PowerGrid posts 9 percent rise in net profit to Rs 2,240.54 crore

It had reported Rs 2,052.41 crore standalone net profit in the quarter ended June 30, 2017, the company said in a BSE filing.

State-owned transmission utility Power Grid Corporation today posted over nine percent rise in standalone net profit to Rs 2,240.54 crore for the first quarter this fiscal on the back of higher revenues.

It had reported Rs 2,052.41 crore standalone net profit in the quarter ended June 30, 2017, the company said in a BSE filing.

According to the filing, total income of the company rose to Rs 8,427.67 crore in the quarter under review as against Rs 7,389.83 crore a year ago.

The company's transmission income stood at Rs 6,029.65 crore for the quarter compared to Rs 5,538.85 crore in the same period last fiscal, as per final tariff orders issued by the power regulator CERC.

It has also recognized transmission income of Rs 1,752.04 crore for the quarter compared to Rs 1,278.72 crore a year ago, in respect of transmission assets for which final tariff orders are yet to be issued as per the CERC Tariff Regulations and other orders in similar cases.

The company's revenues from telecom business increased to Rs 191.26 crore in the June quarter from Rs 157.66 crore in the same period previous fiscal.

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