Power Grid quarterly profit climbs to Rs 1,129 crore

PTI : New Delhi, Tue Feb 12 2013, 17:26 hrs

Ads by Google

Top Stories

State-run Power Grid Corp today posted nearly 40 per cent jump in net profit at Rs 1,129 crore in the three months ended December 2012.

The transmission utility's higher bottom line was mainly on account of increased transmission charges and receiving payment of previous wage revision arrears.

Power Grid Corp had a net profit of Rs 809 crore in the third quarter of 2011-12 fiscal.

In the 2012 December quarter, the company's total income surged to Rs 3,490 crore from Rs 2,577 crore in the year-ago period.

The performance in the third quarter (of 2012-13 period) was good. This quarter the firm benefitted from receiving the payment of wage arrears, that were cleared during 2007-09 period, Power Grid Director (Finance) R T Agarwal said.

The company raked in transmission charges to the tune of Rs 3,238 crore in the latest December quarter compared to Rs 2,340 crore in the same period a year ago.

Announcing the results here, Power Grid Chairman and Managing Director R N Nayak said the company is actively looking for business opportunities overseas as well as within the country.

The company would soon enter into a USD 16 million contract with Ethiopian Electric Power Corp. The management consultancy project would be for a period of two years.

"Our people are going to Ethiopia to sign the contract in the coming days... The Ethiopian company is vertically integrated company and is into generation and distribution (among others)," Nayak said.

Besides, Power Grid is looking to implement a project in Bangladesh on BOOT (Build Own Operate Transfer) basis.

At present, the firm is working in eleven countries including Nepal, Afghanistan, Sri Lanka, Myanmar, UAE, Nigeria and Kenya.

The transmission utility is also working on implementing the "National Knowledge Network and the National Optic Fiber Network".

... contd.

Page : 1 2 Single Page Format

Ads by Google

ALSO READ

For the entire 2012-13, the company registered a massive loss of Rs 2,295 cr. (AP)

Adani Power loss soars to Rs 586 cr in Q4

Jet fuel prices (ATF) cut by a steep 5.3%, airlines mum on airfare reduction

Rates will vary in different cities, depending upon local sales tax or VAT. (AP)

Price of non-subsidized cooking gas cut by Rs 54 per cylinder

Petrol in Delhi will cost Rs 63.09 a litre.

Petrol price cut by Rs 3, steepest rate cut in 5 years

Please read our terms of use before posting comments

TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).