February 10, 2022 04:11 PM
Shares of Power Grid Corporation of India gained along with the broader market as investors took heart from a rise in revenues in the third quarter of the current financial year, even as net profit registered a mild year-on-year decline in the period under review.
The largest power transmission company in the country reported a consolidated net profit of Rs 3,293 crore, a 2.2 per cent decline from Rs 3,368 crore reported in the same quarter a year ago, reports said.
The Shares of Power Grid Corporation of India rose by 2.9 per cent to a high of Rs 215.45 as against the previous close of Rs 209.35 on the National Stock Exchange.
On a sequential basis, profit was down 2.5 per cent from Rs 3,376 crore, reports said, adding that the state-owned company’s consolidated revenue stood at Rs 10,447 crore, up by 3 per cent from Rs 10,142 crore in the year-ago quarter.
Compared to the previous quarter, the revenue was up 1.8 per cent from Rs 10,267 crore.
The company also declared a second interim dividend for the financial year 2021-22 at Rs. 5.50 a share. It will be paid on March 9, 2022, reports said.
The growth in revenue was driven by healthy asset addition in the base business that aided the growth of transmission revenue during the quarter.
The revenues from the company’s mainstay “transmission business” grew 2.3 per cent on year to Rs 10,275 crore from Rs 10,043 crore in the year-ago period, reports said, adding that sequentially, revenue was up 2.2 per cent from Rs 10,054 crore.