Results: Power Grid Corporation of India's net profit rises 6% to Rs 3,526 crore in March quarter

AgenciesUpdated: Thursday, June 17, 2021, 11:11 PM IST
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Representational image/grid | Barrie Taylor

State-owned Power Grid Corporation of India Ltd (PGCIL) on Thursday posted over six per cent rise in its consolidated net profit to Rs 3,526.23 crore for the March 2021 quarter, mainly on the back of higher revenues.

The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020, according to a BSE filing.

Its total income during January-March increased to Rs 10,816.33 crore, from Rs 10,507.65 crore in the year-ago period.

For the full financial year 2020-21, the consolidated net profit stood at Rs 12,036.46 crore, compared with Rs 11,059.40 crore in 2019-20. Total income for the fiscal stood at Rs 40,823.53 crore, up from Rs 38,670.96 crore in 2019-20.

The company's board in its meeting on Thursday recommended a final dividend of Rs 3 per share for the financial year 2020-21, subject to the shareholders' approval at its ensuing annual general meeting (AGM).

The final dividend would be paid within 30 days from the date of its declaration at the AGM. This final dividend is in addition to the first interim dividend of Rs 5 per share paid on January 8 this year, and second interim dividend of Rs 4 per share paid on March 30 this year, for the financial year 2020-21.

The total dividend, including interim dividend, for the financial year 2020-21 stood at Rs 12 per share (face value at Rs 10 each).

The company's board has recommended issue of bonus shares in the ratio of 1:3 - one new equity bonus share of Rs 10 each for every three existing equity share of Rs 10 each fully paid-up share held by the shareholders, subject to the shareholders' approval.

The date on which such bonus shares shall be credited or dispatched will be informed to the stock exchanges in due course.

The company said that there has been no material impact on the operations or profitability of the group during the financial year due to the pandemic, except a consolidated one-time rebate of Rs 1,078.64 crore.

The rebate was given to electricity distribution companies and power departments of states and Union territories for passing on to end-consumers on account of the COVID-19 pandemic against the billing of April 2020 and May 2020.

Due to the said consolidated one-time rebate, there is a reduction in the profit for the year and the same has been disclosed under "exceptional items" in the statement of profit and loss, it said.

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