19,527 crore and Rs. 5,604 crore respectively both up by 28 per cent from the total income and profit after tax reported during corresponding year-ago period. An interim dividend of Rs. 1 per share (Face Value of the share of Rs. 10 each) was also declared by the Company.

During the current financial year i.e. 2016-17, Powergrid has added about 4,600 ckm of transmission lines; seven substations and an aggregate transformation capacity of about 24,000 MVA between Apr and Dec 2016. With this, Powergrid’s physical assets as on 31st December 2016 included more than 134,000 ckm, 214 substations with transformation capacity of about 279,000 MVA.

With the use of state-of-the-art maintenance techniques, average availability of transmission system during the year 2015-16 was maintained at 99.72 per cent and during the current year, the same has been maintained at 99.76 per cent for the period Apr and Dec 2016.