Power Grid posts net profit of Rs 15,573 crores for FY'24; announces dividend

Power Grid's consolidated net profit rose to Rs 15,573.16 crore during FY 2023-24 from Rs 15,419.74 crore in FY 2022-23
 

New Delhi: Power Grid Corporation of India Limited (PGCIL) has announced its impressive financial results for the fourth quarter (Q4 FY'24) and the financial year 2023-24 (FY'24).

For Q4 of FY'24, on a standalone basis, the company reported a robust net profit of Rs 4,128 crores and a total income of Rs 12,254 crores. On a consolidated basis, the net profit stood at Rs 4,166 crores and total income at Rs 12,305 crores.

For FY'24, on a standalone basis, the company posted a commendable net profit of Rs 15,475 crores and a total income (including discontinued operations) of Rs 46,215 crores. On a consolidated basis, the net profit was Rs 15,573 crores with a total income of Rs 46,913 crores.

The Board of the company has proposed a final dividend of 27.50 percent (Rs 2.75 per share on a face value of Rs 10 each), in addition to the first and second interim dividends of Rs 8.50 per share already paid for FY'24. This brings the total dividend for the year to Rs 11.25 per share, marking a 1.69 percent increase over the previous year's total dividend, adjusted for the bonus issue.

In FY'24, Power Grid and its subsidiaries achieved significant milestones, adding 19,720 MVA of transformation capacity, 6 new substations, and 4,036 circuit kilometers of transmission lines. The company successfully commissioned five tariff-based competitive bidding (TBCB) subsidiaries: POWERGRID Ramgarh Transmission Limited, POWERGRID Bikaner Transmission System Limited, POWERGRID Meerut Simbhavali Transmission Limited, POWERGRID Gomti Yamuna Transmission Limited, and POWERGRID Neemuch Transmission System Limited.

During FY'24, Power Grid incurred a capital expenditure of Rs 12,500 crore and capitalized assets worth Rs 7,618 crore (excluding FERV) on a consolidated basis. The company's Gross Fixed Assets on a consolidated basis stood at Rs 2,75,991 crore as of March 31, 2024.

Under tariff-based competitive bidding, Power Grid acquired 10 ISTS TBCB subsidiaries with an estimated cost of approximately Rs 26,872 crore in FY'24.

By the end of FY'24, Power Grid and its subsidiaries' total transmission assets included 1,77,699 ckm of transmission lines, 278 substations, and 5,27,446 MVA of transformation capacity. Power Grid maintained an exceptional average transmission system availability of 99.85 percent during FY'24.