By Aayush Khanna
Power Grid (NS:PGRD) Corporation of India Ltd reported a consolidated net profit of INR 4,028.25 crore for the quarter ended 31 December 2023, marking a 10.5% increase from the previous year. The Central Public Sector Undertaking (CPSU) also declared a second interim dividend of INR 4.5 per equity share for the financial year 2023-24.
Despite analysts' expectations of a muted quarter due to increased transmission costs, Power Grid's revenue from operations rose to INR 11,549.79 crore, up 2.6% from the corresponding quarter last year. The company's consolidated revenue saw a marginal increase to INR 11,819.70 crore.
In terms of earnings, Power Grid's EBITDA rose by 3.2% to INR 10,482.8 crore, with an EBITDA margin of 89% in the reporting quarter compared to 88% in the previous fiscal period. The transmission business recorded an increase, while earnings from the telecom business also showed growth.
Despite the positive financial performance, PowerGrid's shares closed 2.3% lower at INR 267.95 on the NSE on 7 February 2024.
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